The Barkley Card is a secured credit card for people rebuilding credit
The Barkley Credit Card is a secured credit card issued by Marlette Funding, LLC. You put down a cash deposit, and that deposit becomes your credit limit. The card reports to all three credit bureaus — Equifax, Experian, and TransUnion — so your payment history builds a credit record you can use to move toward unsecured cards later.
Secured cards work differently from regular credit cards. You are not borrowing against a line of credit the issuer extends to you. Instead, the issuer holds your deposit as collateral while you use the card like any other. If you stop paying, the issuer can take the deposit. This structure lets people with no credit history or damaged credit get a card that reports to the bureaus.
The Barkley card is one option among many secured cards. Whether it makes sense for your situation depends on the deposit amount you can afford, the fees charged, and what other cards are available to you.
Key Takeaways
- Barkley is a secured card where your cash deposit becomes your credit limit, ranging from $200 to $2,500 depending on what you deposit.
- The card charges an annual fee and a monthly maintenance fee, so you pay to hold the card even if you do not use it.
- Your payment history reports to all three credit bureaus, which means on-time payments build credit you can use to move to unsecured cards.
- You can request to convert the card to unsecured status after a period of responsible use, though the issuer decides whether to approve the conversion.
- Other secured cards may offer lower fees or higher deposit limits, so comparing options before you commit is worth your time.
How the deposit and credit limit work
When you open a Barkley account, you choose how much to deposit. The minimum deposit is $200 and the maximum is $2,500. Whatever you deposit becomes your credit limit. If you deposit $500, your limit is $500. The issuer holds this money in a deposit account while you use the card.
Your deposit earns no interest. The money sits in the issuer's account and does not grow. You can request to withdraw the deposit after you convert the card to unsecured status or close the account, but while the card is active and secured, the deposit stays locked.
You can increase your deposit later to raise your credit limit. Some cardholders add to their deposit after six months or a year of on-time payments. The issuer may also increase your limit without requiring an additional deposit, though this is not may provide.
Fees you will pay
The Barkley card charges both an annual fee and a monthly maintenance fee. The annual fee is charged once per year. The monthly maintenance fee is charged every month, regardless of whether you use the card. These fees are separate from interest charges on balances you carry.
Both fees reduce the value of the card compared to unsecured options. If you carry a balance, you also pay interest on top of these fees. The combination of deposit, fees, and interest can make a secured card expensive, which is why comparing cards before you open an account matters.
Some secured cards charge only an annual fee with no monthly maintenance charge. Others charge neither. Before you commit to Barkley, check what other issuers charge for the deposit amount you plan to use.
How credit reporting works with Barkley
The Barkley card reports your payment activity to Equifax, Experian, and TransUnion. This means every payment you make — on time or late — becomes part of your credit history. If you pay on time every month, you build a positive payment record. If you miss a payment, that shows up on your report too.
Payment history is the largest factor in your credit score, making up about 35 percent of most scoring models. Secured cards like Barkley let you build this history from scratch or repair it after damage. The card is useful only if you use it and pay on time consistently.
Late payments stay on your credit report for seven years. If you miss a payment on the Barkley card, it will hurt your score and remain visible to lenders for years. The point of a secured card is to prove you can pay reliably, so missing payments defeats the purpose.
Converting to an unsecured card
After you demonstrate responsible use — usually 6 to 12 months of on-time payments — you can request that Barkley convert your card to unsecured status. This means the issuer releases your deposit and you keep the card with a credit limit the issuer sets. You no longer need collateral backing the account.
Conversion is not automatic. The issuer reviews your payment history and decides whether to approve. If you have made every payment on time and kept your balance low, conversion is more likely. If you have missed payments or maxed out the card, the issuer may decline.
When the card converts, your deposit is returned to you. You can use that money for other purposes. The card itself may still carry an annual fee even after conversion, so check the terms.
Comparing Barkley to other secured cards
Several issuers offer secured cards. Capital One, Discover, and U.S. Bank all have secured options. Each charges different fees, offers different deposit ranges, and has different conversion policies. Before you choose Barkley, compare what you would pay with other cards at the deposit amount you plan to use.
A card with a $200 minimum deposit and no monthly fee may cost you less than Barkley if you plan to deposit $200. A card with a higher maximum deposit ($5,000 or more) may suit you better if you want to build a higher credit limit. The "best" card depends on your specific situation, not on which card is best in general.
You can also check whether you may have access to for an unsecured card before opening a secured one. Some people with fair credit can get unsecured cards with no deposit required. If that is an option for you, it may save you money.
What happens if you miss a payment
If you miss a payment on the Barkley card, the issuer reports it to the credit bureaus. A single late payment can lower your credit score by 100 points or more, depending on your current score and credit history. The damage is when ready and visible to other lenders.
If you miss a payment by 30 days or more, the issuer may also charge a late fee. If you miss payments for 120 days or longer, the issuer can take your deposit to cover the debt. At that point, your account is closed and the deposit is gone.
If you know you cannot make a payment, contact the issuer before the due date. Some issuers work with cardholders on hardship arrangements. It is better to call and discuss options than to miss the payment and damage your credit.
Frequently Asked Questions
Can I use the Barkley card right away after opening the account?
Yes. Once your deposit clears and your account is active, you can use the card when ready. Most cardholders receive their card in the mail within 7 to 10 business days and can start using it as soon as it arrives. You do not have to wait any additional time.
What if I want to close the Barkley card?
You can close the account at any time. When you do, the issuer returns your deposit to the bank account you provided. Closing the card does not hurt your credit score directly, but it does remove an active account from your credit history, which can lower your score slightly over time.
Will the Barkley card help me get approved for other credit later?
Yes, if you use it responsibly. Lenders look at your payment history and credit score when you explore for other cards or loans. Consistent on-time payments on the Barkley card build both. After 6 to 12 months of good payment history, you may may have access to for unsecured cards or other credit products.
Can I increase my credit limit without adding more money?
The issuer may increase your limit without requiring an additional deposit, but this is not may provide. Some cardholders see automatic limit increases after 6 to 12 months of on-time payments. You can also request a limit increase, though the issuer decides whether to grant it.
What is the interest rate on the Barkley card?
Interest rates vary and depend on your creditworthiness at the time you open the account. The issuer discloses the rate in your card agreement before you complete your process. If you carry a balance, you pay interest on top of the annual and monthly fees, so keeping your balance low or paying it off each month saves you money.