You have many options when it comes to secured credit cards. These cards often have low credit requirements and come with flexible underwriting guidelines. The only requirement is that you can pay the security deposit. However, these types of cards often come with high annual fees and APRs, and there is no clear path to unsecured status.
Capital One Quicksilver Secured cash Rewards Credit Card
People with bad credit ratings will love the Capital One Quicksilver Cash Reward Credit card. A $200 deposit is required by applicants in order to be eligible for a higher credit line. This will happen within six months. Capital One will review your credit limit and consider increasing it automatically after six consecutive months of making on-time payments. This credit card has a low interest rate, no annual fee, and no minimum balance.
Capital One Quicksilver secured cash reward credit card also has a great rewards program. It offers a maximum of 1.5% cash back for all purchases, and 5% cash back when you shop at Capital One Travel. This unique feature makes Capital One Quicksilver Secured cash Rewards Credit Card the best among secured credit card. Other than earning points, the card offers additional benefits such as a zero fraud risk and a monthly FICO credit score that is free.
Find it Secure
For those who want a secured credit card, the Discover it Secured card is an excellent choice. It comes with a generous welcome deal. You will get 2% cash back at restaurants and gas stations, as well as unlimited 1% cashback for all purchases. Discover will match your rewards for the first year with their cash back match program. This means that you can get cash back as soon as you sign up and continue your journey to credit building.
Discover it Secured card is a credit card that offers great rewards. Cardholders can easily earn rewards by spending money on specific categories. The bonus categories are designed to be in line with consumers' normal spending habits. Because of this, the cashback rewards earned with this card are easily redeemable at any time.
Capital One Platinum Secured credit card
Capital One Platinum Secured Credit Card offers many advantages to those who are unable to qualify for traditional credit cards. The card comes with no annual fee and no foreign transaction charges. You will not be charged for late or returned payments. It can be used online or in-store for purchases.
The Platinum Secured Credit Card is designed specifically for those with no or poor credit. It provides a credit line of up to $1,000. It comes with the best digital financial tools available, which allow you to track your credit history and keep it updated at all times. This card offers many practical benefits such as travel assistance and Apple Pay.
Capital One Secured MasterCard
The Capital One Secured Mastercard provides a great option to people with bad credit, or for those who want their credit to be rebuilt. This card has a $200 credit limit, and there is no annual fee. You can't apply for a cash advance with this secured card. However you can make purchases and build credit by using the card.
After five on-time payments, your Capital One Secured Mastercard credit line can be increased. To obtain your card, you need to pay $49 security deposit. If you make five monthly on-time payments, your credit limit can be increased to $1,000.