2017 RANKING & REVIEWS
TOP RANKING BEST SECURED CREDIT CARDS FOR BAD CREDIT
Introduction: The Best Secured Credit Cards to Help You Financially
Finding a credit card when one has bad credit can undoubtedly be a challenge. Most banks that issue credit cards will consider you too much of a risk, especially if your credit score is anywhere near or below the 600 mark.
However, a secured credit card to build credit is a win-win option for both the user and the issuer of the card. As the credit card industry grows more competitive, the best secured credit cards are becoming more common.
Award Emblem: Top 6 Best Secured Credit Cards for Bad Credit
How often have you pulled up to a gas station to find that you can only pay with a credit card once the station has closed? Secured credit cards for bad credit can help you gain access to electronic payment options that are all but a necessity in today’s world.
At the same time, you can begin the process of rebuilding your credit with the top secured credit cards for bad credit. With almost every major bank offering some sort of best secured credit card for bad credit, how do you know which one to choose?
In this brief article, AdvisoryHQ will review six of the best secured credit cards on the market. We will begin by explaining how secured credit cards to rebuild credit actually work before offering a comparative table of the main features of the top secured credit cards.
We will then look at whether it is possible to find a no annual fee secured credit card before clarifying what features to look at in secured credit card reviews. Finally, we offer a complete review of six of the best secured credit cards available.
What Are Secured Credit Cards for Bad Credit?
Secured credit cards for bad credit are offered by the major credit card companies, such as Visa, MasterCard, and Discover, and allow you to make purchases everywhere that these cards are accepted.
The main difference between regular, unsecured credit cards and the top secured credit cards for bad credit is that your credit line on a secured card is provided by a deposit that you place on the card.
Since most people who apply for a best secured credit card to rebuild credit have had financial problems in the past, the banks that issue these types of cards require you to place a deposit, which then functions as your credit.
If you want a $500 credit line, you deposit that $500 in the bank. The best secured credit card for bad credit should refund your deposit after a certain amount of time using the card responsibly.
Furthermore, a quality best secured credit card to rebuild credit should report your use of the card to the major credit bureaus, thus showing that you are using a credit card responsibly. This will allow you to rebuild credit quickly and efficiently.
AdvisoryHQ’s List of the Top 6 Best Secured Credit Cards to Rebuild Credit
List is sorted alphabetically (click any of the credit card names below to go directly to the detailed review section for that credit card):
- Citi® Secured MasterCard®
- Fifth Third Secured MasterCard
- Secured MasterCard from Capital One
- Sun Trust Secured Credit Card with Cash Rewards
- U.S. Bank Secured Visa® Card
- Wells Fargo Secured Credit Card
Top 6 Best Secured Credit Cards for Bad Credit| Brief Comparison & Ranking
Secured Credit Card to Build Credit Names
% APR for Purchases
% APR for Penalty
|Citi® Secured MasterCard®|
|Fifth Third Secured MasterCard|
|Secured MasterCard from Capital One|
|Sun Trust Secured Credit Card with Cash Rewards|
|U.S. Bank Secured Visa® Card|
|Wells Fargo Secured Credit Card|
Table: The 6 Top Secured Credit Cards| Above list is sorted alphabetically
Is It Possible to Find a Secured Credit Card with No Annual Fee?
One of the main things that many consumers look for is a no annual fee secured credit card. If you are paying a deposit to the bank for your credit line, it might seem odd to also have to pay an annual fee to a financial institution that isn’t providing you with the credit.
As more and more banks have begun to issue secured credit cards to rebuild credit, it is becoming easier to find a secured credit card with no annual fee. Banks understand that bad credit is usually a temporary problem that most people work their way out of. By offering a no annual fee secured credit card, many banks are hoping to bring aboard future clients.
Image Source: BigStock
In fact, many banks will offer a secured credit card with no annual fee that will automatically turn into a regular unsecured card after a certain number of months of responsible use. Finding a secured credit card to build credit doesn’t have to cost you an arm and a leg in today’s banking world.
What to Consider in Secured Credit Card Reviews
When looking for the top secured credit cards, there are a number of different features and characteristics to look for depending on how you are planning to use the card. If you want the best secured credit card for bad credit to easily make electronic payments, you should look for cards with a low APR, especially if you habitually carry a monthly balance on your card.
If, however, you only want a card to help you improve your credit score, the best secured credit card to rebuild credit for you might be one that offers a decent reward program as well. There are a number of secured credit card reviews on the internet where you can find different features of the best secured credit cards available.
Beverly Harzog offers one of the top secured credit card reviews on the internet rating the top, middle, and worst of 28 different options on the market.
AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top Ranking Best Secured Credit Cards
Below, please find the detailed review of each credit card on our list of top secured credit cards for bad credit. We have highlighted some of the factors that allowed these secured credit cards to rebuild credit to score so highly in our selection ranking.
Citi® Secured MasterCard® Review
The Citi® Secured MasterCard® is a best secured credit card for bad credit, especially if you are looking for a best secured credit card offered by a big name bank with a well-trusted name and reputation. With this best secured credit card to rebuild credit, you can gain access to a credit line as low as $200 and as high as $2,500.
The 22.24% purchase APR on this best secured credit card to rebuild credit is a little on the high side, especially when compared to other options. However, Citibank does offer a number of other benefits with this best secured credit for bad credit, including travel protection, purchase protection, and roadside assistance plans that come with the card for free.
While many people may choose this best secured credit card to build credit quickly, it is important to know that you are ineligible to apply if you have declared bankruptcy within the last two years.
The Fifth Third Secured MasterCard is another of the best secured credit cards to rebuild credit. The 24.24% APR for purchases is similar to other best secured credit cards on the market.
Source: Fifth Third Secured MasterCard
However, the annual fee of $24 is a negative when compared to other no annual fee secured credit cards.
The Fifth Third secured credit card will increase your APR to 29.99% if you make late payments. However, if you commit to paying off your balance in full, this best secured credit card for bad credit will allow you to increase your credit rating in a short time.
Secured MasterCard from Capital One Review
The Capital One Review is a best secured credit card to build credit on the market today. You can start using the card with a deposit as low as $49, making this a great option for people with limited funds who want to gain access to a best secured credit card to rebuild credit.
Source: Capital One
Your initial credit line of a maximum of $200 may seem low, but as you use the card responsibly you can deposit more funds (up to $3,000) to increase your credit line.
There is no annual fee on this best secured credit card, and you are also given unlimited access to your credit score through an online tool called Credit Wise.
With this tool, you can closely monitor the progress of your credit profile. If you’ve wanted to use a best secured credit card for bad credit to improve your credit score in order to qualify for some type of long-term loan, the Capital One card may be the best option for you.
Sun Trust Secured Credit Card with Cash Rewards Review
Sun Trust Bank isn’t one of the biggest names in national banking. However, they offer one of the best secured credit cards on the market. While the Sun Trust Secured MasterCard has a rather high APR of 20.24% for purchases and a $32 annual fee, the rewards program with this card is high quality.
Source: Sun Trust Secured MasterCard
With this best secured credit card to rebuild credit you can earn up to 2% cash back on purchases at restaurants and gas stations and 1% cash back on all other purchases. You can redeem your rewards with this best secured credit card to build credit in the form of gift cards, travel discounts, cash back options, and more.
U.S. Bank Secured Visa® Card Review
The U.S. Bank Secured Visa® Card is another of the top secured credit cards available. This best secured credit card for bad credit is accepted worldwide and comes with a number of perks and benefits, including zero fraud liability, fraud protection, online banking, and free auto rental insurance when you charge your rental car to this best secured credit card to build credit.
Source: U.S. Bank Secured Visa® Card
Furthermore, with this best secured credit card to rebuild credit, you can set up an automatic bill pay option. The Flex Control online tool that comes with this best secured credit card can help you better manage your debt to avoid interest fees and late fees.
Wells Fargo Secured Credit Card Review
Another best secured credit card to build credit is offered by Wells Fargo. The Wells Fargo Secured MasterCard offers a competitive 19.24% APR.
Source: Wells Fargo Secured MasterCard
Furthermore, with this best secured credit card for bad credit, Wells Fargo promises to report your use of the card to the three major credit bureaus to help you rebuild your credit quickly.
One of the best features of this best secured credit card to rebuild credit is that temporary residents can also apply. Since most unsecured credit cards are only available to permanent residents and citizens of the United States, this best secured credit card may very well be the best option for visitors who want access to electronic payment options while in the States.
Conclusion – Top 6 Best Secured Credit Cards
Finding a best secured credit card to rebuild credit is a great way to help you retake control of your financial livelihood and begin the process of rebuilding your credit. Any of the six best secured credit cards reviewed above offer competitive terms and conditions and quality perks and benefits.
By using any of these top secured credit cards for bad credit responsibly, you will quickly find your credit score back where you want it to be.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.