How a secured card works
You put down a refundable deposit, and it usually becomes your credit limit. You use the card and pay the bill like any other credit card, and the issuer reports your payments to the credit bureaus. When you close the account in good standing or graduate to an unsecured card, you get the deposit back. The deposit protects the bank; it does not pay your bill, so a late payment still hurts.
The cards, side by side
| Card | Deposit | Annual fee | Credit check | Good to know |
|---|---|---|---|---|
| Capital One Platinum Secured | $49, $99 or $200 for a $200 line | $0 | No score needed to apply | A low deposit can still get a $200 line. Up to $1,000 if you deposit more. No rewards. |
| Discover it Secured Cash Back (Capital One) | From $49 | $0 | Credit review | Launched October 2026, replacing the old Discover it Secured. 5% on rotating categories (activate each quarter), 1% elsewhere, first-year cash back match. |
| Capital One Quicksilver Secured | From $200 | $0 | Credit review | Flat 1.5% cash back on everything. |
| Chime Credit Builder | None (you move your own money in) | $0 | None | No interest. Needs a Chime checking account and a qualifying direct deposit. You can only spend what you have moved onto the card. |
| OpenSky Secured Visa | From $200 | $35 | None | No bank account required. A fallback if the free cards decline you. |
| Self Visa | From $100 | $25 | Earned through Self | You first need a Self credit-builder loan with on-time payments. |
Terms checked November 2026. Interest rates on these cards run around 24% to 30% variable, which is why paying in full each month matters. The old Discover it Secured stopped taking new applications on June 2, 2026.
How to choose
- Try a no-fee card from a big issuer first. Capital One's prequalification check does not affect your score, and the $49 deposit tier makes it the cheapest start if you get it.
- Want rewards? The Discover it Secured Cash Back pays the most, if you will activate the categories each quarter. Quicksilver Secured is the simple option.
- Can't put down a deposit? Chime Credit Builder needs no deposit and no credit check, but you have to bank with Chime.
- Turned down everywhere? OpenSky skips the credit check. The $35 fee is the price of a near-certain approval.
Getting the most from it
- Use it for one small recurring bill and set autopay for the full balance.
- Keep the balance under 30% of the limit when the statement closes, and under 10% is better.
- After six months of on-time payments, ask whether the card can be reviewed for an upgrade and a refund of your deposit.
- Do not close it after you upgrade unless it has a fee; its age keeps helping your score.
General information only. Card terms change often; confirm the current terms on the issuer's own site before you apply. Some links may pay us a commission. Disclosure.