Best secured credit card

  • First Progress Platinum Select MasterCard® Secured Credit Card

    First Progress Platinum Select MasterCard® Secured Credit Card
    Issuer Synovus Bank
    • Receive Your Card More Quickly with New Expedited Processing Option.
    • No Credit History or Minimum Credit Score Required for Approval.
    • Quick and Complete Online Application.
    • Full-Feature Platinum MasterCard(R) Secured Credit Card.
    • Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
    • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History.
    • Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application.
    • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time.
    • 24/7 Online Access to Your Account.
    • Nationwide Program though not yet available in NY, IA, AR, or WI.
    *See Card Terms. Show more
    Issuer Synovus Bank
    Regular APRAnnual FeeCredit LineCredit Recommended
    Regular APR14.74%
    Annual Fee$39
    Credit Line$2,000
    Credit RecommendedDamaged/Fair

When your credit history has been turbulent enough in the past that you can’t get approved for an unsecured credit card or installment loan, you may well find yourself looking for the best secured credit card.

But how do you compare secured credit card offers? What factors should you look for in sifting through the numerous offers and finding the one that best fits your needs and priorities?

What is the best secured credit card?

There isn’t necessarily one single best secured credit card on the market. Instead, the offers available vary according to the customer, and the customer’s preferences will determine, in part, which one is considered the best for him or her.

But here are some of the most important questions to ask before deciding on a secured credit card:

  • How high of a security deposit is required to open the account?
  • Can I take out a small loan to provide the security deposit?
  • How high will my credit line be relative to my security deposit?
  • Will I have to pay an annual fee? If so, how much is it?
  • How high are late fees, cash withdrawal fees, and other fees?
  • What kind of APR does the card have, and can I get that lowered by making a certain number of payments on time?
  • Will interest accrue immediately, or can I avoid interest by paying off my balance in full on time?
  • Are there any points or other perks that I can earn by using the card?
  • How quickly can I increase my credit limit by making on-time payments?
  • Can I eventually convert to an unsecured card?

How to use your secured credit card effectively

Once you decide on which is the best secured credit card for your situation, you’ll want to use it wisely to ensure it helps and does not hurt your credit score.

Beyond making all monthly payments on time, make sure you use the card every month. The more you use it and pay it off, the bigger positive impact it can have on your credit score.

Make sure you never have to pay interest, and avoid a card with an annual fee, if these are at all viable goals. Avoid ATM withdrawals and anything with a built-in fee. Just consistently use and quickly pay off your card.

Work hard to make the requisite number of on-time consecutive payments to raise your credit line. But once it is raised, don’t let the balance ever get anywhere near that limit since that can negatively affect your credit rating.

Why choose Bonsai Finance?

At Bonsai Finance, we can help you find the right secured credit card with highly competitive rates and terms, even if you have bad credit. We can also give you milestones to meet on your way toward increasing your credit line and eventually qualifying for an unsecured card.

We realize that in today’s increasingly cashless society, even those with damaged credit need access to a credit card. And we also realize how easy it is to get your credit damaged, and we provide you with advice on multiple ways to help restore it.

When your credit score has taken a hit and you can’t get approved for an unsecured credit card, it’s time to look for the best secured credit card available.

In today’s economy, it’s virtually required to have access to a credit card if only to be able to make electronic payments and to avoid the inconvenience of carrying large amounts of cash around.

A debit card or prepaid card can answer that need, but debit cards don’t have the same level of anti-fraud protection and preloaded cards can cost more to use than the best secured credit cards will. And neither of these two other options will help improve your credit rating.

  • Bonsai Finance

    Our take: Online marketplace that searches through lenders to find the best offer for your personal situation Show more
    Credit ScoreLoan Size/AmountLoan TermAPROrigination Fee
    All can apply$100 - $15,0001 - 604.99% - 1,386%Varies by lender
    Credit ScoreAll can apply
    Loan Size/Amount$100 - $15,000
    Loan Term1 - 60
    APR4.99% - 1,386%
    Origination FeeVaries by lender

Finding the best secured credit card

best secured credit card

At Bonsai Finance, we can assist you in quickly, almost effortlessly locating the best secured credit card to meet your needs and match your most important preferences.

Our online search engine and customer service department are second to none. We can use your entered search criteria to canvass hundreds of possible options and narrow them down to the prime prospects instantaneously.

Then, we can help you make an informed decision on how to select the best card from off your “short list.”

What are the best secured credit cards?

In part, which class of cards constitute the best secured credit cards will vary from person to person. However, there are still some basic criteria you can use.

Here are 10 of the most pivotal questions to ask in determining which secured credit card is right for you:

  1. How high will be your initial credit limit? You need enough space to pay bills and make a reasonable use of the card.
  2. How fast and under what conditions can you get a credit limit increase?
  3. How much money do you need as a deposit to secure the card, both as a raw number and as a percentage of the credit limit?
  4. How high is your APR interest rate? And can you get it lowered by making on-time payments for so many months in a row?
  5. Can you avoid paying any interest by paying off your balance in full each month?
  6. Does the card have an annual fee? If so, how high is it?
  7. What kind of rates are there for cash withdrawals?
  8. Will the card company run a credit check? Will they base rates on your credit history?
  9. How widely accepted is the card company? Can you use it all over the US and internationally?
  10. Are there any perks that suit you, such as no/low fees for international purchases, airline miles points, other rewards points, cash back percentages, or a student discount?

At Bonsai Finance, we know how to locate the exact card that fits your “card profile” the closest in all 10 of the above-listed categories (and more.)

Bonsai Finance exists to help you find the credit card, loan, or insurance policy that gives you the best possible “deal,” regardless of your past credit history and without the need for a credit check.

Getting the best secured credit card available these days is a breeze when you have the right team on your side. What you really need is a way to find the perfect financial fix for your money troubles and financial woes. With the simple online request process that is speedy and easy, you can get connected with the best fit for what you need to access an affordable personal loan.

Seeing Personal Loans as the Best Secured Credit Card Available Online

The best way to get the best secured credit card is to not even get a credit card. It might just be the access to the cash that you need. You can get that access to cash through a personal loan found online.

You will not have to worry over the small things and sweat the details with the right team behind you in your search for the best financial fit. Let us help you with get connected with an online personal loan that can help you get your finances back on the right track.

Feel Free to Use the Funds Just as You Like

Use the funds like you see fit. The funds are all yours. Use them at your discretion.

You can use them for:

  • Small home improvement projects
  • An automobile purchase (new or used)
  • Pay off debt including credit cards and loans
  • College tuition funds, even room and board
  • Vacation plans for yourself or an entire family

You have full access to the funds to use however you see fit. Let the money help you make for a better life for you and your family.

An Affordable Alternative to the Best Secured Credit Card

Online loans are an affordable alternative to what might be considered the best credit card offers and easy access to cash credit lines. With an online personal loan, you can get competitive and comparable interest rates. There also terms that allow for definitive payment terms as long as 18 months.

You do not need to stress an extensive approval process. Our bad credit loan request process is simple and quick. You just have to get the request done and get ready for our help finding a potential match.

How You Qualify for the Help for the Right Fit

You just need to meet the minimum criteria:

  • Be between the ages of 18 and 65 years old.
  • Supply a bank account that can serve as how you will pay the loan as well as a means for verifying the source of your income.
  • Provide a debit or credit card as a backup solution for payment.
  • Supply a phone number that can receive SMS text messages as well as voicemail messages.

In a perfect world, the best credit card and credit line offers will seem like the right fit for most people. However, if you do not have perfect credit, then a perfect world is not a reality for you. You could use the pure help to find the right fit for you.

How to Maximally Benefit From Your Best Secured Credit Card

Once you’ve decided to get a secured credit card, taken the time to select your best secured credit card from among the plethora of options (with help from Bonsai Finance!), then it’s time to start using your card.

But if you want to maximally benefit from your new credit card, you need to go into it with a well thought out plan.

Your new card can help you in a number of different ways, including:

  • Tiding you over between paychecks.
  • Facilitating making online purchases or paying online bills.
  • Allowing you to go shopping without carrying large amounts of cash all the time.
  • Teaching you to be disciplined in your financial management and budgeting.
  • Boosting your credit score as you continue to make on-time monthly payments.

But to get the most out of your secured credit card, you will need to use it wisely.

Seven Quick Tips for Using Your Secured Credit Card Wisely

Here are a handful of practical tips on how to use your secured credit card wisely:

  1. Try to avoid using more than half your full credit line before paying the card off or at least down some.
  2. Always make more than just the minimum payment if at all possible.
  3. Make numerous payments, at least 2 or more per month.
  4. Avoid making cash withdrawals since this incurs additional fees.
  5. Pay off your balance in full before the end of each period to avoid all interest.
  6. Determine ahead of time which expenses you will put on the card and which you will pay another way. And plan ahead on when you will pay it off. Mark it on your calendar on the wall.
  7. If your card lets you earn cash back or reward points of some kind, do not hesitate to use it as much as possible to maximize the benefit.

Your Secured Card Can Lead to a Brighter Financial Future!

If you use Bonsai Finance to carefully select your best secured credit card, and then you use your card wisely, it can lead to a brighter financial future in the months and years ahead.

Not only will you have the convenience of using the credit card, but after a designated number of on-time payments, many card companies will increase your credit limit. They may also lower interest and fee rates and eventually credit your deposit back to you, after you have demonstrated you are using the card responsibly.

Finally, every on-time monthly payment you make on your secured credit card with help increase your credit score. It won’t happen overnight, but little by little those positive impacts add up.

Bonsai Finance is built to provide you with the best information and advice for all of your personal finance questions. If you’re looking for a quick loan or personal loan with no credit check, you should look through all of our resources before you make any decisions. We are here to help you!