Credit score recommendations to receive the best secured credit cards

The best secured credit cards with zero credit checks with The Credit Builder Secured Visa® Credit Card from Armed Forces Bank makes it easy to increase your credit line over time to give you greater flexibility and keep your credit utilization low. You can increase your limit in $50 increments simply by depositing more money at any time. The no-annual-fee Navy Federal Credit Union® nRewards® Secured Credit Card earns rewards, offers an upgrade path and even features some perks, which is a lot from a secured product — if you can swing the membership and security deposit requirements.

Who should get this card? If you don’t have a bank account and/or your credit check would make a traditional credit card issuer avoid your calls, an OpenSky secured credit card may be just what you’re looking for. But there’s no reason for most people to pay the $35 annual fee. We caution most consumers to avoid paying such fees on secured cards, as there are plenty of annual-fee-free options for consumers with limited credit.

Although it’s always best to pay your credit card in full each month, especially when you’re trying to build credit, the low interest rate on the First Progress Platinum Prestige Mastercard® Secured Credit Card takes a much smaller bite when you do carry a balance. Credit cards for people with bad credit tend to have very high interest rates — often 25% or more. The First Progress Platinum Prestige Mastercard® Secured Credit Card, however, offers a rate lower than what you’ll find on many products for people with good or excellent credit. You can apply with no hard credit inquiry, a benefit to people with lower scores, where every point counts. The annual fee of $49 is on the high side for secured cards. (For a lower fee but a higher APR, consider the First Progress Platinum Elite Mastercard® Secured Credit Card.)

The Self Visa is our top rated secured card for credit building because it offers an unusual on-ramp to building a positive credit history through the creation of both an installment loan and a credit card account. If you’re able to meet the Self Visa’s lenient eligibility requirements, you’re granted a CD secured loan. Once you’ve made three on-time loan payments that unlock at least $100 of value in your CD, you can open a secured card using the repaid funds as the security deposit. You earn interest on CD (while also paying interest on the loan), but the card also comes with its own set of interest rates and fees. It offers no rewards or other benefits.

If you are unbanked (i.e. you don’t have a bank account, as is the case for 115 million US households), then the OpenSky card might be the best choice for you. You can make your deposit and clear your statement using one of the following options: Wire transfer, Check, Money order, Debit card (if you do have access to a bank account). What Is The APR? 18.39% variable. While this isn’t too bad for a secured credit card, it’s still rather high. Ideally, you want to ensure that you pay your balance off in full every month, or you could find yourself being swamped by interest– particularly if you have a low credit limit. Is There An Annual Fee? Yes, $35. This will be deducted from your balance, so it’s not an amount you have to pay directly, but you will then need to clear the balance to avoid accruing interest. See more info on no credit checks.

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