Secured credit cards for bad credit

Written by
Bill Gilman
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For a person with less-than-stellar credit, a credit card of any type might seem to be the last thing they need. After all, for a person who may have made poor financial decisions, the opportunity to go deeper into debt would seem counter-intuitive.

However, a secured credit card can provide all the functions of an unsecured credit card with less risk. Moreover, secured credit cards can actually help you to build back your credit score to a healthy standing.

Secured credit cards offer you a spending limit based on the refundable amount you put down as a deposit, acting as security in case you abuse the account. If you use the card responsibly, however, you can work on building your credit and then get your deposit back once you graduate to an unsecured card.

When choosing a secured credit card, you’ll want to find a card with no (or very low) annual fee. No reason to start with a deficit. Take a close look at the interest rates the cards are charging. Even a couple of percentage points can mean real savings. Look for a card that reports monthly to the three major credit bureaus. If you make timely payments, this is how your credit score will climb. If possible, find a card with a rewards program of some type. These are hard, but not impossible, to find among secured cards. And any cash back rewards you can earn is found money.

To help you find the right secured credit card for you, our editors have culled through the offerings and put together the following list of the best secured credit cards for bad credit:

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Featured Partner Cards:

Disclaimer:

The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.

This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.