Best High Limit Secured Credit Cards

If you don’t mind putting up a large amount of money as a security deposit, choosing a credit card with a high limit is a great credit building strategy. A high limit can not only make it easier to use your credit at a low level (potentially boosting your credit score), but can also be part of your larger savings plan.

Here we take a look at some of the best high-limit secured credit cards, considering not only the maximum limits of these cards, but also their cost of ownership, long-term value, and the credit building tools included.

US Bank Protected Visa Card: Best for High Credit Limit

Why did we choose this: A US Bank Secure Visa Credit Card not only offers one of the highest credit limits currently available on a secured credit card, but it also comes with no annual fees or perks to help save your credit building efforts.

You can deposit between $300 and $5,000 as a refundable deposit and receive the appropriate credit limit. In addition, you can deposit your money online through a checking or savings account, or send a cashier’s check or money order, making it a great option if you don’t have a bank account or if someone else takes care of the deposit for you. .

pros

• No annual fee or APR penalty
• Free monthly credit report from TransUnion every month
• Car rental insurance

Minuses

• High annual interest rate (variable 25.99%)
• Higher minimum deposit

Who should applyA: If you’re looking to get a loan and have some cash to get started, this card with its high credit limit should be great. This offer will also appeal to anyone with no or low credit.

Who should missA: If you have a good credit score, you may not need a secured card. If this minimum deposit is a bit high for your budget, you can apply for others.

OpenSky Protected Visa: Best for Low APR

Why did we choose this: Visa® OpenSky® Secure Credit Card excellent loan option. You can deposit up to $3,000 and get the appropriate credit limit, and because it’s a concessional draw credit card, you won’t need to go through a credit check to get approved.

Indeed, all cardholders receive the same annual interest rate (variable 17.39%) and are entitled to the same credit limit range ($200 to $3,000), regardless of their credit history. This makes the OpenSky Secured Visa especially attractive if your credit history has been severely damaged due to late payments or bankruptcy.

pros

• Low APR (variable 17.39%)
• No credit check
• Low minimum deposit

Minuses

• No bonus program
• $35 per year

Who should apply: If you’re worried about the credit implications of applying for a new card, or if you’re in doubt about your chances of getting approved, you’ll love the lack of an in-app credit check. It’s also great for those with bad credit.

Who should missA: Those who can’t fit the $35 annual fee into their budget or would like to establish an early relationship with a major credit issuer should skip.

Discover Protected: Best for Refunds

Why did we choose this: Discover it® Secure Credit Card is easily one of the best all-round 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) isn’t the highest available, it’s more than double the limit of many secure cards, including the Capital One Platinum Secured Credit Card ($1,000 maximum).

However, the most attractive feature of the card is the cash reward program, a rare occurrence among credit cards. You’ll earn 2% cashback at gas stations and restaurants on purchases up to $1,000 each quarter (then 1%) and 1% back on all other purchases. In addition, Discover will refund any cash you earn at the end of the first year.

pros

Minuses

• High annual interest rate (variable 22.99%)

Who should apply: This card will appeal to cardholders who want to accumulate credit as well as earn rewards for everyday purchases. Anyone who would like to create history with Discover sooner rather than later can take on that as well.

Who should missA: If you’re still developing good credit habits, you should skip it. You don’t want cash rewards to distract you and tempt you into overspending.

Self-secured Visa Credit Card: The Best Way to Save Money

Why we chose this: Self Credit Account Builder + Visa® Secure Credit Card a little different from others – you start by signing up for a self-service loan builder. You are given a small loan of between $500 and $1,700 held in a blocked account. You will accumulate credit as you make monthly payments and your payments will be reported to the three credit bureaus. Basically, you are lending yourself money and paying it back, but this way you will save money and improve your credit score.

After at least three months of full, timely payments and at least $100 in your account, you can apply for a Self Visa credit card. Your credit card limit will be equal to the indicated deposit amount. While the maximum limit is only $1,700, remember that the goal is to gradually build up your credit score through successive payments.

pros

• soft credit card
• Automatic approval after requirements are met
• Can break the initial $100 deposit over three or more months.

Minuses

• $25 per year
• Interest accrued on a builder’s loan

Who should apply: This card is suitable for those who cannot afford a large deposit or cannot save money. It’s also great for those who want to avoid hard pulls on their account.

Who should missA: If you want to start getting credit faster and don’t have time to wait three months for your secure card to be approved, you have other options.

Citi Secured Mastercard: Best for Simplicity

Why did we choose this: If all else fails, something simple and straightforward, such as Citi® Secure Mastercard® might do the trick. For your deposit, you can start from $200 to $2500 with your credit limit equal to your deposit. There is no annual fee and the regular annual interest rate is 22.49%. After 18 months of timely payments, you can switch to an unsecured credit card.

pros

• Relatively high credit limit of $2,500
• No annual fee
• Switching to an unsecured card after 18 months of timely payments

Minuses

Who should apply: Anyone who wants the simplest secure card – no annual fees and no distracting bells and whistles – should choose this option. If you also want a surefire way to end up with an unsecured card, this is a solid card.

Who should missA: If you have more than $2,500 to deposit, choose a card with an even higher credit limit.

Comparison of the best secured credit cards with high limits

To see how these cards stack up against each other in this table:

How to choose a secured credit card with a high limit

Unlike debit and prepaid cards, secured credit cards function just like traditional credit cards in terms of creating credit. Your account status and payment history are shared with three major credit reference agencies, allowing you to prove your creditworthiness through responsible card use. And since secured cards are usually easier to qualify for than unsecured cards, they are a great option if you have limited or damaged credit history and want to build good credit.

For those struggling with bad credit, a secured credit card can really save your credit. Secure cards offer a unique advantage when it comes to using credit. Because they require you to make a deposit to secure your line of credit, you have a bit more control over your credit limit.

While unsecured credit cards assign you a credit limit based on your credit history, secured cards usually allow you to set your own limit within a specified range depending on the size of your deposit.

Of course, before choosing a card, you should consider the following factors when examining your shopping habits.

• Why do you have a low credit score? If you have bad credit because you tend to overspend, stay away from any cards with attractive reward programs. Don’t let yourself be distracted from paying your monthly bills in full and all the time.
• Do you have a credit history? New cardholders with no credit history and little capital can start with a high limit secured credit card.
• Do you want to receive cashback rewards? If you have good credit habits and pay your credit bills on time, you shouldn’t have any problems with overspending due to rewards.
• Do you need to build your credit quickly? Perhaps you are planning to buy a car in the near future, so hurry up to improve your credit history.

bottom line

If you’re new to credit cards or want to rebuild your credit score after a few mistakes, a secured credit card is a great place to start.

Choosing a card that allows you to make a large deposit and receive a correspondingly high credit limit can make it easier to use your credit at a low level, but be sure to weigh the benefits of a high limit against more immediate disadvantages such as high fees and annual interest rates.

*All information about secure US Visa bank card was collected independently creditcards.com and has not been reviewed or approved by the issuer.