A secured credit card is one of the most common tools for building or rebuilding credit. You put down a refundable deposit, which usually sets your credit limit, and you use the card like any other credit card. Below is what to compare and the published terms for five well-known secured cards. Approval is decided by each issuer and is never guaranteed.
How to compare secured credit cards
- Annual and monthly fees. Several secured cards charge $0 a year. A fee on a card meant to save you money adds up.
- Deposit amount. Check the minimum deposit and whether you can pay it over time. Some issuers let a smaller deposit unlock a $200 credit line, depending on your credit.
- Purchase APR. Secured cards often have high variable APRs. Paying the full statement balance every month avoids interest entirely.
- Credit-bureau reporting. Choose a card that reports to all three major bureaus (Equifax, Experian and TransUnion), otherwise on-time payments won’t build your file everywhere.
- Graduation to unsecured. Look for an issuer that reviews accounts and can return your deposit and upgrade you to a regular card after a period of responsible use.
- Application requirements. Some issuers don’t require a credit score to apply. That is not the same as guaranteed approval.
Secured credit cards compared
| Card | Annual fee | Minimum deposit | Purchase APR (variable) | Applying | Reports to 3 bureaus | Path to unsecured | |
|---|---|---|---|---|---|---|---|
| Discover it® Secured | $0 | $49, $99 or $200 (based on creditworthiness) for a credit line of at least $200 | See provider site | No credit score required to apply (issuer may use scores if available) | Yes | With a positive track record you can earn your deposit back and the account becomes unsecured | Apply / Learn more |
| Capital One Platinum Secured | $0 | $49, $99 or $200 (based on creditworthiness) | 29.24% | No credit score required to apply; eligibility check with no score impact | Yes | Could earn your deposit back and upgrade to an unsecured card | Apply / Learn more |
| Capital One Quicksilver Secured | $0 | $200 | 29.24% | Eligibility check with no score impact | Yes | Could earn your deposit back and upgrade to an unsecured Quicksilver. Earns 1.5% cash back. | Apply / Learn more |
| OpenSky® Secured Visa® | $35 | $200 | 24.14% | No credit check to apply, per OpenSky (approval not guaranteed) | Yes | See provider site | Apply / Learn more |
| OpenSky® Plus Secured Visa® | $0 | $300 | 28.49% | No credit check to apply, per OpenSky (approval not guaranteed) | Yes | See provider site | Apply / Learn more |
Last checked: Nov 2026. Figures come from each provider’s own website or from the CFPB/NCUA (discover.com, capitalone.com, openskycc.com). Rates, fees and terms change and can vary by state; “See provider site” means the provider doesn’t publish that figure or we couldn’t confirm it. Always read the provider’s current terms before you apply.
Alternatives and warnings
- A prepaid card is not a secured card. Prepaid cards work like debit cards and are not reported to the credit bureaus, so they don’t build credit.
- Avoid payday loans as a stopgap. The CFPB says a typical two-week payday loan can carry an APR of almost 400%. See 5 payday loan pitfalls and alternatives.
- Beware of credit repair scams. No one can legally remove accurate, current negative information from your credit report, and credit repair companies can’t charge you before they finish the work they promised. Read how to spot a credit repair ripoff and 7 ways to avoid credit score scams.
Frequently asked questions
How does a secured credit card help build credit?
The issuer reports your account to the credit bureaus like any other credit card. Paying on time every month and keeping your balance low relative to your limit are the habits that matter most.
Will I get my deposit back?
The issuers above say your deposit is refunded when you close the account with the balance paid in full, and Discover and Capital One say you may earn it back sooner by graduating to an unsecured card after responsible use.
Does the deposit pay my bill?
No. The deposit is collateral. You still have to make at least the minimum payment each month, and paying the full balance avoids interest.
Can I be denied for a secured card?
Yes. Even cards that don’t require a credit score can decline an application, for example if identity or income can’t be verified.
This page is general education, not financial, legal or credit-repair advice. Approval, rates and terms are set by each provider and are never guaranteed. See our Financial Disclaimer.