The Best Secured Credit Cards with Low Minimum Deposit

By Christina Majaski. Last updated 12 January 2018. 0 comments

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Secured cards provide consumers who have had credit problems in the past, or have no credit established, an opportunity to build their credit ratings by managing their credit card account responsibly. In exchange, secured credit cards require a security deposit which is held in the event that you should default on your credit card balance. You are then able to use your credit card as you would any card, and make your monthly payments as appropriate.

The security deposit and its terms can vary according to the card issuer. If you want to get a jump on repairing your credit, but you don't have a large amount of money to use as a deposit, you can select a secured card with a low minimum deposit requirement. If you do come across funds later on, many of these cards also allow you to add to the deposit, which can increase your credit limit on the card. Here are the best secured cards with the lowest minimum deposit to get you started.

Capital One® Secured Mastercard®

The Capital One® Secured Mastercard® allows the lowest deposit of any of the secured credit cards on the market. Your security deposit is $49, $99, or $200 based on your creditworthiness. When you are approved for the card, you have 80 days to make the complete deposit before you receive your card with a credit line of $200.

The Capital One Secured Mastercard is one of the most popular secured cards because it is also low-fee when compared to others. It is one of the rare secured cards on the market with no balance transfer fee, foreign transaction fee, nor annual fee.

Click here to learn more and apply for the Capital One® Secured Mastercard® today!

primor® Secured Visa® Classic Card

The primor® Secured Visa® Classic Card require a minimum security deposit of only $200, which is held in an interest bearing savings account. You receive a credit card with a limit in the amount of your deposit and can increase your limit with additional deposits in $50 increments. The card has a $39 annual fee with a 13.99% fixed APR.

Click here to learn more and apply for the primor® Secured Visa® Classic Card today!

OpenSky® Secured Visa® Credit Card

The Capital Bank OpenSky® Secured Visa® Credit Card requires a security deposit of at least $200 for a credit card with a credit limit in the same amount. Although you are allowed to increase your credit limit by increasing your deposit, there may be a $25 fee for doing so. There is no credit check so you don’t get a hit on your credit score for applying. The annual fee is $35 and the variable APR is 18.64%. 

Click here to learn more and apply for the OpenSky® Secured Visa® Credit Card today!

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