Best Secured Credit Card for Rebuilding Credit

First Progress Platinum Prestige MasterCard® Secured Credit Card
  • Great for repairing or establishing credit
  • Refundable security deposit
  • Low interest rate
Card attributes
  • Variable APR
    9.99%
  • Cash Advance APR
    18.99%
  • Bonus Offers
    n/a
  • Rewards Rate
    n/a
  • Annual Fee
    $49
  • Intro APR
    n/a
Highlights
  • Our card reports monthly to all three major bureaus and approval is based upon a fully-refundable security deposit.
  • We can approve you at any credit score, no minimum required.
  • No processing or application fees required.
  • Full-featured Platinum MasterCard, accepted for car rentals, hotels, and millions of other locations worldwide.
  • Credit Line Secured by Your Fully-Refundable Deposit of $200 - $2,000 Submitted with Application
  • Nationwide Program though not yet available in NY, IA, AR, or WI

Our Detailed Review

Initial credit limit of up to $2000 with an opportunity to increase your limit to $5000 after establishing a pattern of responsible use. May help boost your credit score thanks to timely reports to 3 credit bureaus.

This card requires a security deposit, and your payment doesn’t earn interest. There’s also an annual fee.

Details

Application Process: Apply online in a jiffy by providing some basic info about your name and location. Once approved, you must pay your security deposit in order to receive the card. The deposit has to be at least $200, but you can add more - up to $2000 total - if you want.

Bonus Offers: None, but that’s not surprising in the world of secured credit cards.

Rewards: There aren’t any, unfortunately.

APR: This card has a low variable APR of 9.99%, making it one of the lowest-APR cards on our list of favorites (it’s tied with the primor secured Visa). A cash advance has an APR of 18.99%, which is still lower than the industry norm for this type of card.

Fees: You’ll shell out $49 for an annual fee for this secured Visa card. This is a price that’s 50% - and sometimes even 75% - of the amount competitors charge. It’s the least First Progress can do since they’re basically charging you to spend your own money.

Other fees include a cash advance fee of $10 or 3% (whatever is greater), 3% foreign transaction fee, $38 late payment fee, and $27 returned payment fee.

 

Faveable Giveaway: $100 Amazon Gift Card


Amazon Gift Card

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