Top 5 Secured Credit Cards: Fall 2013

U.S. Bank Secured Visa Card

usb-visaWith the U.S. Bank Secured Visa Card, you can easily build or re-establish your credit history. You will need to ensure your card can be paid with a U.S. Bank FDIC-insured, interest-earning savings account. Your savings account will never be touched as long as your account stays open and in good standing.

This card also allows you to establish good habits with a card that mirrors any other credit card.

Notable Features:

  • 20.99% APR
  • Annual Fee: $35
  • Credit limit: $300-$5,000

Bank of America Secured Credit Card

bac_nonrwds_visa_cardThis card makes it easy to start charging, as there are no application or activation fees. You also have access to credit education on topics such as using your card responsibly and budgeting. With this card, important account information is shared with the three major credit bureaus, assisting you in building your credit history.

Also, after 12 months, you may qualify to have your security deposit refunded while you still use the card.

Notable Features:

  • Annual fee $39
  • 20.24% APR
  • Credit Limit: $300-$4,900

Wells Fargo Secured Visa Card

wellsfargoFirst 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%.

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

  • Annual fee: $44
  • 11.99% APR
  • Credit limit: $300 to $5,000

Navy Federal Credit Union nRewards Credit Card

nRewards_securedThe Navy Federal Credit Union nRewards Credit Card has some great features. A big bonus includes its extremely low APR of 8.99%. It also has a rewards program. You can earn these rewards while building or repairing your credit and start redeeming points when you reach 1,000.

Navy Federal's field of membership is determined by the National Credit Union Administration. Check out their eligibility checklist to see if you can join.

Notable Features:

  • 8.99% APR
  • annual fee: $0
  • minimum deposit of $500 to start
  • Earn rewards- one point/$1

Capital One Secured MasterCard

capital-one-secured-credit-cardThe Capital One Secured MasterCard is a good 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. In other words, 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