Secured credit cards are used to build or rebuild credit scores. Unlike an unsecured credit card, the secured credit card requires a cash deposit that's equal to or greater than the cardholder's credit limit.
Business owners make use of secured credit cards when they don't qualify for an unsecured credit card or business loan due to poor credit. With a secured credit card, the card issuer reports the cardholders’ spending and payment patterns to credit bureaus. If the card is used responsibly, this reporting can improve credit scores, and help obtain business loans or an unsecured credit card.
Best Secured Business Credit Cards:
You have free access to your credit score and Capital One CreditWise, which includes a simulator that lets you run scenarios to predict changes in credit scores and debt loads.
Automatically receive 2% cash back at restaurants and gas stations on up to $1,000.00 in combined purchases every quarter.
This card doesn't provide any cash back, miles, or reward points. However, OpenSky offers a wide array of credit education material for credit users who are inexperienced.
While this card doesn't provide cash back, miles, or rewards, you do receive identity theft protection and zero-liability fraud protection.
Provides fringe benefits including complementary insurance when you rent a car with your credit card.
Offers a variety of fringe benefits, such as a cell phone insurance policy (up to $600.00 to cover loss or damage) when you purchase a device with your credit card.
Offers auto rental insurance, zero fraud liability, and price protection. However, this card does not offer cash back, miles, or points.
No minimum credit score requirements and credit lines are available from $200.00 to $5,000.00 This card does not provide points, miles, or cash back.
No credit history or minimum credit score required. This card does not offer bonuses such as rewards, cash back, and miles.
Does American Express have a secured credit card?
No. Currently, American Express does not offer a secured credit card.
See our list of the best secured credit cards.
Can you be denied a secured credit card?
Yes, you can be denied a secured credit card. Similar to an unsecured credit card, you will still need to undergo a credit check. If you have a poor credit history and credit score, you could be denied a secured credit card.
View our list of the best secured credit cards.
What is the best secured credit card?
- Capital One Secured Mastercard.
- Discover it Secured.
- OpenSky Secured Visa Credit Card.
- Citi Secured Mastercard.
- U.S. Bank Secured Visa Card.
- Wells Fargo Secured Visa Credit Card.
Check out our full list.
What is the easiest secured credit card to get?
Do secured cards improve credit?
It depends on your monthly spending and payments. If you use your secured credit card sparingly and make timely payments, you can improve your credit score. However, if you miss payments, you can negatively affect your credit score.
Can I rent a car with a secured credit card?
Yes, you can use a secured credit card to rent a car if you have enough available credit to pay for the hold the rental agency will put on your card.
How fast can you build credit with a secured credit card?
It depends on your previous credit history, the type of secured credit card you chose, and if you're responsible with your secured credit card usage. Your spending and payments will be reported. Therefore, if your use your card sparingly and make payments on time, you can quickly start building your credit score.
Does Wells Fargo have a secured credit card?
Yes, Wells Fargo offers a secured credit card. The card comes with a credit limit ($10,000) and has a reasonable APR (19.24%).