How many secured credit cards

Your credit score might play a big role in your decision-making. If you have less-than-stellar credit, a secured credit card may be the better option since they're typically easier to qualify for with poor credit scores below or no credit. If your credit is already good or excellent scores and greater , an unsecured card can provide you with better benefits that may earn you rewards in common spending categories, such as dining , gas and groceries , Global Entry or TSA PreCheck credit and added entertainment perks.

Check out our round up of the best credit cards. If you decide that a secured card is the best option, consider some of the best secured credit cards listed below. Once you improve your credit, you can transition to an unsecured card. You might also want to look for a card geared toward consumers with low credit that don't require a deposit.

CNBC Select has a few suggestions in our roundup of the best cards for building credit. Skip Navigation. Follow Select. The best tools for credit monitoring provide insights into recent credit score changes as well as offering tips to help you continue improving your credit.

Secured cards look exactly like every other credit card, and most secured card issuers regularly review your account to determine whether you are eligible for a security deposit refund. McRae continues to use his secured credit card for small purchases—even after building his credit score and moving on to better credit cards.

There are many reasons people turn to secured credit cards. Some are new to credit, while others are working to rebuild after a financial setback. The formula for building credit is the same for everyone: prove responsible use by borrowing against your line of credit and paying it off in full. How We Make Money. Nicole Dieker. Written by. Edited By Grace Pilling. Edited by. Grace Pilling. Reviewed By Brady Porche.

Reviewed by. Brady Porche. Avoid spending more with your card than you can pay …. Share this page. Bankrate Logo Why you can trust Bankrate. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options.

Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you.

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Who should get a secured credit card? Pros and cons Upgrading to an unsecured card Things to consider before you apply for a secured card Frequently asked questions. Apply now On Capital One's secure site. Terms Apply. Rewards rate. Intro bonus. Annual fee. Regular APR. Recommended credit. No Credit History Credit score.

Bankrate's View For no annual fee, the Capital One Platinum Secured Credit Card is a simple secured card that helps you to build or rebuild your credit. Card details No annual or hidden fees. See if you're approved in seconds Building your credit? It's free for everyone and checking your credit does not hurt your credit score. Apply now On Capital Bank's secure site. Card details No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone. Build credit quickly.

OpenSky reports to all 3 major credit bureaus. We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. Search "OpenSky Card" in Facebook.

OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way. Bankrate's View Combining consumer-friendly terms with a lucrative rewards program 1. Pros The card touts a number of consumer-friendly terms, including no annual fee and no foreign transaction fees. Cons The Requires an upfront refundable security deposit; people with good credit can likely qualify for an unsecured credit card. Card details No annual or hidden fees, and you can earn unlimited 1.

It's free for everyone and checking your credit does not hurt your credit score Earn unlimited 1. No rotating categories or limits to how much you can earn. It's that simple. Apply now On Discover's secure site. Card details No Annual Fee, earn cash back, and build your credit with responsible use. Using your secured credit card helps build a credit history with the three major credit bureaus.

Generally, prepaid and debit cards can't do that. Bank information must be provided when submitting your deposit. Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit. Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Apply now On Self's secure site. No credit history required. Start with a credit builder account that reports to all 3 credit bureaus.

Each on-time monthly payment builds credit history and savings. Choose the plan that works for you. After eight months, Discover automatically evaluates your account for possible upgrade to an unsecured card. No Annual Fee, earn cash back, and build your credit with responsible use. Using your secured credit card helps build a credit history with the three major credit bureaus. Bank information must be provided when submitting your deposit. Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.

Just a dollar-for-dollar match. Get an alert if we find your Social Security number on any of thousands of Dark Web sites. The Capital One Platinum Secured Credit Card may not be a good fit for folks recovering from major credit damage, but it could be an excellent match for someone getting a credit card for the first time. With most secured cards, your deposit must be equal to your credit limit.

Pay your bill on time, and you can also be automatically considered for a higher credit line in as little as six months. Underwriting standards are tighter than for many other secured cards.

Building your credit? Using the Capital One Platinum Secured card responsibly could help. You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time. Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed. Monitor your credit with CreditWise from Capital One.

It's free for everyone and checking your credit does not hurt your credit score. You don't have to undergo a credit check to apply, and you don't need a bank account to qualify. If not, there are better and cheaper alternatives.

No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone. We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way. The Capital One Quicksilver Secured Cash Rewards Credit Card offers the ability to build or rebuild credit while also enjoying a simple, straightforward rewards rate.

It offers an automatic credit limit review after six months and a possible upgrade path to a traditional, unsecured card with Capital One. As with all secured cards, an upfront deposit is required. No annual or hidden fees, and you can earn unlimited 1. See if you're approved in seconds. Earn unlimited 1. No rotating categories or limits to how much you can earn. It's that simple.

But to get it, you must be a Chime banking customer. Instead of a security deposit, the card is backed by the money in a linked account, which you can add to at any time. The card won't let you spend any more than you have in the account, and when your payment is due, you can have the money taken from the account automatically.

In a way, it works like a prepaid debit card, but unlike a prepaid card, it helps build credit. No credit check required to apply.

The safety precautions that make it an excellent tool for building credit can also get in the way of learning how to handle credit responsibly. Any card you graduate to will work quite differently. Chime has been the subject of multiple complaints related to the way it freezes customers' funds. Chime is a financial technology company, not a bank.

Credit Builder card issued by Stride Bank, N. No credit check to apply, no annual fees or interest, and no minimum security deposit required. No stress! Additional terms apply. Use your secured Credit Builder card everywhere VISA is accepted, including on everyday purchases, such as gas and groceries. Help build your credit history with your own money.

The money you move into the Credit Builder secured account is the amount you can spend on your card no minimum deposit required! Turn on Safer Credit Building and have your monthly balance automatically paid on time.

Increase your credit score by an average of 30 points, with regular, on-time payments. Turn on transaction notifications to receive real-time transaction alerts. See www. So-called "alternative credit cards" can also be a good option for those with no or poor credit. Such cards are typically from smaller companies and startups, and many of them do not require a security deposit at all.

The issuers behind these cards can opt to use proprietary, nontraditional underwriting standards — such as income, employment and bank account balances — to evaluate the risk of lending to you.

Thanks to a unique underwriting process, it could be a good choice if you have less-than-ideal credit. It can evaluate your bank information to get a clear picture of how you manage income, savings and spending.