3 Top Secured Cards to Rebuild Credit in 2024

Stack of three credit cards.Having good credit is something most responsible people strive to achieve. Good credit opens doors to purchase a vehicle, home, or even a business. For those who have damaged credit or are just starting out with credit, a secured credit card can be a great option for building and rebuilding your credit score. But a secured card isn’t meant for major purchases.

What is a Secured Credit Card?

A secured credit card is issued by most major financial institutions and is meant precisely for people who have bad or no credit. It requires a cash deposit from the individual to open the account. This cash acts as collateral for the line of credit, rather than extending it based predominantly on previous credit.

The deposit amount will usually be the amount of credit given, so a $300 deposit nets a $300 line of credit. It’s possible to raise the credit limit, but that usually involves depositing a larger cash amount or establishing a history of on-time payments with the issuer. The deposit doesn’t function like a bank account, and in most cases, it won’t earn interest but is usually refundable.

Here’s our pick for three of the top secured credit cards available to people with poor credit, or individuals needing to establish credit for the first time because they have no credit history and score in 2024.

3 Best Secured Credit Cards

1. First Progress Platinum Mastercard

First Progress Platinum Elite Mastercard secured credit card.First Progress offers three options for secure credit cards. These are known as the Platinum Prestige, Platinum Select, and Platinum Elite cards. We think the Platinum Select card is the best deal overall, but it really depends on your wants and needs.

If you don’t plan on using your card much or carrying a balance then the Platinum Elite will probably work best for you because of its low annual fee.

However, if you plan on using the credit card regularly or only paying the minimum payment each month then the Platinum Prestige will probably be your best option because it has the lowest annual percentage rate and offers a 1% cash back reward.

The Platinum Select also offers a 1% cash back reward on payments and lies somewhere in between.

The Three First Progress Secured Credit Cards:

  • Platinum Prestige: $49 Annual Fee, 15.24% (V) Regular APR, 1% Cash Back Rewards
  • Platinum Select: $39 Annual Fee, 19.24% (V) Regular APR, 1% Cash Back Rewards
  • Platinum Elite: $29 Annual Fee, 25.24% (V) Regular APR

The minimum deposit for each of these cards is $200, up to $2,000 with a maximum credit limit of $5,000 being made available over time. This is after on-time payments have been made for a while, and your request for a credit limit increase has been approved.

The annual fee is automatically withdrawn from your initial deposit after account opening and yearly after that. The minimum interest charge is $1.50 if you do not pay off your balance in full each month.

2. First National Bank Secured Visa Card

First National Bank of Omaha (FNBO) secured Visa credit card.One of the largest family-owned banking companies in the United States, First National Bank of Omaha (FNBO) offers one of the best Secured Visa credit cards for first-time cardholders and those repairing their credit.

The card features an initial $300 credit limit, up to $5,000 in multiples of $50, and you can qualify for additional credit limit increases without an extra deposit by making 7 on-time payments in a row. With your deposit fully-refundable after 11 months of positive payment history.

Key Features & Terms

  • $0 Annual Fee
  • Variable 25.49% APR on purchases and balance transfers
  • Limit increases within 7 months without additional deposits
  • Deposit refundable after 11 months.
  • Free access to FICO score

Those who remain in good standing with First National Bank by making on-time payments and actively using their card for 11 months may be eligible for an unsecured card. That means that the entire security deposit could be automatically be returned and your credit line will remain intact.

3. Capital One Secured Mastercard

Capital One Secured Platinum Mastercard credit card.The Capital One Secured Mastercard is one of the best options for building credit. Beyond the minimum security deposit, there is no application fee. Capital One treats this as an opportunity to help consumers build credit rather than taking advantage of those in a bad situation.

The minimum refundable deposit for this card will be $49, $99 or $200 depending on creditworthiness, and you’ll receive an initial $200 credit line. The deposit is required within 35 days of being approved for a card and can be paid in $20 increments. The max credit limit for this card is $1,000 with credit limit increases available after 6 months of making successful on-time payments.

Key Features and Terms

  • $0 Annual Fee
  • 30.74% APR for purchases, balance transfers, and cash advances
  • $200 initial credit line up to $1,000 after 6 months with no additional deposits required

You can also view your TransUnion credit score and report with credit monitoring alerts and more through CreditWise.

All three of these top-rated secured credit cards report your monthly payment activity to the three major credit bureaus: Equifax, Experian, and TransUnion, so being responsible with them will definitely help you build or rebuild your credit history and improve your credit score.

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Posted on September 4, 2022 by in Credit Cards, ,

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