The Best Secured Credit Cards with Low APRs
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If you have bad credit and are looking for a secured card, you might not have a lot of options in terms of what you can get approved for. However, the APR is especially important to be mindful of with any credit card, simply because a small purchase can end up costing hundreds of dollars more. If you tend to pay your balance in full each month during the grace period, rather than just making your minimum monthly payment and spreading it out, a high APR is less of a threat. If, however, you have a tendency to carry a balance or are unable to pay your balance in full consistently, you should look for secured cards that charge the lowest APR possible.
If you are working on your credit rating and might be inclined to carry a balance, here are the five best low APR secured credit cards.
primor® Secured Visa® Gold Card
The includes many of the features you'll find on secured credit cards, with one of the lowest APRs available of a fixed 9.99%. There are also no credit checks for this card, so you can rest assured your creditworthiness won't determine the APR. This is also one of the only two cards on the list that don't require membership in a credit union. The annual fee is $49.
First Progress Platinum Prestige MasterCard® Secured Credit Card
The offers a 9.99% variable APR and since it’s not a credit union, has no membership requirements to be eligible. There is an annual fee of $49.
USAA Secured Card® Platinum Visa®
The has a 10.90% - 20.90% variable APR for purchases and balance transfers. You also need to become a member of USAA to qualify for the card, as either active military, or spouse or family member of a USAA member.
Although the USAA Secured cards offer some of the lowest APRs, there is an annual fee of $35 per year. However, your security deposit does earn interest on a CD, offers free credit monitoring for six months, and includes exclusive military benefits.