American Express is a credit card lender known for offering some of the best rewards programs available, but it does not offer a secured credit card for consumers.
Alternative Secured Credit Cards
A secured credit card allows the user to deposit money into an account to establish a credit line. In the event that the account becomes delinquent, the card's outstanding balance will be covered by the initial deposit.
These cards are often best for individuals with no credit history or those with poor credit who are seeking a fresh start.
The following secured credit cards may be ideal for those looking to rebuild their credit:
- The BankAmericard Secured Visa offers credit lines ranging from $300 to $4,900, has a low annual fee of $39, and enables responsible cardholders to receive their security deposit back after 12 months. All cardholder activity is reported to the three credit bureaus.
- The Wells Fargo Secured Visa offers credit lines ranging from $300 to $10,000, and has a low annual fee of $25. All activity is reported to the three credit bureaus. Cardholders who possess excellent payment history are offered the option to obtain an unsecured card after a year or two has lapsed.
- The Capital One Secured MasterCard offers a low annual fee of $29, and the initial credit limit of $200 to $3,000 may exceed your security deposit. In addition, there is no balance transfer fee, and consumers are allotted up to 80 days to submit their security deposit, which ranges from $49 to $200. Activity is reported on a consistent basis to the three credit bureaus.
Compare Your Options
|APR||Grace Period||Activation Fee||Annual Fee||Monthly Maintenance Fee||Minimum Security Deposit||Other Benefits|
|BankAmericard Secured Visa||20.24%, variable||25 days||$0||$39||$0||$300|| |
-Standard Visa benefits
|Wells Fargo Secured Visa||18.99%, variable||25 days||$0||$25||$0||$300|| |
-Standard Visa benefits
|Capital One Secured MasterCard|| |
|25 days||$0||$29||$0||$49, $99 or $200 (determined by creditor)|| |
-80 day window to submit security deposit
Selecting a Secured Credit Card
Be sure to carefully review the terms and conditions of any secured card that you are considering before applying.
Also, confirm that the creditor consistently reports activity to the three credit reporting agencies since failure to do so will not help rebuild your credit.