Best Secured Credit Cards to Rebuild Bad Credit

by Shelton on December 28th, 2014

filed under Secured Credit

If you’re trying to get your finances back on track, applying for a bad credit credit card is key to achieving this goal. As you probably know, none of these are the best credit cards on the market — in fact, many don’t even offer rewards. But opting for a secured credit card is still the way to go because it will help you rebuild your credit score.

Not sure how, or which one is right for you? Check out the details below for all the information you need about secured credit cards for people with bad credit.

Why choose a secured credit card?

If your goal is to rebuild your credit score, choosing a secured credit card over a prepaid debit card is a wise move. Here’s why: Secured cards require you to tap a credit line and build up a small amount of short-term debt when you make your purchases. By repaying them on time and in full each month, you’ll be creating a track record of responsible credit use.

In time, this will help your credit score improve. But with a prepaid debit card, you’re simply using the funds you’ve loaded onto the plastic – there’s no credit line involved. As a result, your credit score won’t be affected.

The key takeaway here is that as soon as you can get together the funds to put down a deposit on a secured card, you should apply for one of the products below. Otherwise, your credit will stay stuck in the doldrums.

Best secured credit cards for bad credit consumers

Secured credit cards have a somewhat dodgy reputation because many of them charge high interest and fees. While none of the rates on the cards we’ve chosen are low, you can avoid them altogether by paying your bill in full each month. Given this, we based our choices mostly on fees and other card attributes.

Here are our top picks in secured credit cards:

Wells Fargo Secured Visa Card

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