By  Tue May 7, 2013

The Top 5 Secured Credit Cards to Rebuild Credit

1 of 6
Next Slide
Replay

USAA Secured Credit Card

USAA Secured Credit CardThe USAA Secured Credit Card carries a low annual fee and extremely low variable APR -- a rare combination for a secured credit card. There isn’t much more you can expect from any secured credit card.

The security deposit is held in a USAA 2-year certificate of deposit, which earn interest. Cardmembers can make additional deposits to the CD and request a credit limit increase on the secured credit card. This security deposit option is much more attractive compared to most other simple, non-interest bearing collateral accounts.

Notable card features

  • $35 annual fee
  • Variable APR of 9.9%
  • Credit limit of $250 to $5,000
  • Security deposit held in USAA CD
Capital One Secured MasterCard Credit Card

Picture-37For a low annual fee of $29, the Capital One Secured MasterCard is a decent secured credit card. The high variable APR is a downside to this card, so it isn’t ideal to carry a balance on it when you’re trying to rebuild your credit. (Use the card, but pay off the balance in full.)

The security deposit for the Capital One Secured MasterCard is held in a simple collateral account that doesn’t earn interest.

Notable card features

  • $29 annual fee
  • Variable APR of 22.9% on purchases
  • Your security deposit can get you a line up to $3,000
First Progress Platinum Prestige MasterCard Secured Credit Card

card_img_prestigeFirst Progress offers three secured credit cards. The First Progress Platinum Prestige MasterCard Secured Credit Card was selected because of its low variable APR of 11.99%.

However, the card comes with an annual fee of $44.

If you plan to maintain a balance on the card, the low interest rate will help minimize that amount you pay in interest.

Your security deposit is held in a non-interest deposit account at Synovus Bank.

Notable card features

  • $44 annual fee
  • Variable APR of 11.99%
  • Credit limit of $300 to $5,000
Wells Fargo Secured Visa Card

Picture-20_7For someone who wants a large credit limit under a secured credit card, the Wells Fargo Secured Visa card is a solid option. It has very low annual fee of $25 and your credit limit can be as high as $10,000.

However, the relatively high interest rate of 18.99% is alarming.

The security deposit is placed in a simple, non-interest bearing collateral account.

Wells Fargo reviews secured credit card accounts periodically to determine if cardmembers can be graduated to an unsecured credit card. This card is available only by applying at a Wells Fargo branch.

Notable card features

  • $25 annual fee
  • Variable APR of 18.99%
  • Credit limit of $300 to $10,000
First Progress Platinum Elite MasterCard Secured Credit Card

card_img_eliteThe First Progress Platinum Elite MasterCard Secured Credit Card is another secured credit card that is offered by First Progress. It has a low annual fee of $29 but the variable APR is 19.99%.

If you don't expect to carry a balance on the card, the high APR should not be much of a problem.

Your security deposit is held in a non-interest deposit account at Synovus Bank.

Notable card features

  • $29 annual fee
  • Variable APR of 19.99%
  • Credit limit of $300 to $5,000
1 of 6
Next Slide
Replay

Subscribe to our Newsletters

 

Add Your 2 Cents

  • Mallory Smith

    just fyi you or your parents have to be affiliated with the military for the ussa card.

  • david2awsome

    Not anymore, any one can use it @Mallory smith

    • Rusty

      You definitely have to be a member or affiliated with the military to get this card, so it IS true. I tried to apply and it barred me for the same reason.

      • Domonique

        Rusty, what card did you go with? Since this one Is only for military which I am not

        • Ava

          You either A. have to be affiliated with someone from the military OR B. Be affiliated with someone who is already a member with USAA. For instance, No one in my family has been in the military for 4 generations. However, each generation has open some account or other with USAA and this I was eligible to get my auto insurance through them.

  • http://billcollectorshateme.blogspot.com/ Bill Collectors Hate Me

    USAA offers a great secured credit card. I highly recommend them.

  • Brad

    Does this card report to the three major credit bureaus?