Where to get a secured card: the main banks and credit unions
The largest banks offering secured cards are Capital One, Discover, Bank of America, and Wells Fargo. Each has different deposit requirements, credit limits, and paths to converting to an unsecured card later. Beyond the big names, Chime, Self, and several regional credit unions also offer secured cards, often with lower deposit minimums or faster conversion timelines.
The choice between them matters because the deposit you put down becomes your credit limit — so a $500 deposit means a $500 limit — and the card issuer reports your payment history to the three credit bureaus. That history is what rebuilds your credit score. Different issuers report differently and have different rules about when you can move to an unsecured card, so comparing them before you open an account saves time later.
You do not need to choose based on where you bank now. A secured card is a separate product, and you can open one at any bank or credit union that offers it, regardless of whether you have a checking account there.
Key Takeaways
- Capital One, Discover, Bank of America, and Wells Fargo are the largest issuers, but credit unions and online banks like Chime and Self also offer secured cards with different terms.
- Your deposit amount becomes your credit limit, so a $300 deposit gives you a $300 limit — the deposit stays in a savings account and earns interest at some issuers.
- Each issuer has different rules for converting to an unsecured card, ranging from 6 months to 2 years of on-time payments.
- The card issuer reports your payment history to credit bureaus, so the issuer you choose affects how quickly your credit score rebuilds.
Capital One Secured Mastercard
Capital One's secured card requires a deposit between $200 and $2,500, which becomes your credit limit. The deposit is held in a savings account that earns interest, though the rate varies. Capital One reports to all three credit bureaus monthly, which means your payment history shows up on your credit report consistently.
The card has an annual fee of $39. After six months of on-time payments, Capital One may review your account for conversion to an unsecured card, though conversion is not may provide and depends on your payment history and credit score at review time. If you are converted, your deposit is returned to you.
Capital One also offers a second product called the Secured Mastercard for people with no credit history, which has a lower deposit minimum ($200) but the same annual fee and conversion timeline.
Discover Secured Card
Discover requires a deposit between $200 and $2,500, which becomes your credit limit. The deposit earns interest at the current savings rate, and Discover publishes that rate on their website. Like Capital One, Discover reports to all three credit bureaus every month.
Discover charges no annual fee, which is unusual among secured cards and makes it cheaper to maintain than most competitors. After eight months of on-time payments, Discover reviews your account for conversion to an unsecured card. The timeline is longer than Capital One's, but the lack of an annual fee offsets that for many people.
Discover also offers cash back on purchases — typically 1% on all purchases — which means you earn money while rebuilding credit. This is rare on secured cards and makes Discover competitive even if conversion takes longer.
Bank of America Secured Card
Bank of America requires a deposit between $300 and $2,500, which becomes your credit limit. The deposit does not earn interest. Bank of America reports to all three credit bureaus monthly.
The card has a $29 annual fee. Bank of America reviews accounts after six months of on-time payments for conversion to an unsecured card, though conversion is not automatic. The card offers no cash back or rewards.
Bank of America's main advantage is that if you already have a checking or savings account there, you can manage the deposit and card in one place. If you do not bank there, the lack of interest on your deposit and the annual fee make it less competitive than Discover or Capital One.
Wells Fargo Secured Card
Wells Fargo requires a deposit between $300 and $2,500, which becomes your credit limit. The deposit earns interest, though the rate is set by Wells Fargo and published on their website. Wells Fargo reports to all three credit bureaus monthly.
The card has a $25 annual fee, the lowest among the major banks. Wells Fargo reviews accounts after six months of on-time payments for conversion to an unsecured card. The card offers no cash back or rewards.
Wells Fargo's lower annual fee makes it competitive with Capital One and Discover, but the conversion timeline and lack of rewards are middle-of-the-road compared to other options.
Credit unions and online banks: Chime and Self
Chime, an online bank, offers a secured card with a $200 deposit minimum and no annual fee. Chime reports to all three credit bureaus. The deposit earns interest, and Chime reviews accounts after six months of on-time payments for conversion. Chime also offers early direct deposit, which can move your paycheck into your account up to two days earlier — useful if you are managing cash flow tightly.
Self is a credit-building product that works differently from a traditional secured card. You deposit money into a savings account, and Self issues you a card tied to that account. Self reports to all three credit bureaus and charges a monthly fee of $15 to $19 depending on the plan. Self is designed specifically for credit building rather than everyday spending, so it is useful if your main goal is rebuilding score rather than having a card you use regularly.
Many regional credit unions offer secured cards with deposit minimums as low as $100 and no annual fees. If you are a member of a credit union, check with them first — their terms are often better than national banks, especially on annual fees and deposit minimums. You can search for credit unions in your area through the CO-OP network or Allpoint ATM network websites.
How to compare and choose
Start by listing what matters most to you: the lowest annual fee, the fastest conversion timeline, interest on your deposit, or cash back rewards. No single card wins on all fronts. Discover has no annual fee but a longer conversion timeline. Capital One has a faster conversion timeline but charges $39 per year. Wells Fargo splits the difference with a $25 fee and six-month conversion review.
Next, check the deposit minimum. If you have $200 to $300, all major banks work. If you have less, Chime or a credit union may be your only option. If you have more than $2,500 to deposit, you will need to split it across multiple cards, since most issuers cap the deposit at $2,500.
Finally, read the conversion rules carefully. Some cards convert automatically after a certain number of months; others require you to request conversion or meet a credit score threshold. Ask the issuer directly what their conversion rate is — how many people actually get converted — because some banks convert very few accounts even after the stated timeline.
Frequently Asked Questions
Can I use my deposit as a down payment on the card?
No. Your deposit is held separately in a savings account and stays there until the card is converted to unsecured or you close the account. You cannot use it to pay your bill or reduce your balance. You must make payments from your checking account or other funds.
What happens to my deposit if I miss a payment?
The issuer will not automatically take your deposit to cover a missed payment. Instead, they will charge you a late fee and report the missed payment to credit bureaus, which damages your credit score. Your deposit remains untouched unless you default on the card entirely, in which case the issuer may use it to cover the debt.
Do I have to convert to an unsecured card eventually?
No. You can keep a secured card indefinitely if you want. However, most people use it as a stepping stone — the goal is to rebuild credit enough to may have access to for an unsecured card with better terms, lower fees, and higher limits. Conversion is optional, not required.
Can I increase my credit limit without adding more money?
Yes, but only after conversion to an unsecured card. While the card is secured, your limit is locked to your deposit amount. Some issuers allow you to increase your deposit to raise your limit, but that is optional.
Which bank reports fastest to credit bureaus?
All major issuers report monthly to all three bureaus. The timing within the month varies slightly, but the difference is negligible. What matters more is making on-time payments consistently — that is what rebuilds your score, regardless of which issuer you choose.