Did you know up to 45 million Americans don’t have a credit score? That’s about 1 in 10 consumers.
If you are one of these people, you may find that you need to start building your credit score.
But how do you build a credit score when lenders won’t give you money without one. It’s like a catch-22. A secured credit card is the answer.
We have a list of some of the best secured credit cards.
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1. Discover It Secured
With the Discover It Secured card, you can earn 2% cash back on all of your gas purchases and restaurant spending. You can also earn 1% cash back on all of your other purchases. There is a cap, though, at $1,000 per quarter.
You won’t have to pay an annual fee.
Your balance transfer APR is 10.99% for the first 6 months. The APR for everything else is 25.24%.
If you are looking to build your credit history, this card will report to all three credit bureaus. To get started establishing your credit, you will need to pay a deposit of $200 to $2,500.
2. OpenSky Secured Visa
This card doesn’t offer rewards, and you’ll need to pay an annual fee of $35. The advantage is that you’ll have one of the lowest interest rates at 19.14%.
You also don’t need a credit check to apply for this card. OpenSky has a policy where they believe that everyone deserves an opportunity. So if you have no credit or it is especially bad, this is a great option for you.
When you apply, you can choose your own deposit amount. Your deposit is completely refundable and can be as low as $200.
They have a great track record helping customers with no credit score build one. 99% of them will earn one in as little as 6 months.
If you choose this card, be sure to join the Facebook community. You’ll have the opportunity to talk with people just like you. You can share tips and learn about how to responsibly build your credit.
3. Citi Secured Mastercard
This card doesn’t offer you any rewards, but it will help you build credit. There is no annual fee for this card either.
You can expect an APR of 24.74%, but that is a variable rate. Depending on your credit history, you’ll need to make a deposit upon opening the card. This will be at least $200.
4. Green Dot primor Visa Classic
This offers one of the highest credit limits at $5,000. It also has a great APR at 13.99% on all purchases and no penalty rate.
There is no minimum credit score to qualify for the card. There is also no application or processing fee.
You’ll build your credit score by having your on-time payments reported to all three credit bureaus. You should note that there is a $39 annual fee for the card.
5. Capital One Secured Mastercard
This is another card that won’t offer you rewards but will offer you the ability to build your credit by reporting your monthly on-time payments to all three credit bureaus.
Its APR is slightly higher than other cards on this list at 26.99%. But the good news is that there is no annual fee.
The Capital One Secured Mastercard sets you up for success by being able to manage your account 24/7 through the online portal or mobile app. You can also get a higher credit line if you make on-time payments for the first 5 months.
Your initial credit line will be $200. Upon approval of your card, you will need to make a deposit. This could be $49, $99, or $200.
6. First Progress Platinum Prestige MasterCard
If you are looking for the lowest interest rate, this card is a great choice. You can get an annual APR of as little as 10.24%. There is an annual rate of $49 though.
With tax season right around the corner, you can use your refund to fund this credit card. Then start building your credit as you make on-time monthly payments. This card will report to all three credit bureaus.
All credit scores will be approved, so don’t fret if your score is below a minimum. There is also no application or processing fee.
Your deposit will be between $200 and $2,000 when you submit your application. It should be noted that this card is not available in AR, IA, NY, and WI.
7. The Secured Visa Merrick Bank
How about a credit card that also keeps you updated on your FICO score. What’s better than getting monthly updates on that credit score you’re working so hard to build.
The application is easy, just a simple online application and you’re on your way. Then each year your account will be reviewed.
If you’ve made on-time payments, then your credit line will be automatically increased. You won’t be required to secure your credit line increases.
Your initial credit line is determined by how much you can deposit. You choose how much up to $3,000. You can also increase your credit line later on by making additional deposits.
The annual interest rate on the card is on the high end at 19.70%. Plus, there is an annual fee of $36.
Best Secured Credit Cards in Review
If you have no credit or bad credit, these secured credit cards can help you. Most of them let you pick how much your initial credit line will be. This helps you start out small and build up to larger limits.
The best secured credit cards on this list have low annual interest rates and no annual fee. While some of them offer rewards, be sure to weigh that against the cost. Remember, right now you should be focused on improving your credit score.
Would you rather have an unsecured loan? Check out the best loans for bad credit.
Here are some other articles you may enjoy:
What is a Secured Credit Card? A Complete Guide
Credit Card Consolidation: 6 Strategies
Why Use a Credit Card? 10 Reasons it’s Better than Cash