Full Comparison
| Card | Deposit & Credit Line | APR & Fees | Rewards / Features | Best For |
|---|---|---|---|---|
| Discover it® Secured | $200+ refundable deposit. Deposit equals credit line; reviews begin at month 7. | Purchase APR ≈ 28.24% variable. No annual fee, no foreign transaction fee. | 2% back at gas stations & restaurants on up to $1,000/quarter; 1% on other purchases; first‑year Cashback Match; free FICO score. | Rewards & upgrade path. |
| Capital One Platinum Secured | Refundable deposit of $49, $99 or $200 for a $200 credit line; deposit more (up to $1,000) to increase your limit. | APR ≈ 29.74% variable; no annual fee. | Reports to all three bureaus; eligible for credit line increases and upgrade to an unsecured card. | Lowest starting deposit. |
| Capital One Quicksilver Secured Rewards | $200+ refundable deposit equals credit line; deposit more to increase limit. | APR ≈ 29.74% variable; no annual fee. | Unlimited 1.5% cash back on purchases; potential upgrade to unsecured Quicksilver; autopay & credit‑monitoring tools. | Flat‑rate rewards. |
| DCU Visa Platinum Secured | Deposit ≥ $500 held in a DCU savings account; credit limit equals deposit. | APR 15.75% variable for purchases, balance transfers and cash advances; no annual fee or foreign transaction fee. | Low interest rate; membership required; no rewards. | Low APR & balance carrying. |
| Navy Federal cashRewards Secured | Deposit $200–$5,000 held as security; credit line equals deposit; eligible for credit‑limit increase at 3 months and account review at 6 months. | APR ≈ 18% variable; no annual fee or foreign transaction fee. | Earns 1% cash back on purchases; rental car collision waiver; deposit refunded when you graduate to unsecured card. | Military members & strong upgrade path. |
| U.S. Bank Cash+ Secured Visa | Deposit $300–$5,000 held in a secured savings account; deposit returned when you graduate. | APR ~ 29.99% variable; no annual fee. | 5% cash back on first $2,000 in combined purchases per quarter in two categories you choose; 2% in one everyday category; 1% elsewhere. | High rewards categories. |
| U.S. Bank Secured Visa | Deposit $300–$5,000; deposit equals credit line; deposit refunded at graduation. | APR ~ 29.99% variable; no annual fee. | No rewards. Reports to credit bureaus; choose your payment due date. | Basic building with flexible deposit. |
| BankAmericard® Secured | Minimum $300 deposit; up to $4,900 based on credit and ability to pay. | APR ≈ 25.24% variable; no annual fee. | Periodic reviews for upgrade; $0 fraud liability. No rewards. | Bank of America relationship & higher credit lines. |
| Citi® Secured Mastercard® | $200–$2,500 refundable deposit equals credit line. | APR ~ 27.74% variable; no annual fee. | No rewards. Reports to all three bureaus; 3% foreign transaction fee. | Simple credit build with large deposit range. |
| Firstcard (Credit Builder) | No locked deposit; your spending limit equals the money you transfer into your Firstcard bank account. | 0% APR; membership fees vary: Standard $4.99/month, Firstcard+ $8.99/month or Premium $12.99/month. | 0.10–1% unlimited cash back depending on plan; 0% foreign transaction fee on the highest tier; autopay ensures on‑time payments. | No‑interest credit building with optional rewards. |
| Chime Credit Builder Visa | No minimum deposit or credit check; your spending limit is the money you move into your Credit Builder account. | No interest and no annual fee. | Reports to all three bureaus; average score increase of 30 points when paying on time. | No‑fee option for those who can set aside money for each purchase. |
| Self Visa® Secured | $100+ refundable deposit; deposit serves as credit line; can increase credit line after six months. | APR ≈ 28.24% variable; annual fee $0 first year, then $25. | Offers credit‑building loan component; $0 fraud liability; free credit score monitoring; reports to three bureaus. | Combining a loan and card to establish credit. |
| Armed Forces Bank Credit Builder Secured Visa | Deposit $300–$3,000 into a Credit Builder Savings account; deposit equals credit limit; can add funds in $50 increments. | 25.99% fixed APR; no annual fee; $5 quarterly fee unless you opt into e‑Statements; 3% foreign transaction fee. | Reports to all three bureaus; potential upgrade to unsecured card; no over‑limit fee. | Those comfortable keeping savings at a military‑affiliated bank. |
| OpenSky® Secured Visa® | $200–$3,000 refundable deposit; deposit equals credit line. | APR ≈ 24.64% variable; $35 annual fee; 3% foreign transaction fee. | No credit check; flexible funding—spread deposit over 60 days; up to 10% cash back at select retailers. | Those with limited credit or past bankruptcy who need easy approval. |
| OpenSky® Launch Secured Visa® | $100–$1,000 refundable deposit; deposit equals credit line. | APR ≈ 28.99% variable; annual fee $24 first year then $36; monthly installments $2–$3; 3% foreign transaction fee. | Earn up to 10% cash back at participating merchants; no credit check; minimum payment as low as $10. | Low‑deposit option with modest rewards. |
| OpenSky® Plus Secured Visa® | At least $300 deposit; deposit equals credit line. | APR ≈ 28.99% variable; no annual fee; 3% foreign transaction fee. | No credit check; deposit can be funded in installments; deposit returned when you close the account. | No‑fee alternative to the regular OpenSky card. |
| First Progress Platinum Select | $200–$2,000 deposit (refund); ability to increase limit to $5,000 over time. | APR ≈ 18.24% variable; annual fee $39. | 1% cash back on purchases; reports to all three bureaus. | Moderate APR with rewards. |
| First Progress Platinum Prestige | $200–$2,000 deposit; ability to increase limit to $5,000 (noted on issuer site). | APR ≈ 14.24% variable; annual fee $49. | 1% cash back; deposit can be funded over 90 days; no credit score requirement. | Lowest APR among secured cards. |
| First Progress Platinum Elite | $200–$2,000 deposit; credit line equals deposit. | APR ~ 24.99% variable (rate typical for this variant); annual fee $29. | No rewards; deposit required; no upgrade path. | Low annual fee with limited features. |
Category Winners
Best Overall: Discover it® Secured
Discover’s secured card stands out because it combines generous rewards, a fair annual percentage rate and a clear graduation path. A $200 deposit opens the account and the credit line matches your deposit. You earn 2% cash back on gas and restaurant purchases (up to $1,000 in combined spending per quarter) and 1% elsewhere. The icing on the cake is Discover’s Cashback Match: at the end of your first year they automatically match all the cash back you’ve earned, which can effectively double your rewards. Discover reviews the account starting at month 7 and refunds your security deposit when you graduate to an unsecured card.
Lowest Starting Deposit: Capital One Platinum Secured
Many secured cards require at least a $200 deposit, but Capital One’s Platinum Secured lets eligible applicants get a $200 credit line with as little as a $49 or $99 deposit. The deposit is refundable and you can raise your limit by depositing more up to $1,000. There’s no annual fee and the card reports to all three bureaus. Although the APR is high, making small purchases and paying your balance in full each month can help you build credit without paying interest.
Best for Low Interest: DCU Visa Platinum Secured
If you anticipate carrying a balance while rebuilding credit, the DCU Visa Platinum Secured offers one of the lowest purchase rates among secured cards. Its 15.75% variable APR is roughly ten percentage points lower than most competitors. There’s no annual fee or foreign transaction fee, but you must become a member of Digital Federal Credit Union and post a $500 deposit to open the account.
Best No‑Deposit Option: Chime Credit Builder & Firstcard
Traditional secured cards lock your security deposit until you close or graduate the account. Chime and Firstcard take a different approach: your spending limit equals the money you move into their linked accounts. Chime’s card charges no interest, no annual fee and no foreign transaction fee. Firstcard also has no interest but charges a small monthly membership fee that rises with its cash‑back tier. Both cards automatically pay your statement from the money you’ve set aside, helping you avoid missed payments. Because there’s no locked security deposit, these cards work well if you need to keep your savings accessible.
Best Rewards: U.S. Bank Cash+ Secured
The U.S. Bank Cash+ Secured Visa pays a lofty 5% cash back on the first $2,000 in combined purchases each quarter in two categories you choose (such as home utilities or streaming services), 2% in one everyday category and 1% back on everything else. That’s more generous than most unsecured cards, let alone secured ones. There’s no annual fee and deposits range from $300 to $5,000. The major drawback is the high APR; only use this card if you pay your statement in full each month.
Realistic Math Examples
Understanding the numbers can help you decide which secured card makes sense for your budget. Below are three scenarios comparing rewards and interest costs. Each example assumes monthly spending of €500 (roughly $550) and uses 2025 rates.
Rewards Comparison: Discover vs. Quicksilver Secured
Suppose you spend €500 per month, with €200 in gas and dining and €300 on other purchases. Discover’s secured card pays 2% cash back on gas and dining and 1% on everything else, resulting in €7 in monthly cash back (≈€84 per year). Capital One’s Quicksilver Secured pays 1.5% on all purchases, yielding €7.50 per month (≈€90 per year). However, Discover doubles all rewards in the first year through its Cashback Match, bringing your first‑year total to about €168. If you value long‑term rewards, Quicksilver wins; if you want a big bonus after one year and a path to upgrade, Discover is hard to beat.
Interest Cost Comparison: Low‑APR vs. High‑APR Secured Cards
Carrying a balance on a secured card can be costly. Imagine you charge €500 and pay it off over three months. With DCU’s 15.75% APR, you’d pay roughly €19.70 in interest. OpenSky’s 24.64% APR would cost about €30.80 over the same period, while Capital One’s 29.74% APR would cost around €37.18. First Progress Platinum Prestige, with its 14.24% APR, would incur about €17.80. Keeping balances to a minimum and opting for lower‑rate cards can save you €10–€20 on a small purchase.
Deposit vs. Credit Line: Capital One vs. High‑Deposit Cards
Capital One’s Platinum Secured lets qualified applicants receive a €200 credit line with only a €49 or €99 deposit. If you chose a card requiring a €200 deposit, you’d tie up an extra €101–€151 in cash for the same credit line. Over 12 months, that difference could be earning interest in your savings account. On the flip side, cards like Navy Federal or U.S. Bank allow deposits up to €5,000, giving high‑savers larger credit lines and a better credit‑utilization ratio. Choose a deposit amount that balances your liquidity needs with your goal of building credit.
Gotchas You Shouldn’t Ignore
- High APRs are common. Many secured cards charge interest rates in the mid‑20% range, so carrying a balance erases any rewards you earn. If you cannot pay the full statement balance every month, seek the lowest‑rate card you can qualify for or consider a credit‑builder loan.
- Fees eat into your credit line. Annual fees are usually charged to your card, which reduces your available credit until you pay them off. On a €200 deposit, a €39 fee could shrink your initial credit line by almost 20%.
- Deposit refunds aren’t immediate. You typically must close your account or graduate to an unsecured card to receive your deposit back. Some issuers may take weeks to process refunds; reading customer reviews can alert you to delays.
- Foreign transaction fees. Many secured cards charge about 3% on overseas purchases. If you travel, look for cards from Capital One or Navy Federal that waive this fee.
- No upgrade path. Some cards, including First Progress and OpenSky, require you to close the account to get your deposit back. Closing a credit card can temporarily hurt your credit score by shortening your credit history; choose a card with a clear graduation process if possible.
How We Picked
- Deposit requirements and flexibility: We prioritised cards with low minimum deposits or no locked deposit at all. Cards that offer optional higher credit lines for those who can afford a larger deposit also scored well.
- Fees and APRs: Annual fees, foreign transaction fees and purchase APRs significantly affect the cost of carrying a card. Low‑ or no‑fee cards with reasonable APRs were rated higher.
- Rewards and incentives: Although rebuilding credit is the primary goal, earning cash back on everyday purchases can ease the cost of holding a secured card. We examined each card’s rewards structure and any welcome incentives.
- Upgrade path and reporting: Issuers that automatically review accounts and graduate customers to unsecured cards help you build long‑term credit without closing an account. We also confirmed that each card reports to all three credit bureaus.
- Accessibility: We considered whether the card requires membership in a credit union, a hard credit inquiry or a specific residency. Cards with no credit check or that are open to most consumers were favoured.
FAQs
What is a secured credit card?
A secured credit card requires you to provide a security deposit that serves as collateral for the lender. The deposit usually determines your credit limit. If you default, the issuer can recoup its loss from the deposit. Secured cards report your payment activity to the credit bureaus just like unsecured cards, making them a valuable tool for building or rebuilding credit.
How much should I deposit?
Most secured cards require at least €200, though a few allow as little as €49 or €100. Deposit as much as you can comfortably afford because your credit limit influences your credit utilisation ratio—a key factor in credit scores. However, avoid tying up money you might need for emergencies; some deposits take weeks to be returned.
Will applying hurt my credit?
Most secured card applications result in a hard credit inquiry, which may temporarily lower your credit score by a few points. Cards like OpenSky and Firstcard do not run a credit check, so your score won’t be affected.
When do I get my deposit back?
Issuers return your deposit when you either close the account in good standing or graduate to an unsecured card. Discover starts reviewing accounts at seven months, Capital One after six months, and Navy Federal after six months. OpenSky and First Progress require you to close the account to get your money back.
Are there alternatives to secured cards?
Yes. Credit‑builder loans, “no deposit” cards like Chime and Firstcard, and authorised‑user arrangements on someone else’s credit card can help you build credit. Some fintech companies also offer hybrid products that combine a deposit with automated payments. Evaluate the cost, reporting method and upgrade path before choosing an alternative.
Do secured cards help my credit if I never carry a balance?
Absolutely. Credit scores reward on‑time payments and a low credit‑utilisation ratio. You don’t need to revolve a balance to build credit. In fact, paying your statement in full each month avoids interest charges and demonstrates responsible use.