Where to get a secured card: the main issuers
The banks offering secured cards fall into three groups: large national banks, credit unions, and online-only lenders. Each group has different deposit requirements, fee structures, and paths to upgrading to an unsecured card. Capital One, Discover, and U.S. Bank are the most widely available through traditional banking channels. Credit unions like Connexus and Pentagon Federal often have lower deposit minimums. Online lenders like Self and LendingClub focus on building credit history rather than when ready credit access.
Your choice depends on whether you want a physical branch, a specific credit limit, or the lowest possible cost to start. A $200 deposit with Capital One costs less upfront than a $500 deposit elsewhere, but a credit union card might offer better terms if you already have membership. The card you choose should match both your deposit amount and your plan for moving to an unsecured card later.
Key Takeaways
- Capital One, Discover, and U.S. Bank are the largest issuers of secured cards and accept applications from people with no credit history or poor credit.
- Deposit requirements range from $200 to $2,500, and your deposit becomes your credit limit — the amount you can borrow.
- Annual fees vary from $0 to $95, and some cards charge monthly fees if your account falls below a minimum balance.
- Most secured cards convert to unsecured cards within 6 to 18 months if you pay on time, though the timeline and conversion terms differ by issuer.
- Credit unions often have lower deposit minimums and fees than national banks, but membership requirements may explore.
National banks with secured card programs
Capital One Platinum Secured is the most common entry point. It requires a $200 minimum deposit, has no annual fee, and reports to all three credit bureaus. Capital One typically converts the card to unsecured after six months of on-time payments, though conversion is not automatic — you must request it. The card carries no foreign transaction fees and offers a higher credit limit ($2,000) than many competitors at the same deposit level.
Discover it Secured requires a $200 minimum deposit and charges no annual fee. Discover reports to all three credit bureaus and offers cash back on purchases (1% cash back on all purchases, 2% at gas stations and restaurants for the first year). The card converts to unsecured after eight months of on-time payments. Discover's main drawback is that it does not accept applications from people with recent bankruptcy or charge-offs, making it less accessible than Capital One for people rebuilding after serious credit damage.
U.S. Bank Secured Visa requires a $500 minimum deposit and charges a $25 annual fee. The card reports to all three credit bureaus and converts to unsecured after five months of on-time payments — faster than most competitors. U.S. Bank offers no cash back or rewards, making it a basic option for people focused solely on credit rebuilding rather than earning benefits during the secured phase.
Wells Fargo Secured Credit Card requires a $500 minimum deposit and charges a $25 annual fee. The card reports to all three credit bureaus and has no foreign transaction fees. Wells Fargo does not publicly commit to a conversion timeline, and conversion decisions are made on a case-by-case basis after at least six months of on-time payments. This uncertainty makes it a less predictable choice than Capital One or Discover.
Credit unions and online lenders
Connexus Credit Union Secured Visa requires a $500 minimum deposit and charges no annual fee. Membership is open to people nationwide (not restricted by geography), and the card reports to all three credit bureaus. Connexus converts to unsecured after 18 months of on-time payments, which is longer than national banks but offers a clear timeline. The main advantage is the zero annual fee combined with no monthly maintenance charges.
Pentagon Federal Credit Union Secured Visa requires a $500 minimum deposit and charges no annual fee. Membership is open to military members, veterans, and their families, plus employees of certain federal agencies. The card reports to all three credit bureaus and converts to unsecured after 12 months of on-time payments. Like Connexus, it has no monthly fees, making it cost-effective if you meet the membership requirements.
Self Secured Visa works differently from traditional secured cards. You make monthly payments into a savings account ($25 to $200 per month), and Self reports those payments to credit bureaus. After 24 months, you receive the money you deposited plus interest, and the card may convert to unsecured. This approach costs less upfront (no large deposit required) but takes longer and requires consistent monthly payments. Self is useful if you cannot afford a lump-sum deposit but can commit to monthly savings.
LendingClub Secured Credit Card requires a $500 to $2,500 deposit and charges a $39 annual fee. The card reports to all three credit bureaus and has no foreign transaction fees. LendingClub does not commit to a specific conversion timeline, making it less predictable than Capital One or Discover. The higher annual fee and longer conversion uncertainty make it a less attractive choice unless you need a higher credit limit when ready.
Comparing deposit requirements and annual fees
| Issuer | Minimum Deposit | Annual Fee | Conversion Timeline |
|---|---|---|---|
| Capital One Platinum Secured | $200 | $0 | 6 months (on request) |
| Discover it Secured | $200 | $0 | 8 months |
| U.S. Bank Secured Visa | $500 | $25 | 5 months |
| Wells Fargo Secured | $500 | $25 | 6+ months (case-by-case) |
| Connexus Secured Visa | $500 | $0 | 18 months |
| Pentagon Federal Secured Visa | $500 | $0 | 12 months |
| Self Secured Visa | $25–$200/month | $0 | 24 months |
| LendingClub Secured | $500–$2,500 | $39 | Not specified |
How to choose based on your situation
If you have $200 to deposit and want the lowest cost, Capital One Platinum Secured or Discover it Secured are the clear choices. Both have zero annual fees and accept applications from people with poor or no credit history. Capital One converts faster if you request it; Discover converts automatically after eight months. If you prefer cash back rewards while rebuilding, Discover is the only option among low-deposit cards.
If you have $500 to deposit and want the fastest conversion, U.S. Bank Secured Visa converts in five months despite its $25 annual fee. If you want to avoid the annual fee and do not mind waiting longer, Connexus or Pentagon Federal (if may be able to access) offer zero fees and clear conversion timelines. If you cannot afford a lump-sum deposit, Self lets you build credit through monthly payments instead, though the process takes twice as long.
If you need a higher credit limit when ready, LendingClub allows deposits up to $2,500, but the $39 annual fee and unclear conversion timeline make it less attractive than other options. If you have access to a credit union through employment or military service, check whether they offer a secured card before explore to a national bank — credit union cards often have lower fees and membership-based advantages.
What happens after conversion to unsecured
When your secured card converts to unsecured, your deposit is returned to you and your credit limit may increase. The conversion is not automatic with every issuer — Capital One requires you to request it, while Discover converts automatically. Some issuers increase your limit after conversion; others keep it the same. Your credit report will show the account as unsecured, which improves your credit mix and can raise your credit score.
After conversion, the card functions like any other credit card. You no longer need to maintain a deposit, and your monthly payments are based on your balance, not your deposit amount. Some people close the secured card after conversion to reduce the number of open accounts; others keep it open to maintain a longer credit history and lower credit utilization. Keeping the account open usually helps your credit score more than closing it, even if you do not use the card regularly.
Frequently Asked Questions
Can I get a secured card if I have no credit history?
Yes. Capital One, Discover, and most credit unions accept applications from people with no credit history. You do not need a credit score to explore — you only need to be at least 18 years old, a U.S. citizen or permanent resident, and able to make the deposit. Having no credit history is actually less of a barrier than having poor credit with recent negative marks.
What if I cannot afford the minimum deposit right now?
Self allows you to start with deposits as low as $25 per month instead of a lump sum. You make monthly payments into a savings account for 24 months, and Self reports those payments to credit bureaus. After 24 months, you receive your deposits back plus interest. This approach takes longer but costs less upfront and works if you can commit to monthly payments.
Do I have to use the card to build credit?
Yes, you need to use the card and make on-time payments for it to help your credit. straightforward holding the card without charging anything does not build credit history. Most people charge small purchases and pay the full balance each month to avoid interest while demonstrating responsible use to credit bureaus.
Will my deposit earn interest?
Most national banks do not pay interest on secured card deposits. Credit unions like Connexus and Pentagon Federal may pay a small amount of interest (typically less than 1% annually), but you should not expect significant earnings. Self is the exception — it pays interest on your monthly deposits, though the rate is still low. Check the issuer's terms before opening an account if interest earnings matter to you.
Can I increase my credit limit after I open the card?
Yes, most issuers allow you to increase your credit limit by making an additional deposit after the account is open. For example, if you opened a Capital One card with a $200 deposit, you could deposit another $300 to raise your limit to $500. Some issuers also increase limits automatically after several months of on-time payments, though this varies by issuer and is not may provide.