5 Best Secured Credit Cards of 2014

Advertiser Disclosure

Secured credit cards are sometimes overlooked in the world of credit card reviews.  No bonuses? No rewards? No points? No thanks, some say.  However, they are credit card products for a reason, because they serve a very important need.  Those of us that have had credit troubles in the past, or a bankruptcy, need a safe way (or any way, really) to rebuild their credit.  Credit is a very important aspect of society, and bad credit can have a negative effect on one’s life.  From securing a business loan, to taking out a mortgage to purchase a home, the ghosts of credit scores past can come back to haunt you at any time!

How it works

A secured credit card works like this- the credit card holder must provide collateral in the form of a security deposit.  Then, that forms your credit line.  The bank has zero risk of default, since anything you spend will be backed up by your collateral.  And, in exchange, one can rebuild (or just build) their credit score.

How to choose

The best way to choose a secured credit card is to pick one with a bank that you trust or have done business with.  They offer many more features than other cards out there, and have lower APRs.  In addition, some even allow your deposit to earn interest, so the money isn’t just ‘sitting there’ while you rebuild your credit worthiness.

Let’s check out some of those below!

First Progress Platinum Cards

These three secure credit cards with very similar, no nonsense benefits.  The major difference between the two being their annual fees and APRs.  Read on through the links below to see a comparison and apply, and to see if First Progress is a good fit for you!

Check out our full review here.

Link: First Progress Platinum Elite MasterCard® Secured Credit Card

Link: First Progress Platinum Prestige MasterCard® Secured Credit Card

Link: First Progress Platinum Select MasterCard® Secured Credit Card

Capital One Secured

With a minimum security deposit of $200, running up to $3,000 the Capital One Secured credit card offers one safe way to start rebuilding your credit.  A low annual fee of $29 is great, but a high APR of 22.9% may deter you.

Check out our full review here.

CitiBank Secured

With a similar annual fee of $29, but an 18.24% APR, the CitiBank begins to look great.  The ability to receive a $5,000 credit line through a secured deposit may also sway you to apply for this card.  Furthermore, you’ll be able to earn interest on that deposit, which is a low 1.01%, but better than nothing!

Check out our full review here.

Wells Fargo Secured

The ultra-low $25 annual fee, a low 18.99% APR, and the ability to apply only one year (twelve months) after bankruptcy makes the Wells Fargo Secured credit card an attractive option.  In addition, you can make your credit line between $300 and $10,000 (yes, you read that right!).

Check out our full review here.

Bank Americard Secured Credit Card Review

No application fees, a credit limit of $300 to $4,900, and an APR of 20.24% may seem like a bad deal, but when you have the backing of Bank of America, and it’s purchase protections, the extra fees may be worth it to you.

Check out our full review here.