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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: Tetra Images/Getty Images January 20, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Rebecca Lake is a freelance writer and blogger specializing in personal finance. Her interest in finance – specifically credit cards – began when she was struggling to pay off over $30,000 in credit card debt. With a passion for helping others make smart financial decisions, she started writing about finance in 2012 and since then has contributed to a number of highly-visible brands online, including CreditCards.com, U.S. News & World Report, Citi Life + Money, Discover Modern Money blog, Bankrate, SmartAsset, Fox Business Network, Forbes Advisor, Magnify Money and Nerdwallet. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Bankrate logo The Bankrate promise
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When comparing secured credit cards, it helps to be conscious of your credit history and how much you can afford to put down as a security deposit. Some secured cards are suited to people with bad credit; others are designed for people who are starting from scratch with no credit history. In terms of the minimum deposit, you might find cards that start as low as $49, while others might require $200 or more. Rewards are rare with secured credit cards, but there are some that offer cash back on purchases, which is something else to consider. Also, remember to weigh the fees and the interest rates. 1 OpenSky Secured Visa Credit Card
The OpenSky Secured Visa Card is a secured card that’s designed for people who need to build or rebuild credit. The minimum deposit for this card is $200, which you can pay by mailing in a check or money order or by transferring funds through Western Union. Your credit limit can be as little as $200 or up to $3,000 depending on the amount you submit as your security deposit. Security deposits are refundable if you decide to close your account. This card charges a $35 annual fee. Read our full 2 Self – Credit Builder Account with Secured Visa Credit Card
The Self Visa Credit Card is a secured credit card with a unique twist. You don’t need a traditional bank account to open and fund this account, but you do need to have a Self Credit Builder Account. This is a loan account that provides no money upfront, the way a traditional loan would. Instead, you make payments and once the loan is paid off, you receive that money back with interest. You can use a minimum of $100 of your Credit Builder savings to fund the deposit for the Self Visa Credit Card, as long as you’ve made at least three on-time payments toward your loan. Read our full 3 First Progress Platinum Prestige Mastercard Secured Credit Card
The First Progress Platinum Prestige Mastercard Secured Credit Card is available to people with or at all and charges a $49 annual fee. There’s no minimum credit score or credit history required to apply, and it’s even possible to be accepted with a discharged bankruptcy. You can make a minimum deposit of $200 or deposit up to $2,000 if approved. Security deposits can be submitted using a prepaid debit card if you don’t have a bank account. For now, this card is not available in New York, Arkansas, Iowa or Wisconsin. Read our full 4 First Progress Platinum Elite Mastercard Secured Credit Card
The First Progress Platinum Elite Mastercard Secured Credit Card is similar to the Prestige version in terms of the initial deposit requirements and the option to pay via prepaid debit card. You don’t need a credit history to apply for this card and your deposit is fully refundable. The biggest difference is in what you’ll pay for interest. This card has a higher APR than the Platinum Prestige Mastercard, though it does have a lower annual fee ($29). And similar to the Prestige card, it’s not available to residents of New York, Arkansas, Iowa or Wisconsin. Read our full 5 First Progress Platinum Select Mastercard Secured Credit Card
First Progress also offers the Platinum Select Mastercard, which is a secured credit card that can be funded using a prepaid debit card. There isn’t much difference between this card and the other two First Progress cards included here—the features, benefits and minimum $200 deposit that’s required are all identical. And again, you won’t be able to get this card if you live in New York, Arkansas, Iowa or Wisconsin. There is a difference in the APR and fees, however. This card sits squarely in the middle between the two when it comes to what you’ll pay for the annual fee ($39) and APR. Read our full 6 Associated Bank Secured Visa
Associated Bank is a regional bank headquartered in Green Bay, Wisconsin. The bank offers a number of credit cards, including a Secured Visa credit card for people with limited credit. You can make an initial deposit of $300 to $5,000 and your credit line is equal to the amount of your deposit. If you don’t have a bank account, you can make your deposit by mailing in a money order. You might consider this card if you’re interested in rewards, as it pays up to 5 percent cash back on purchases. Plus, there’s no annual fee. 7 Oakstone Platinum Secured Mastercard
The Oakstone Platinum Secured Mastercard offers credit lines of $200 to $5,000, depending on how much you want to offer as a security deposit. There are no processing or application fees and no minimum credit score needed to apply, but there is an annual fee of $49. Security deposit payments can be made using a prepaid debit card, which is a plus if you don’t have a bank account. This card reports to all three major credit bureaus to help you build credit and it features a low regular variable APR. The bottom line
Getting a secured card with no bank account is possible and it could be a good first step toward getting your credit on track. The secured cards listed here can be opened and funded without a bank account as long as you have access to money orders and/or prepaid debit cards. If you’re interested in more secured card options, you may want to consider opening a bank account. A checking account could make it easier to qualify for a secured credit card, and it can also offer convenience for managing your money. For example, you can set up direct deposit for your paychecks, pay bills automatically and link your checking account to a savings account for easy transfers. If you’re ready to open a bank account, it’s easy to compare the online so you can find the right one. SHARE: Rebecca Lake is a freelance writer and blogger specializing in personal finance. Her interest in finance – specifically credit cards – began when she was struggling to pay off over $30,000 in credit card debt. With a passion for helping others make smart financial decisions, she started writing about finance in 2012 and since then has contributed to a number of highly-visible brands online, including CreditCards.com, U.S. News & World Report, Citi Life + Money, Discover Modern Money blog, Bankrate, SmartAsset, Fox Business Network, Forbes Advisor, Magnify Money and Nerdwallet. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Related Articles