Best high-limit secured credit cards

If you have a thin credit profile or no credit score at all and don’t mind tying up money in a security deposit, opting for a secured credit card that offers a high limit is a great credit-building strategy. A high credit limit can make it easier to keep your credit utilization low, potentially boosting your credit score as you work to showcase responsible credit habits.

But as with any type of credit card, not all secured cards are created equal. It’s important to do your research and determine which secured credit cards offer the feature and terms you want and need before opening an account. To help you get started, let’s take a look at some of the best high-limit secured credit cards, along with their maximum credit limits, associated fees, and the APRs they come with.

U.S. Bank Secured Visa Card: Best credit-building tools

Why we picked it: The U.S. Bank Secured Visa Card* allows you to put down anywhere from $300 to $5,000 as a refundable deposit that doubles as your credit limit without paying an annual fee. When it comes to secured credit cards, a maximum of $5,000 is relatively high.

The card also comes with some credit-building tools, like free credit score access with alerts and score simulators provided by TransUnion so that you can monitor its progress as you use the card to build credit. Plus, you can choose your payment due date. This card also offers an opportunity to graduate to an unsecured card after 12 months of responsible use.

Pros

• No annual fee or penalty APR
• Free monthly credit score updates from TransUnion
• Car rental insurance

Cons

• High APR (25.99% variable)
• Higher minimum deposit

Who should apply: If you seek to build credit and have a little bit of cash to start, this card and its high credit limit should work great. Anyone with no credit or low credit will also like this offering.

Who should skip: If you have a fair credit score, you may not need a secured card and could qualify for an unsecured card tailored to fair-credit cardholders. Those who cannot meet the $300 minimum deposit should also keep looking.

OpenSky Secured Visa: Best for a lower APR

Why we picked it: The OpenSky® Secured Visa® Credit Card is another great option for a secured card, allowing you to deposit anywhere from $200 to $3,000 and get a matching credit limit, and one major perk is that the issuer won’t perform a credit check when you apply.

Plus, all cardholders also receive the same APR (25.64 percent variable) and are eligible for the same credit limit range ($200 to $3,000), regardless of their credit history. This makes the OpenSky Secured Visa especially appealing if you have severely damaged credit due to late payments or bankruptcy.

Pros

• No credit check required
• Low minimum security deposit
• Low regular (25.64 percent variable) compared to the other cards on this list
• Relatively low annual fee of $35

Cons

• No rewards program
• Few card benefits

Who should apply: If you’re worried about the impact of a hard inquiry on your credit score or are concerned about your approval odds, chances are you’d like this card. The lack of credit check makes it worth considering for anyone with bad credit or no credit.

Who should skip: If you can’t fit the $35 annual fee into your budget or would like to establish a relationship with a major credit issuer early on in the credit rebuilding process, you may want to skip this one.

Discover it Secured Credit Card: Best for cash back rewards

Why we picked it: The Discover it® Secured Credit Card is easily one of the best all-around secured credit cards on the market, and its potentially high credit limit is just one selling point. While its $2,500 maximum credit limit (with a matching deposit) is not the highest available, it’s more than double that of many secured cards, including the Capital One Platinum Secured Credit Card ($1,000 maximum).

The card’s most compelling feature, though, is its cash back rewards program — a rare sight among credit-building cards. With the Discover it Secured Credit Card, you earn 2 percent cash back at gas stations and restaurants on up to $1,000 in purchases each quarter (then 1 percent) and 1 percent cash back on all other purchases. Plus, Discover will match all the cash back you earn at the end of your first year.

Pros

• No annual fee or penalty APR
• Free monthly FICO score provided by TransUnion
• Rewards program
• Automatic account review for the chance to graduate to an unsecured line of credit and return your security deposit after seven months

Cons

• High APR (28.24 percent variable)

Who should apply: If you want to build credit while also earning rewards on everyday purchases, chances are you will like this card. Or, if you’d like to establish a history with Discover sooner than later, this card may be worth considering.

Who should skip: If you’re still establishing good credit habits, you should skip this one. The card’s cash back rewards program could distract you and tempt you into overspending.

UNITY Visa Secured Credit Card: Best for a high limit

Why we picked it: With a maximum deposit and associated credit limit of $10,000, the UNITY Visa® Secured Credit Card* offers one of the highest options for secured card credit limits on the market. The card also offers an intro APR of 9.95 percent on balance transfers for the first six months, followed by a low fixed APR of 17.99 percent.

However, the card has some disadvantages you should know about. For one, your security deposit must come from a bank account, which could be an obstacle for some. You cannot pay your card bill through an online portal, either. The options you have are to pay through mail, your bank’s online bill pay service or Speedway (a third-party payment platform that will charge you a fee).

Pros

• Accepts security deposit of $250 to $10,000
• 9.95 percent intro APR on balance transfers for 6 months (then 17.99 percent fixed)
• No penalty APR

Cons

• $39 annual fee
• Difficult to make card payments
• A balance transfer fee of 3 percent or $10

Who should apply: If you have a low credit score but a decent amount of funds in the bank, you may want to take full advantage of the UNITY Visa’s high credit limit.

Who should skip: If you don’t have or want a bank account, you won’t be able to meet the deposit requirement and may want to keep shopping. The unconventional payment methods could also be a problem for some, so if it already sounds inconvenient, you likely shouldn’t apply for the UNITY Visa.

Citi Secured Mastercard: Best for simplicity

Why we picked it: If all else fails, something simple and straightforward like the Citi® Secured Mastercard® might do the trick. For your deposit, you can start with $200 to $2,500 and be offered an equivalent credit limit. There’s no annual fee, and after 18 months of on-time payments, you may upgrade to an unsecured credit card.

Keep in mind, however, that the Citi Secured Mastercard charges a variable APR of 27.74 percent. To avoid accruing interest at that rate, try to pay off the balance on this card in full every month.

Pros

• No annual fee
• May upgrade to an unsecured card after 18 months of on-time payments

Cons

• Lots of fees, including a foreign transaction fee, late payment fee, penalty APR and more
• No rewards program
• High regular APR (27.74 percent variable)

Who should apply: If you want the most straightforward secured card and a decently high credit limit, you should opt for the Citi Secured Mastercard. It’s also a solid choice if you’re looking for a way to eventually graduate to an unsecured card.

Who should skip: If you’re willing to put down more than $2,500 for a deposit, you may want to shoot for a card with an even higher credit limit.

Comparing the best high-limit secured credit cards

To quickly review the differences between the high-limit secured cards above, see how they compete side-by-side in this table:

How to choose a high-limit secured credit card

Before you choose a secured card, you should ask yourself the following questions.

• Why is your credit score low? If you have bad credit because you tend to overspend, steer clear of any cards with a rewards program. Don’t give yourself a reason to get distracted from paying your monthly bills consistently and in full.
• Do you have any credit history? New cardholders with no credit history may prefer to deposit a smaller amount of money, to give themselves less spending power when learning about credit utilization. However, cardholders who have experience with credit and who are likely to have some capital may want to rebuild their credit with a high-limit secured card.
• Do you carry a balance often? Secured credit cards usually charge higher APRs because such cards are intended for consumers with low or no credit. If you carry a balance here and there, try to apply for a card with a relatively lower APR. If you strictly pay your bills on time and in full, then the APR of your secured card won’t make much difference in the decision-making.

Bottom line

While unsecured credit cards assign you a credit limit based on your credit history, secured cards generally let you determine your own limit within a specified range based on the size of your deposit. A high-limit secured card in particular could make it easier to maintain a low credit utilization. Before you decide on a secured card though, be sure to weigh the benefit of a high limit against more immediate downsides such as high fees and APRs.

*All information about the UNITY Visa Secured Credit Card and U.S. Bank Secured Visa Card has been collected independently by CreditCards.com and has not been reviewed or approved by the issuer.