#Secured Credit Cards For No or Bad Credit

Secured credit cards are meant for folks who wish to build or rebuild their credit history. More often than not, they are more cost effective than unsecured credit cards that target the subprime market. Below are our recommendations as well as a list of cards available in the market.

Best Recommendation

With one of the lowest annual fee ($29), the Capital One Secured MasterCard offers those with no or bad credit an opportunity to get a credit card that will report to the three major credit bureaus. Credit line increases are possible even without addition of deposit with good payment history.

The First Progress is issued by Synovus Bank along with Orchard Bank, has probably the lowest fees and rates among its peers. This is another card we feel comfortable recommending.

Others On The List

The Applied Bank Gold has a low interest rate. However, there is no grace period for this card. This means you will be paying interest even if you pay your bills in full every month.

The Platinum Zero Secured Visa Credit Card from Applied Bank is the only card we know that has a zero percent APR. But it comes with a monthly fee that adds up to over a hundred dollars a year. Hence, for those who would carry a high balance, perhaps this might be a card to consider.

The First Premier Bank is the secured offering from First Premier. It has one of the higher annual fees in this segment and APR as well.

The Centennial is actually another secured card from First Premier Bank. And it has exact identical features and fees. Why they have two identical cards I do not know. Perhaps, it is for marketing reasons.