Secured credit cards are the best choice for consumers who haven’t yet established a credit history or who need to rebuild from a tarnished past. While there are numerous secured credit card offers available online, the following credit cards feature low interest rates and friendly credit card holder agreements:
Capital One Secured MasterCard
The Capital One Secured MasterCard is the go to secured credit card for those looking to repair their credit history. On average, the card has a 4.4 out of 5 star rating and comes with less stringent credit requirements.
The Capital One Secured MasterCard also offers the following features:
Bank AmeriCard Secured Credit Card
- Low deposit of between $49 and $200 to open an account.
- Automatic credit line increase after 5 months of on time payments with no additional deposit.
- No annual fee.
- Free access to monthly credit report.
The Bank AmeriCard Secured Credit Card is another widely popular credit card for credit challenged individuals. Unlike the Capital One card, Bank of America requires potential cardholders to visit a local branch in order to apply for the card.
The Bank AmeriCard Secured MasterCard offers the following features:
Citi Secured MasterCard
Citi Secured MasterCard is a relatively new product offered by the bank. Consumers can apply online and submit a deposit for their new credit card either by electronic deposit or paper check. When applying for a Citi Secured Credit Card, consumers must meet certain debt and income requirements, and must make a deposit of between $200 and $2,500, depending on the amount of credit they’re seeking.
The Citi Secured MasterCard comes with the following features:
- Low interest rate.
- Flexible credit approval process.
- Travel protection for purchases overseas.
- Car rental insurance.
Citibank offers some of the best credit card rewards on the market. Obtaining the bank’s secured credit card is a great way to potentially gain access to some of their unsecured cards in the future.
Citibank and Capital one offer the best secured credit card options for both consumers who are looking to build new credit and for those who need to re-establish their credit history. Bank AmeriCard, while great for some consumers, comes with many negative reviews from various websites. The card also offers less benefits than other secured credit cards.