There are many secured credit cards on the market today, but not all are created equal. For example, some secured credit cards charge an application fee and a high annual fee, along with annual maintenance fees.
For the purpose of our ranking, we sought out secured credit cards with the lowest fees possible and prioritized cards with no fees. We also looked for cards that offer credit building tools and special cardholder perks. Finally, we only included secured credit cards that report to one credit bureau or more so you can build your credit score across the board.
Once you increase your credit score you may qualify to have your collateral account returned and your card converted into an unsecured credit card by the credit card company. You may also qualify for a higher credit line with a history of on-time payments.