Secured credit cards are a great option for people that don’t qualify for a traditional credit card. If you would like to rebuild your credit, a secured credit card is a great way to start. To get an in-depth explanation of how to fully rebuild your credit, click here. I go into exactly how to re-establish your credit using different methods.
How Secured Credit Cards Work
In order to open the account, you simply put a cash deposit down to secure the card. Other than that, you use it the same way you would use a traditional credit card. The only difference is this is now secured by your cash deposit so if you default on the payment, the creditor can keep your cash deposit. I recommend just using this credit card for one or two of your monthly necessities. When the payment is due, pay it off in full. Continue to do this monthly and you will definitely start seeing an improvement in your credit score soon.
Fair Credit
Bad Credit
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application; No Credit Inquiry Required!
- Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined.
- Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Build Credit Faster with 6 reporting cycles per month. (You will be assigned the fastest of 6 reporting cycles a month)
- 24/7 Online Access to Your Account: Try our new Mobile App for Android users!
- Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
- Receive Your Card More Quickly with New Expedited Processing Option
- Available Nationwide
- APR for purchases = 20.24%
- Annual Fee = $29
- *See all terms and conditions.
Deposit Options: bank or postal checks, money orders, electronic bill pay initiated from cardholder’s bank
Bad Credit
No Credit
OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years.
- No credit check to apply and find out instantly if you are approved.
- Easy application, apply in less than 5 minutes right from your mobile device
- Get considered for a credit line increase after 6 months, with no additional deposit required
- You could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months
- Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card
- Nearly half of OpenSky cardholders who make on-time payments improve their FICO score 30+ points in the first 3 months
- Your refundable* deposit, as low as $200, becomes your OpenSky Visa credit limit
- Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule
- * View the cardholder agreement
Fair Credit
Bad Credit
No Credit
- Put down $200, which becomes your credit line. Then, if you qualify, double your credit line to $400 without making another deposit.
- Double your $200 credit line by making at least your minimum payment on time each month for the first 7 months your account is open.
- Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds.
- Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies.
- Get your FICO® Credit Score for free each month.
- Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts.
- Card issued by Merrick Bank, Member FDIC.
- See all terms and conditions on our website.
Fair Credit
Bad Credit
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application; No Credit Inquiry Required!
- Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined.
- Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Build Credit Faster with 6 reporting cycles per month. (You will be assigned the fastest of 6 reporting cycles a month)
- 24/7 Online Access to Your Account: Try our new Mobile App for Android users!
- Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
- Receive Your Card More Quickly with New Expedited Processing Option
- Available Nationwide
- APR for purchases = 14.24%
- Annual Fee = $39
- *See all terms and conditions
Deposit Options: bank or postal checks, money orders, electronic bill pay initiated from cardholder’s bank
Fair Credit
Bad Credit
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application; No Credit Inquiry Required!
- Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined.
- Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Build Credit Faster with 6 reporting cycles per month. (You will be assigned the fastest of 6 reporting cycles a month)
- 24/7 Online Access to Your Account: Try our new Mobile App for Android users!
- Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
- Receive Your Card More Quickly with New Expedited Processing Option
- Availalbe Nationwide
- APR for purchases: 10.24%
- Annual Fee = $49
- *See all terms and conditions
Deposit Options: bank or postal checks, money orders, electronic bill pay initiated from cardholder’s bank
Bad Credit
No Credit
- APR for purchases: 0% Introductory APR for the first six months your account is open, afterward regular APR.
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Quick and Complete Online Application; No Credit Inquiry Required!
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application
- Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
- Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- Nationwide Program though not yet available in NY, IA, AR, or WI * See Card Terms.
- Annual fee of $49
The above secured credit cards are some of the best that are being offered today. Review them all and determine which one best meets your needs. After deciding which one or which ones you would be interested in opening, select APPLY NOW and follow the necessary steps.
This is one of the 8 different ways I recommend on how to rebuild your credit so make sure you are following all 8 steps in order to see the most improvement in the quickest time possible.