Each year, Credit.com reviews credit cards to ensure that we recommend cards with rates and terms that meet our readers’ diverse needs. But we review so many cards, and they’re all pretty great. So, to help you find the top credit cards in a variety of categories, we created the Credit.com It Award.
What’s the It Award? It’s an award given to credit cards that have it—the features that make certain credit cards great. We’ve broken down our cards into specific categories, and in each category you can find bronze, silver, and gold award winners.
Let’s say you have less-than-ideal credit, but you’re looking for a credit card that, with responsible use, could help build your credit score. That’s a great plan! But here’s the kicker: You need credit in order to build credit, and those with poor credit scores don’t always qualify for the cards they want to use to bump up their score. That’s where secured credit cards can come in as a good tool. Secured cards are specifically made for individuals looking to build or rebuild their credit.
The biggest difference between secured and unsecured credit cards is that secured cards require a security deposit. The amount of your deposit is usually the same your credit limit. Simple, right? This deposit is usually refundable and is typically between $200 and $3,000. So, if you make a $1,500 security deposit, you have a $1,500 credit limit.
Because a lack of credit history—or a bad credit history—makes you a higher risk, issuers require these deposits so they don’t lose money if you miss a payment. Ongoing APRs can be a little higher than unsecured credit cards for the same reason, but you can still find competitive rates.
Not sure what to look for? Find a secured card that reports to all three credit bureaus so that you can establish your credit history with on-time payments. If the issuer isn’t reporting your payments, you won’t get credit for the card payments you pay on time, which is a significant factor in determining your credit score. Responsible credit card use, like making on-time payments and keeping your utilization low, can help build your positive credit history.
>>Looking for more ways to build your credit history? Try Build It from ExtraCredit and add your rent and utility payments as tradelines reported to credit bureaus.
What to Look for in a Secured Credit Card
Here are some things you should look for when you’re reviewing secured credit cards for yourself:
Low annual fee
Bad/no credit acceptance terms
Low ongoing APR
Low, refundable security deposit
Monthly reporting to all three credit bureaus
Ability to upgrade to an unsecured card
One thing to keep in mind: everyone’s credit and financial situation is different. While one of our It Award winners might work for someone else, it might not necessarily work for you. Take a good look at your credit score, financial situation, and needs before deciding on the right secured credit card for you.
Like we said, there’s no single best card for everyone, but there are a few common things to be on the lookout for to make sure a card is the right fit for you. We compared secured credit cards available on Credit.com based on specific factors to determine which qualified for the It Awards. Some cards were not included in this evaluation, because they were not available on the Credit.com website at the time the evaluation was conducted.Here are the four factors we compared to determine the It Awards for secured credit cards:
Annual fee
Range of acceptance
Security deposit amount
Ongoing APR
We gave the annual fee the most weight in our calculations, because that helps you put more of your money toward building your credit and is a big concern for most people in the market for a secured card. Cards with the lowest annual fee earned a better score.
The last three categories were all weighted the same because we saw them as of equal importance. The range of acceptance refers to the credit ranges that are advertised to be accepted for the card. The lower the accepted credit score range, the more accessible the card is to you.
The security deposit amount factor also has to do with accessibility. The lower the required security deposit on the card, the more people who can successfully sign up the card and start reaping the benefits. Finally, the ongoing APR is important because it tells you how much interest you will have to pay if you carry a balance from month to month. Because many people may need to carry a balance on their card occasionally, the lower the percentage the better.
Once we ranked each card by factor, we then weighted that factor by its importance and added the scores together for a cumulative ranking. Based on our methodology, we found three cards that rank above the rest:
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.
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First Progress really understands secured credit cards. That’s why it got not one, but two of our top three spots. The First Progress Platinum Select MastercardⓇ Secured Credit Card is a great option for anyone with poor to no credit. The 19.24% Variable APR for Purchases is an awesome rate for any card—secured or not. Its $39 annual fee is slightly higher than the other cards on the list, but that’s still a competitive amount compared to many other secured cards. Plus, First Progress will report your payments to all three major credit bureaus. So, if you use your credit card responsibly, you could see a bump in your score.
Silver It Award: The First Progress Platinum Elite Mastercard® Secured Credit Card
The First Progress Platinum Elite Mastercard® Secured Credit Card
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.
Secured Cards are a great way to start establishing credit for people with low/no credit scores¹
Past credit issues shouldn’t prevent you from getting a credit card with great benefits & rewards!
Accepted wherever Mastercard® is accepted
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We told you that First Progress has two cards on our list. Next up is the The First Progress Platinum Elite Mastercard® Secured Credit Card. This card has a 25.24% Variable APR for Purchases, which is a bit on the high side. But it has the lowest annual fee on the whole list, coming in at just $29. And just like the First Progress card that comes before it, this one reports to all three credit bureaus each month. If you pay off your bills in full each month, this card could be a great fit if you’re trying to build or rebuild your score.
Golden It Award: OpenSky® Secured Visa® Credit Card
No credit check to apply. Zero credit risk to apply!
Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments
Extend your $200 credit line by getting considered for an unsecured credit line increase after 6 months, no additional deposit required!
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
Join over 1.2 million cardholders who’ve used OpenSky to build their credit
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OpenSky® receives our Golden It Award for its all-around accessibility and usefulness. The OpenSky® Secured Visa® Credit Card is ideal for any credit score that might be less than ideal—fair, poor, bad, or even no credit. OpenSky® doesn’t require a credit check when you apply. Instead you’ll need to make a refundable security deposit, which could be as low as $200.
According to OpenSky®, 99% of customers who started without a credit score earned a credit score record in as little as six months. If you’re looking to build your credit profile quickly, OpenSky® reports to all three credit bureaus. So, if you use your credit card wisely, and make all your payments on time, you might see an improvement in your score. You will have to pay a $35 annual fee, but it’s pretty low as far as annual fees go.
More Credit Cards
Secured card not right for you? That’s ok! See more credit cards:
