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Secured vs. Unsecured Credit Card

Unsecured cards are traditional credit cards while secured cards require a cash deposit.

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Updated June 10, 2025
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Edited by John Howard
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Written by Elise Banham
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Key takeaways

  • Secured and unsecured cards essentially work the same. Both let you buy on credit and impact your score. The difference is one requires a refundable security deposit and the other does not.
  • Secured cards are a good way to establish credit. Once you have a decent score, move on to unsecured cards with rewards and higher limits.
  • Timely payments and a low credit utilization ratio demonstrate that you’re responsible and will positively impact your score.

The difference between secured and unsecured credit cards is simple: one requires a cash deposit and the other does not. Why would anyone want to pay a deposit? Because it gives you access to credit that would otherwise be impossible.

Many issuers will not approve applicants with scores below 670. Those who do will charge hefty fees. If you have a poor or fair score, you will have trouble qualifying for cards, especially those without additional fees and high interest rates. Your best bet is a secured card.

Let’s go over the benefits secured and unsecured credit cards offer so you can choose the right card for you.

Jump to:

What is a secured and unsecured credit card?

When people think of credit cards, they think of unsecured cards. An unsecured credit card lets you swipe to make purchases and pay your bill later. You can choose to pay your bill in full or make the minimum payment. If you only pay the minimum, the credit card issuer will charge you interest on the outstanding balance.

At the end of the billing cycle, the issuer will report your credit activity to all three credit bureaus. The information goes onto your credit report and is used to calculate your score.

A secured credit card works the same way. You buy on credit and pay your bill later. The difference is that secured cards require a cash deposit. The deposit sets your credit limit and acts as insurance for the issuer. The benefit of a secured card is that it is much easier to get approved. And the deposit is fully refundable.

Many entry-level cards now come with a $500 credit card limit with no deposit. A $500 limit can make it easier to access and build credit without upfront costs.

Difference between secured and unsecured credit cards

Unsecured credit cards with no deposit are ideal for those who want to build credit without upfront costs. Secured credit cards are easier to qualify for, but you’ll need to put money down.

Here’s a breakdown of their basic features and differences:

Unsecured CardsSecured Cards
Deposit requiredNoYes
Average APR24.80%23.40%
Minimum recommended credit scoreTypically 670 or higherUsually qualify with no credit history or scores below 670
Annual feeSometimes, $0 – $99Sometimes, up to $50
Credit limitBased on creditworthiness and incomeSet by the security deposit
Helps build creditYesYes
RewardsYes, with many but not allSometimes

How do secured credit cards work?

Secured cards require a cash deposit that serves as collateral. The deposit reduces the risk to the issuer, making secured ones easier to get. Typically, the deposit sets the credit limit. So if you put down a $500 deposit, you’ll have a $500 limit. Most issuers set minimum deposits at $200 and maximums at $3,000, but you can find exceptions.

Even though you put down a deposit, you do have to pay your bill each month. If you only pay the minimum, the issuer will charge you interest on the remaining balance. If you fail to pay your bill, the issuer will keep money from your deposit to offset what you owe and may charge a late fee. You will get your deposit back when you close your account in good standing, meaning all your bills are paid.

Secured cards are a good choice if you have a 500 credit score. They can help you build credit with fewer fees than guaranteed approval unsecured credit cards for bad credit. Moreover, most secured cards offer the possibility of transitioning to an unsecured one. You can usually transition after a period of consistent, timely payments and low usage.

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How to apply for a secured credit card

Applying for a secured card is a straightforward process and much like applying for a regular card. Here’s a step-by-step guide:

1. Research and compare options: Start by researching different secured cards to find one that best suits your needs. Look for cards with low annual fees and reasonable interest rates. Ideally, the card issuer lets you upgrade to an unsecured card.

2. Check your eligibility: Make sure you meet the criteria. Generally, you will need to be at least 18 years old and have a valid Social Security number or Individual Taxpayer Identification Number (ITIN).

3. Prepare your deposit: Most secured cards require a cash deposit that acts as your limit. Determine the amount you can afford to put down. The deposit is typically refundable and will be held by the issuer as collateral.

4. Complete the application: Fill out the application form provided by the card issuer. This can usually be done online. You’ll need to provide personal information, including your name, address, income, and employment details.

5. Submit your deposit: Once your application is approved, you’ll be required to submit your security deposit. You can usually do this through a bank transfer or by sending a check.

6. Wait for approval and card issuance: After submitting your deposit, the issuer will process your application. Upon approval, you’ll receive your secured card in the mail, typically within 7-10 business days.

7. Use responsibly: Use your secured card responsibly by making on-time payments and keeping your balance low. This will help you build a positive payment history and potentially qualify for an unsecured card in the future.

By following these steps, you can successfully apply for a secured card and start working towards improving your score.

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How do I get my deposit back from a secured credit card?

You typically get your deposit back with a secured card, but certain conditions apply. The security deposit you provide when opening a secured card serves as collateral and sets your limit. The deposit is refundable, provided you manage the card responsibly.

When you get your deposit back:

Card upgrade: Many issuers allow you to upgrade to an unsecured card after demonstrating responsible financial behavior. You will likely need to pay on time every month and maintain a low balance. Upon upgrade, your security deposit is usually refunded.

Account closure: If you decide to close your secured card account, you will receive your deposit back. That is assuming you have paid off your balance in full and the account is in good standing.

Conditions for refund:

Good standing: Ensure your account is in good standing, with no missed payments or outstanding debt.

Full balance payment: Your entire balance must be paid off before the deposit is refunded.

The deposit is collateral for the issuer. Any late payments or defaults can affect its return. The best way to get your deposit back is to use your card responsibly to improve your score. Once you have a higher credit score, you’ll be able to upgrade or close your account and retrieve your security deposit.

How do unsecured credit cards work?

Unsecured credit cards do not require a security deposit. Many come with perks and rewards like cash back or travel points. You are approved and given a credit limit based on your credit history, score, and income, among other factors. Most issuers require a credit score of 670 or higher to qualify.

Not all unsecured cards are out of reach for consumers with poor credit. Subprime cards have lenient requirements, making them easy to qualify for. The catch is that they also tend to have low limits, high interest rates, and additional fees. The additional fees help protect the issuer if you fail to pay your bill.

Certain issuers will promote guaranteed approval credit cards with $1000 limits for bad credit. While the idea is appealing, guaranteed approval is rare. Even issuers who offer credit cards for bad credit do not approve everyone.

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How to apply for an unsecured credit card

Applying for an unsecured card is straightforward. The easiest unsecured credit card to get is one where the issuer has a low minimum credit score requirement.

1. Check your score: Find out your credit score so that you know what cards you a likely to qualify for.

2. Search for cards: Do your research to find cards with benefits you want and fees you can afford.

3. Look for preapproval: Try to get preapproved for cards before you formally apply. Being preapproved does not impact your credit score nor mean you’re guaranteed approval. What it does is let you gauge your chances of approval and compare options.

4. Apply for the best card: Most credit card issuers let you apply online. They will ask for your name, date of birth, Social Security number, address, email, phone, employment details, and income. Some may also inquire about monthly housing costs and other financial obligations.

5. Receive your card: Once approved, the issuer will mail your card. Many give you your number immediately so you can begin using it instantly.

Financial institutions know that people make mistakes and can grow from them. That’s why a lot of providers offer second chance credit cards with no security deposit. These cards are easy to qualify for and are designed for people who have had problems with credit in the past. While the eligibility criteria are low, they will have extra fees and high APRs. It is not unusual to see a 36% APR, annual fee, and monthly maintenance fee. Always consider if the card is worth all the fees.

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Building credit with unsecured vs secured credit cards

Credit cards help your score because when you use them, you are essentially borrowing money. Swipe your card and the issuer pays the merchant directly for the purchase. No money comes out of your bank account.

At the end of the billing cycle, the issuer will send you a bill for your purchases. You only have to pay the minimum, typically 2% of the total balance or $25, whichever is more. While you only have to pay the minimum, pay in full whenever possible.

The issuer will then report your payment and usage to the three major credit bureaus, Experian, Equifax, and TransUnion. They add this information to your credit reports and use it to calculate your score.

Your score is a three-digit number that tells lenders how much you can be trusted to repay money you borrow. FICO scores are used by 90% of lenders.

The factors used to calculate your FICO credit score are:

  • Payment history – 35%
  • Credit utilization – 30%
  • Length of credit history – 15%
  • Mix of accounts – 10%
  • New inquiries – 10%

Read more about credit cards!

When you buy with credit and pay your bill on time, you show that you’re responsible and can be trusted to repay what you owe. It doesn’t matter whether the card is secured or unsecured. Some fintech startups have even introduced a form of prepaid credit cards to build credit. These cards link to your account and report activity as if it were a secured card.

The best credit cards to build credit will report to all three credit bureaus, send you bill reminders, and let you set up autopay. Setting up automatic payments ensures you never miss a bill. Since payment history is the biggest factor in your score, paying on time is essential. As is keeping your credit utilization low. Try not to spend more than 30% of your credit limit. Being in the single digits is even better.

Many issuers will also send you your credit score for free once a month. That way, you can easily track how you’re doing. Don’t be discouraged if you don’t see big leaps. Building credit takes time, often up to a year, depending on where your score was to begin with. Keep up the responsible behavior, and you’ll achieve a good score.

Frequently asked questions

1. Is a secured credit card a prepaid card?

Secured cards and prepaid cards are fundamentally different. Secured cards are credit cards that require a cash deposit. You borrow against your deposit and repay over time. Prepaid cards are closer to debit cards. You load them with money, which is then deducted as you make purchases. There is no borrowing involved with prepaid cards.

2. How much will a secured credit card raise my score?

It is difficult to say exactly how much a secured credit card will raise your score. The impact depends on your credit history and how you use the card. Consistently pay your bills on time and keep your usage low and you’ll see improvements within a few months.

3. Does a secured credit card build credit faster than an unsecured one?

A secured credit card does not build credit any faster than an unsecured one. The advantage of a secured card when you’re starting out is how easy they are to get.

4. Can you get denied for a secured credit card?

Secured credit cards are easier to qualify for, but it is possible to be denied. The issuer will assess your application and consider factors like income, credit history, and overall financial responsibility. You may be denied if you are unemployed, have a recent bankruptcy, or have unresolved debts.

5. Is a secured credit card better than unsecured?

A secured credit card is better if you have a low credit score and cannot qualify for a decent unsecured card. The security deposit for a secured card is fully refundable. Use the card to build credit, then upgrade to an unsecured card and get your money back. The fees for an unsecured card for bad credit are not refundable. Wait to get an unsecured card until you can qualify for a rewards card without an annual fee or monthly maintenance fee.

Bottom line

The choice between a secured vs unsecured credit card comes down to your score and financial situation. If you have a 600 credit score, or any score below 670, you are likely better off applying for a secured card. They are easier to qualify for and the cash deposit is fully refundable.

Not everyone can afford the security deposit. That is why there are unsecured cards for low scores.

Either way, make sure you compare offers and find the best card with the lowest fees that fits your needs. Use it responsibly to improve your score and you’ll be able to qualify for a better card with rewards in the future.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.
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6. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.
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18. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
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21. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
22. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
23. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
24. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
25. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
26. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
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28. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
29. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
30. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
31. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
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33. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
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41. MyPay is only offered in select states
42. To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 – $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply.
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About the author

Author Elise Banham Elise Banham

Elise Banham is a financial writer at Moneyfor, specializing in credit building, budgeting, and personal loans. She joined the team in 2020 after writing for outlets including The Seattle Times, MarketWatch, and Bankrate. Earlier in her career, she worked as a content strategist for a San Francisco-based fintech startup.

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