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A secured credit card is something that can help you to either build up your credit if you are a new consumer or repair your credit if you have a bad credit history. There are several credit cards available that can help you to improve your overall financial credit reputation that are well worth exploring. Here are the best secured credit cards for people with bad credit.

Discover it Secured Credit Card

discover-secured-credit-card-reviewsThe Discover it Secured Credit Card is a good choice for rebuilding your credit. There are no annual fees, the APR for balance transfers for the first six months is 10.99 percent and then 23.24 percent afterward and you can earn two percent cash back at restaurants and when buying gas at up to $1,000 in purchases each quarter. You can earn an additional one percent cash back on all other purchases as well. A security deposit of at least $200 is required to establish your line of credit. It can be increased upon approval. Perhaps best of all, there are no late fees on your initial late payment, but your APR will never increase regardless of late payments. You get additional tools such as email alerts, text message reminders and access to your FICO score via monthly statements and online.

Capital One Secured MasterCard

capital-one-secured-credit-cardThe Capital One Secured MasterCard is widely accepted at many locations. It differs from a prepaid debit card as the user is responsible for their own credit line by putting down a deposit toward it. The initial red line is $200 after you make a deposit of $49, $99 or $200 depending on your creditworthiness. You can steadily increase your credit line over time with responsible usage. There are no annual fees and the APR is 24.99 percent. Your use with the credit card is reported to all three major credit reporting bureaus — Equifax, Experian and TransUnion. You can enjoy 24/7 access to your account online, over the phone or via mobile app. When you use the Capital One Secured MasterCard responsibly, you will gradually see your bad credit improving, along with your credit score.

First Progress Platinum Prestige MasterCard Secured Credit Card

first-progress-platinum-prestige-mastercard-secured-credit-cardWith the First Progress Platinum Prestige MasterCard, you can use your tax refund to fund your account. Your deposit is fully refundable and is secured with an amount ranging from $200 to $2,000. Your credit usage is reported to all three major credit reporting bureaus and there is a $44 annual fee. The card includes an APR of 11.99 percent and is accepted for everything from car rentals to hotels in millions of locations around the world.

UNITY Visa Secured Credit Card

unity-visa-secured-credit-cardThe UNITED Visa Secured Credit Card starts out with a 9.95 percent APR for the first six months of opening the account. After that initial period, the APR increases to 17.99 percent. There is a $39 annual fee, although there are no penalty rates. Your usage of the card is reported to Experian, Equifax and TransUnion and you will slowly but surely be able to improve your credit. You are required to put down a minimum deposit of $250 toward the card to establish your credit limit. This security deposit is fully refundable. To qualify for the UNITY Visa Secured Credit Card, there is no minimum credit score requirement.