Secured credit cards are a great option for individuals with little or poor credit history who want to build credit. Credit Karma, a popular financial services company, offers a variety of secured credit cards. In this article, we will explore the best secured credit cards offered by Credit Karma and discuss their features, benefits, and eligibility requirements.
Credit Karma Secured Credit Cards Overview
Credit Karma offers secured credit cards through its partnership with a variety of issuers. Secured credit cards require a security deposit to be paid upfront, which acts as collateral in case the cardholder defaults on their payments. The deposit amount typically determines the credit limit on the card.
Credit Karma’s secured credit cards are a great option for individuals who want to build credit or improve their credit score. The cards typically report to all three major credit bureaus, which can help establish a credit history and improve creditworthiness over time.
Best Credit Karma Secured Credit Cards
Here are the best secured credit cards offered by Credit Karma:
1. Best for No Annual Fee: Discover it Secured
Discover it Secured is a popular secured credit card that offers cashback rewards and no annual fee. The card requires a minimum security deposit of $200, with a credit limit equal to the deposit amount.
Discover it Secured’s cashback rewards program offers 2% cashback on gas stations and restaurants, up to $1,000 in combined purchases each quarter, and 1% cashback on all other purchases. The card also offers a free FICO credit score and a variety of additional benefits.
2. Best for Low Deposit: Capital One Secured Mastercard
Capital One Secured Mastercard is a secured credit card that requires a minimum security deposit of $49, $99, or $200, depending on the creditworthiness of the applicant. The credit limit is equal to the deposit amount.
Capital One Secured Mastercard’s low deposit requirement makes it a great option for individuals who want to establish credit but do not have a lot of funds to put down upfront. The card also offers access to a higher credit line after making five on-time payments.
3. Best for Credit Building: OpenSky Secured Visa Credit Card
OpenSky Secured Visa Credit Card is a secured credit card that requires no credit check and has a low annual fee of $35. The card requires a minimum security deposit of $200, with a credit limit equal to the deposit amount.
OpenSky Secured Visa Credit Card’s lack of a credit check makes it a great option for individuals with poor or limited credit history. The card also reports to all three major credit bureaus, which can help establish credit history and improve creditworthiness over time.
4. Best for Rewards: Citi Secured Mastercard
Citi Secured Mastercard is a secured credit card that offers rewards and no annual fee. The card requires a minimum security deposit of $200, with a credit limit equal to the deposit amount.
Citi Secured Mastercard’s rewards program offers 1% cashback on all purchases, with no limit on the amount of cashback that can be earned. The card also offers access to a higher credit line after making five on-time payments.
Eligibility Requirements
To qualify for a secured credit card through Credit Karma, applicants must meet certain eligibility requirements. These requirements may vary depending on the issuer, but generally include:
- Security deposit: Applicants must provide a security deposit upfront, typically ranging from $49 to $5,000.
- Income: Applicants must have a stable source of income to repay the credit card balance.
- Credit history: Some issuers may consider the applicant’s credit history when evaluating their application.
- Citizenship: Applicants must be U.S. citizens or permanent residents.
- Age: Applicants must be at least 18 years old.
Conclusion
Credit Karma offers a variety of secured credit cards through its partnership with multiple issuers. These cards require a security deposit upfront and are a great option for individuals who want to build or improve their credit history.
The best secured credit cards offered by Credit Karma include Discover it Secured for no annual fee, Capital One Secured Mastercard for low deposit, OpenSky Secured Visa Credit Card for credit building, and Citi Secured Mastercard for rewards. To qualify for a secured credit card through Credit Karma, applicants must meet certain eligibility requirements, including a security deposit, income, credit history, citizenship, and age.
If you want to establish or improve your credit history, a secured credit card from Credit Karma may be a great option. Be sure to compare card offers and choose the one that best suits your needs and budget.
