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Yes, secured cards report information to the major credit bureaus on a monthly basis.
They’re just like any other credit card in that regard.
It’s one of just a handful of credit cards for people with bad credit that does not charge an annual fee.
And it’s one of the only secured cards whose spending limit can be higher than the amount of your refundable security deposit.
Bear in mind that if you use your secured credit card responsibly, you should be able to qualify for a decent unsecured card in about a year’s time.
Responsible use generally means on-time monthly payments and not maxing out your spending limit.
So while it may scare off some people, the security deposit required to open a secured credit card is actually quite helpful.
And all you typically get in return is a bit more than 0 in additional spending power.
You actually can’t tell them apart on credit reports.
With that in mind, Wallet Hub’s editors compared all of the cards in our database based on their fixed costs to identify the market’s best secured credit card offers.
The one catch is that you need at least 0 to spare.
That’s because secured credit cards require you to place a refundable security deposit, the amount of which typically serves as your spending limit.