Citi® Secured Mastercard®
While offering no rewards and limited benefits, the Citi Secured Mastercard presents a good way to build credit whether you’re new or working your way back from having bad credit. It requires a security deposit to fund your credit limit, but Citi may eventually return your deposit if you show responsible credit habits. View More >Related Suggestions
No Bank Account Required
If you don’t have a bank account to make your security deposit, you won’t be able to apply for most secured cards. But the Citi® Secured Mastercard® (Review) allows you to pay the deposit by other methods, although you’ll need to visit a Citibank location in person to do this. If you do have a bank account, you can simply use the online application as you normally would.
Low Security Deposit
Secured credit cards are most frequently used to build credit, either after bankruptcy or when someone is new to the credit market altogether. Although secured credit cards do require a deposit, the deposit typically won’t exceed the total balance in credit you are granted. Thus, you are effectively building credit while using a credit card in the same way you would use any credit card. This presents a lower risk to lenders, especially when your credit history is poor.
Secured Credit Cards For Earning Rewards, No Annual Fee
The Discover it® Secured (Review) is is probably the best secured credit card thanks to its rewards program, which is pretty good even compared to many unsecured cards.
Secured Credit Cards For Low Security Deposit
With most secured cards, your credit limit will be equal to the amount you provide for the security deposit. But that’s not necessarily true for the Capital One® Secured Mastercard® (Review).
