While some experienced borrowers worry about how many credit cards, others have different priorities. Whether you’re getting your first credit card or have less than ideal credit, you’re usually more concerned about simply getting approved for one card.Fortunately, there are options available. One of the most critical credit card tips for people in those situations is to explore secured credit cards. Often, they have less stringent requirements and can provide you with tools to make credit card management easier as you build your score. If you’re wondering which ones are worth checking out, here’s a look at the ten best secured credit cards for 2022.
1. Citi Secured Mastercard
The Citi Secured Mastercard is a reasonable choice if you don’t have a credit history, as the approval requirements are a bit more flexible. There’s also no annual fee, and you can get going with a deposit as low as $200.
However, the regular APR is 24.74 percent variable, which is higher than some alternatives. Additionally, you have to deal with 3 percent foreign transaction fees, and there isn’t a rewards program.
2. Discover it Secured Card
If you have poor credit, choosing a secured credit card that reports to all three of the major credit bureaus is a smart move. That’s one reason why the Discover it Secured card is a solid choice, as you can build your score across the board by using credit wisely.
While the 24.49 percent variable APR is high, you can get started with just a $200 refundable deposit, and you can get that deposit back in as little as seven months if you are eligible for an unsecured card at that time.
3. US Bank Cash+ Visa
With the US Bank Cash+ Visa secured card, the biggest benefit is the cash back rewards. You could earn up to 5 percent on the first $2,000 you spend every quarter across two categories. Plus, there’s 2 percent cash back on your choice of another everyday spending category, as well as 1 percent cash back on everything else.
The interest rate is higher, coming in at 28.24 percent variable. Plus, foreign transaction fees run 3 percent. Still, you may qualify for this card even if you have bad credit, and the security deposit can be as little as $300 to open the card.
4. Capital One Quicksilver Secured Cash
Another option for borrowers with poor credit, the Capital One Quicksilver Secured card comes with unlimited 1.5 percent cash back and no annual fee. The lowest deposit amount is just $200, though the interest rate is 26.99 percent variable. As a result, this is a solid choice if you can pay the balance off in full every month, but it might not be ideal if you carry a balance.
5. Capital One Platinum
With no annual fee and no foreign transaction fees, the Capital One Platinum secured credit card is a reasonable option. While the regular APR is 26.99 percent variable, you don’t need a credit history to qualify. Plus, the deposit – which ranges from $49 to $200 for a $200 credit line – is refundable, and you might qualify for a higher credit limit after making as few as five on-time payments. Just keep in mind that there’s no rewards option here, which is a clear drawback.
6. BankAmericard Secured
Offered by Bank of America (BoA), the BankAmericard Secured typically has an APR of 22.9 percent, which is lower than some alternatives. Plus, you don’t need a credit history to qualify or could get approved if you have bad credit, and there’s no annual fee. However, you do have to contend with a 3 percent foreign transaction fee, as well as cash advance fees of 3 percent or $10, whichever is greater.
7. DCU Visa Platinum Secured
For those without a credit history who still want a low interest rate, the DCU Visa Platinum Secured credit card is worth considering. The regular APR is as low as 13.75 percent variable, which is less than half the rate you find with some competitors. Plus, there’s no annual fee and no foreign transaction fees.
As for drawbacks, the minimum security deposit is $500, which is higher than some alternatives, and you have to become a member of the credit union, which could cost $10 or more. Additionally, there aren’t any rewards, though the lower APR may offset that.
8. Self Visa
The Self Visa secured credit card is designed with credit-building in mind, making it a reasonable choice for those with no or poor credit. Qualifying requires opening a Credit Builder Account, making three on-time monthly payments, and having at least $100 of savings progress, all while keeping your account in good standing.
At that point, you can choose to allocate some of your savings as a security deposit. One nice feature is that you can get started with a deposit of just $100, which is lower than nearly all competitors. Plus, if you tackle all of the steps, you can’t get turned down, and it’ll report to all three bureaus, helping you boost your score.
9. BoA Customized Cash
With the BoA Customized Cash secured credit card, you can potentially get approved even if you have poor or no credit. Plus, the minimum security deposit is just $200, and there’s no annual fee, though you do have foreign transaction fees.
When it comes to the rewards, you can earn 3 percent cash back on one everyday spending category of your choice, such as gas or dining. You’ll also get 2 percent cash back as grocers and warehouse stores, as well as 1 percent cash back on everything else.
10. OpenSky Secured Visa
If you have a bad or no credit history, the OpenSky Secured credit card doesn’t require a credit check, which could work in your favor. While there is a $35 annual fee, the APR is just 18.89 percent variable, so it can be a better fit if you might carry a balance. Additionally, you can get started with a security deposit as low as $200, making it accessible.
