top 10 secured credit cards for building credit
Secured credit cards are an excellent tool for individuals looking to build or rebuild their credit. Top options typically require a security deposit and report to all three major credit bureaus, helping users establish a positive credit history. Popular secured credit cards include offerings from Discover, Capital One, Citi, and Bank of America, among others.
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Among the best secured credit cards, the Discover it® Secured stands out for its cashback rewards and no annual fee. Capital One Platinum Secured Card requires a refundable security deposit and offers the chance for a higher credit limit with responsible use. Citi® Secured Mastercard® is another solid choice, providing access to Citi’s credit-building tools. Bank of America® Customized Cash Rewards Secured Card offers cashback on various categories and no annual fee. U.S. Bank Secured Visa® Card and OpenSky® Secured Visa® Credit Card are also notable for their broad acceptance and ease of use. The Wells Fargo Secured Credit Card offers a flexible credit limit based on the security deposit. Additionally, the Green Dot Primor® Secured Visa Gold Card and the Harley-Davidson® Secured Card by U.S. Bank round out the list with their unique benefits and secure features. Each of these cards offers different advantages, such as low fees, rewards programs, or flexible credit limits, making them suitable for a variety of financial situations.
DiscoverView AllDiscover - Innovative financial services with cashback rewards.
Capital OneView AllCapital One - Capital One: Financial services, credit cards, banking, innovation-focused.
CitiView AllCiti - Global financial services and banking corporation.
Bank of AmericaView AllBank of America - Major American multinational banking and financial services corporation.
Wells FargoView AllWells Fargo - Large, diversified financial services company.
U.S. BankView AllU.S. Bank - Reliable financial services with a customer-centric approach.
First ProgressView AllFirst Progress - First Progress offers secured credit-building credit cards.
OpenSkyView AllOpenSky - OpenSky: Social shopping platform connecting users with unique products.
Secured Sable ONEView AllSecured Sable ONE - High-security, durable products for ultimate protection.
Navy Federal Credit UnionView AllNavy Federal Credit Union - Member-focused financial services for military and families.
top 10 secured credit cards for building credit
1.
Discover
Discover is a leading financial services company known for its credit card offerings, banking products, and payment services. Established in 1985, Discover aims to provide exceptional customer service and innovative financial solutions. The company offers a range of credit cards with rewards programs, online banking, personal loans, and student loans. Discover also operates the Discover Global Network, one of the largest card networks in the world, facilitating secure and seamless transactions globally.
Pros
Wide acceptance- Cashback rewards
- No annual fee
- Strong fraud protection
- Excellent customer service.
Cons
Higher international fees- Limited international acceptance
- Interest rates can be high
- Rewards categories can be restrictive
- Limited sign-up bonuses.
2.
Capital One
Capital One is a diversified financial services company headquartered in McLean, Virginia. Founded in 1994, it specializes in credit cards, auto loans, banking, and savings accounts. Known for its data-driven approach, innovative products, and strong customer service, Capital One has become one of the largest banks in the United States. The company's slogan, "What's in your wallet?" underscores its focus on personalized financial solutions and consumer empowerment. Capital One is also recognized for its commitment to technology and digital banking.
Pros
- Competitive interest rates
- No annual fees on many cards
- User-friendly mobile app
- Strong fraud protection
- Wide range of card options
Cons
- High APR on some cards
- Limited branch locations
- Strict approval criteria
- Customer service can be inconsistent
- Rewards redemption can be complex
3.
Citi
Citi, also known as Citibank, is a major global financial services company and a subsidiary of Citigroup. Founded in 1812, Citi offers a wide range of financial products and services, including banking, credit cards, wealth management, and investment banking. With a presence in over 160 countries, Citi is renowned for its commitment to innovation, customer service, and corporate responsibility. The brand is synonymous with reliability, global reach, and a strong focus on digital banking solutions.
Pros
- global presence
- extensive services
- robust online banking
- strong brand reputation
- innovative financial products
Cons
- high fees
- complex terms
- occasional customer service issues
- limited branch access
- stringent eligibility criteria
4.
Bank of America
Bank of America is a leading multinational financial institution headquartered in Charlotte, North Carolina. It offers a broad range of banking, investing, asset management, and other financial and risk management services to individuals, small businesses, and corporations. Known for its extensive network of branches and ATMs, digital banking innovations, and commitment to customer service, Bank of America serves millions of clients worldwide. It emphasizes sustainable finance and community development initiatives, aiming to drive economic growth and social progress.
Pros
- Wide range of services
- extensive branch network
- robust online banking
- strong customer support
- competitive credit card rewards.
Cons
- High fees for some accounts
- occasional customer service issues
- strict overdraft policies
- limited interest rates on savings
- complex fee structures.
5.
Wells Fargo
Wells Fargo & Company is a diversified, community-based financial services company founded in 1852. Headquartered in San Francisco, it operates globally, offering banking, investment, mortgage, and consumer and commercial finance services. Renowned for its iconic stagecoach logo, Wells Fargo serves millions of customers through a vast network of branches and ATMs, as well as digital banking platforms. The company emphasizes customer service, innovation, and community support, although it has faced regulatory and reputational challenges in recent years.
Pros
- extensive branch network
- diverse financial products
- strong customer service
- online banking options
- long-standing reputation
Cons
- past scandals
- high fees
- occasional service issues
- slow innovation
- complex account terms
6.
U.S. Bank
U.S. Bank, officially known as U.S. Bancorp, is a leading American financial institution headquartered in Minneapolis, Minnesota. With a rich history dating back to 1863, it offers a comprehensive range of banking products and services, including personal and business banking, wealth management, and investment services. Known for its customer-centric approach and innovative solutions, U.S. Bank is committed to helping individuals, businesses, and communities achieve their financial goals while maintaining strong ethical standards and community involvement.
Pros
- wide range of services
- extensive ATM network
- robust online banking
- strong security measures
- good customer service
Cons
- high fees
- limited branch locations
- slow loan approval process
- occasional technical issues
- strict account requirements
7.
First Progress
First Progress is a financial services brand that offers secured credit cards aimed at helping individuals build or rebuild their credit history. By requiring a refundable security deposit, the cards provide an accessible option for those with poor or limited credit. First Progress reports to all three major credit bureaus, making it easier for users to establish a positive credit record through responsible use and timely payments. The brand emphasizes straightforward terms and practical financial solutions.
Pros
- Low credit score requirement
- no credit check
- reports to all three bureaus
- helps build credit
- easy application process
Cons
- High fees
- no rewards program
- limited benefits
- no grace period
- high APR
8.
OpenSky
OpenSky is a social shopping platform that connects consumers with unique products from emerging and established brands. It offers a curated marketplace featuring a diverse range of items, including fashion, home goods, beauty, and wellness products. By integrating social networking elements, OpenSky allows users to follow their favorite brands, share recommendations, and discover new products through personalized suggestions, creating an engaging and interactive shopping experience.
Pros
- No credit check
- Rewards program
- Easy approval
- Credit-building opportunity
- No security deposit.
Cons
- High fees
- Interest rates
- Limited credit limit
- No cashback
- Limited acceptance.
9.
Secured Sable ONE
Secured Sable ONE is a premium cybersecurity brand specializing in top-tier protection solutions for businesses and individuals. Known for its robust, state-of-the-art encryption technologies, Secured Sable ONE offers comprehensive defense mechanisms against cyber threats, ensuring data integrity and privacy. Their suite of products includes advanced firewalls, secure VPNs, and real-time threat monitoring systems. With a commitment to excellence and innovation, Secured Sable ONE stands as a trusted guardian in the digital security landscape.
Pros
- No credit check
- High approval rate
- Reports to all major bureaus
- No annual fee
- Easy application process
Cons
- High APR
- Limited rewards
- Requires security deposit
- Limited benefits
- No introductory offers
10.
Navy Federal Credit Union
Navy Federal Credit Union is a member-owned financial cooperative that primarily serves members of the armed forces, veterans, and their families. Established in 1933, it has grown to become the world's largest credit union, offering a range of financial products and services, including savings and checking accounts, loans, credit cards, and mortgages. With a focus on providing exceptional service and competitive rates, Navy Federal operates numerous branches globally and provides robust online and mobile banking options.
Pros
- Competitive rates
- Wide range of financial products
- 24/7 customer service
- Extensive ATM network
- Strong member focus
Cons
- Membership restrictions
- Limited physical branches
- Potentially longer loan approval times
- Fee for using non-NFCU ATMs
- Technology glitches reported