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OpenSky Secured Visa
Told no by a bank before? The OpenSky Secured Visa is made for that. You do not need a credit history or a bank account to apply, and OpenSky says it does not check your credit. You put down a refundable deposit, and that deposit is your limit: put down $1,000 and you can spend $1,000. Use it for gas and groceries, pay on time, and your payments are reported to all three credit bureaus, so your score can start to grow. It costs $35 a year.
Capital One Quicksilver Secured
Want to build credit without a yearly fee? A $200 refundable deposit opens the Capital One Quicksilver Secured, and Capital One sets your limit when you are approved, with a maximum of $1,000 to $3,000. The annual fee is $0, and you earn 1.5% cash back on everyday buys like groceries and gas. You can check if you are eligible in about 90 seconds without hurting your score, so you know where you stand before you apply.
Wells Fargo Reflect
Carrying a balance that grows every month? The Wells Fargo Reflect gives you 21 months at 0% interest on purchases and balance transfers, so your payments go to the balance and not to interest. Move a $3,000 balance, and after the 5% transfer fee you can pay it off with about $150 a month. This card is for people with established credit. Wells Fargo sets your limit after approval, with a minimum of $1,000, so a $5,000 limit is not guaranteed. Still rebuilding credit? Start with the cards above.
Frequently asked questions
What is a secured credit card?
A real credit card backed by a deposit you pay first. The deposit is held as collateral and is refundable. Your on-time payments are reported to the credit bureaus.
Can I get a $5,000 limit?
Credit limits are set by the issuer after approval and are not guaranteed. The Wells Fargo Reflect has a minimum limit of $1,000 and does not publish a maximum. The two secured cards here reach up to $3,000.
Will checking my options hurt my credit score?
Looking at this page does not. Each issuer explains its own check: Capital One says its eligibility check has no score impact, and OpenSky says there is no credit check to apply.
Do I need a bank account?
OpenSky says no linked bank account is required. Other issuers may ask for one, so read each review.
What if I was denied recently?
Start with a secured card. A refundable deposit lowers the risk for the issuer, so approval can be easier than with an unsecured card.
