Secured credit cards offer relatively easy approval, says Credit Sesame. Ideal for repairing credit, the best secured credit cards include the Citi Secured MasterCard, the Capital One Secured MasterCard and the Well Fargo Secured Card, adds U.S News and World Report.
As a secured credit card, the Citi Secured MasterCard requires an initial deposit before use, according to U.S News and World Report. This deposit is placed in a CD savings account earning interest for the cardholder. Each cardholder must pay an annual usage fee. This card has a relatively high interest rate, so cardholders should avoid running balances if possible. The Capital One Secured MasterCard charges no annual fee, says Credit Karma. Not all applicants need to pay deposits to receive this card and initial credit lines start at $200.
The First Progress Platinum Elite MasterCard Secured Credit Card is another fine choice, but it isn't available in several states, reports Credit Karma. The card has no minimum credit score or credit history requirements. Like all of the best secured credit cards, this card reports to all three major credit bureaus, which is necessary for rebuilding credit. To receive this card, applicants must submit initial deposits ranging from $300 to $2000.