The Best Secured Credit Cards for Bad Credit

Let’s say you have poor to bad credit. That means that it’s basically impossible to get a credit card. But, ironically, you need a credit card to actually improve your credit score. So what can you do?

It might be time to think about a secured credit card. Typically, when we think of credit cards, we’re thinking of unsecured credit cards. All you have to do is apply and, if you have the right credit score, you’ll get approved.

Secured credit cards, on the other hand, are a little different. In order to get a secured credit card, you need to put down a security deposit. It’s that security deposit that’ll act as your credit line. 

Does this sound like the right card for you? Then you’re in the right place. We’ve put together a list of the best secured credit cards for 2020. You’ll find a variety of secured credit cards for poor, bad and even no credit score. 

The Best Secured Credit Cards for 2020

Before we dive in, let’s make something clear—there’s isn’t one “best” credit card for everyone. You’re not going to find a secured credit card that’s perfect for everyone because everyone’s financial needs are different. Instead, you want to find the best secured credit card for you—which is one that helps you manage money in a positive way and improve your credit

Now that we’ve gotten that over with, here’s a quick list of the best secured credit cards of 2020: 

  • First Progress Platinum Prestige Mastercard: A 15.24% Variable APR for Purchases makes this one of the best-rate cards in this category, and you may still be approved even if you have bad credit.
  • OpenSky Secured Visa Credit Card: You don’t need a bank account to open this card and the lender doesn’t run a credit check. You can also increase your credit limit overtime with good account management.

How Do Secured Credit Cards Help Credit?

Secured credit cards can help you increase your credit if you make on-time payments and keep your credit utilization rate at 30%. If you use your card responsibly, you could even get your security deposit back! Here’s how secured credit cards work: 

  • You put up a deposit, which secures your line of credit. You can use up to that amount on your card.
  • You make payments as you would on a regular credit card, and they’re reported to the credit bureaus.
  • As you demonstrate a responsible payment history, the card issuer may extend credit beyond your deposit.
  • Eventually, you are able to request your security deposit back.

Before you choose a secured credit card, make sure you understand your financial situation. Don’t just dive into applying for a card—find out more about own credit first. You can sign up for your free Credit Report Card to see exactly where you stand and whether a secure credit card might be right for you.

Best Secured Credit Cards to Consider

Find out more about the cards on our best secured credit cards list. The pros of each card—why it’s included on this list—are detailed below along with any cons that you should be aware of before you apply.

First Progress Platinum Prestige Mastercard

First Progress Platinum Prestige Mastercard® Secured Credit Card

Apply Now
on First Progress's secure website
Card Details
Intro Apr:

Ongoing Apr:
15.24% Variable APR for Purchases

Balance Transfer:

Annual Fee:

Credit Needed:
Poor-No Credit
Snapshot of Card Features
  • 1% Cash Back Rewards on payments
  • Choose your own credit line - $200 to $2000 – based on your security deposit
  • Build your credit score.¹ Reports to all 3 credit bureaus
  • No minimum credit score required for approval!
  • ¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.

Card Details +

Benefits: Approval for a First Progress Platinum Prestige Mastercard doesn’t depend on credit history, making this one of the best secured credit cards for bad credit. You can choose to fund it with $200 to $2,000 in security deposit, so use is flexible, and the lender reports to all three credit bureaus. The card has an impressive 15.24% Variable APR for Purchases, which is among the lowest for this type of card.

Drawbacks: Like most secured credit cards, this card has a pretty steep annual fee of $49. The card is also not available in all states.

OpenSky Secured Visa Credit Card

OpenSky® Secured Visa® Credit Card

Apply Now
on OpenSky's secure website
Card Details
Intro Apr:

Ongoing Apr:
25.64% (variable)

Balance Transfer:

Annual Fee:

Credit Needed:
Fair-Poor-Bad-No Credit
Snapshot of Card Features
  • New feature! Earn up to 10% cash back on purchases made with your OpenSky Secured Visa Credit Card at 40,000+ retailers. Visit OpenSky Rewards in the OpenSky app for participating retailers. See Rewards Terms and Conditions for more information.
  • No credit check to apply. Zero credit risk to apply!
  • Looking to build or rebuild your credit? 2 out of 3 OpenSky cardholders increase their credit score by an average of 41 points in just 3 months
  • Get free monthly access to your FICO score in our mobile application
  • Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion
  • Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
  • Fund your card with a low $200 refundable security deposit to get a $200 credit line
  • Apply in less than 5 minutes with our mobile first application
  • Choose the due date that fits your schedule with flexible payment dates
  • Fund your security deposit over 60 days with the option to make partial payments. Over 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit

Card Details +

Benefits: Open the account with a minimum $200 security deposit without a credit check or bank account. Timely payments can help your credit score since the lender reports to all three major bureaus. Plus, you can access free financial education through your online account. Account holders in good standing may be able to increase their credit limit over time up to $5,000.

Drawbacks: The card comes with a $35 annual fee and a relatively high variable APR of 25.64% (variable) .

Alternatives to a Secured Credit Card

Secured credit cards aren’t the only option if you have no credit history, bad credit or poor credit. A variety of unsecured cards cater to folks with lower or no credit scores. A few unsecured card offerings to consider include:

Apply for a Secured Credit Card Today

Once you’ve checked your credit and determined that a secured credit card is the right path for you, do your research. Look for a card with a low annual fee and a security deposit you can afford. And always make sure the card you apply for reports to the credit bureaus. If you don’t get the boost of positive credit reporting, you’re missing one of the primary benefits associated with secured credit cards.

Editorial disclosure: Reviews are as determined solely by staff. Opinions expressed here are solely those of the reviewers and aren’t reviewed or approved by any advertiser. Information presented is accurate as of the date of the review, including information on card rates, rewards and fees. Check the issuer’s website for the most current information on each card listed.

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.

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