Best Secured Credit Cards 2020




Best Secured Credit Cards 2020


Best-secured credit cards 2020 is the ultimate guide for people who want to improve their credit. Check out the list below to see the winner.

If you have bad credit or no credit at all; consequently, it will be challenging for you to get a loan. Also, not being able to pay the bills on time can severely impact your creditworthiness.

Thankfully, there are secured credit cards, which makes it easier to get a loan and to pay the bills on time.




Ads by


As usual, please stay inside and stay safe. We’ll get through this together, and we’ll reach our goal of becoming debt-free.


Click here to have access to face masks, purell, toilet paper and food delivered to your door during this pandemic.

Highlights Of My Best-Secured Credit Cards 2020 Ultimate Guide

  1. What Is A Secured Credit Card?

  2. How Is A Secured Credit Card Different From An Unsecured Credit Card?

  3. How Does A Secured Credit Card Works?

  4. Who can benefit from my Best-Secured Credit Cards 2020 guide?

  5. Best-Secured Credit Cards 2020.

  6. Other Loan Options To Build Your Credit.

  7. Winner of the Best-Secured Credit Cards 2020 guide is Refresh Financial Secured Credit Card.


What Is A Secured Credit Card?


A secured credit card is useful for people with poor credit or limited credit. If the cardholder is unable to pay the amount, the credit card company requires a minimum amount as collateral or merely a refundable security deposit. Moreover, with this security deposit, it becomes less risky for a bank and other loan providers to lend mortgages and credit cards to people with bad credit history. However, the credit card issuer can keep the security deposit in case the borrower fails to pay on time. Additionally, this is the reason they don’t charge as high fees as unsecured credit cards do for poor credit.


RELATED ARTICLE: How to fix a credit score.

How Is A Secured Credit Card Different From An Unsecured Credit Card?

Secured credit cards have the same functions as standard credit cards because they help you build and rebuild your credit. Physically, a secured and an unsecured credit card look the same. The majority of secured cards report the account details to the credit bureaus at the end of the month. Fortunately, your credit score improves when you make payments on or before the due date, but will result in the damage of the credit if made late.

The main difference between a secured credit card from a non-secured credit card is that your spending limit is equal to the amount you deposited. As a result, there are very few secured credit cards that allow you to spend more than your limit. Therefore, you can not depend on these cards at the time of an emergency. In conclusion, they certainly can not help you in crisis, but instead, they will prevent any such condition.

If your main goal is improving your credit, then you should get a secured credit card.

How Does A Secured Credit Card Works?

Furthermore, to activate a secured credit card, you need to deposit a security amount via a bank transfer. Firstly, there can also be a credit check depending upon the company’s policies. Subsequently, while a majority of secured cards demand you to deposit the security amount at the time of application, some others ask only after the approval.

The minimum security amount that most secured credit cards require is $200 to $300.

In brief, the amount you deposit in your secured card becomes your limit. As a result, it prevents you from spending more than you can. It is beneficial for you as well as the card provider. Consequently, over time, you can increase your spending limit as per your needs.

What is the purpose of the security deposit?

Your security deposit remains in a separate custodial account, which does not bear interest. Albeit, you can use it in the same way you use any other credit card and spend it while maintaining the limit. At the end of each month, you will have to pay the bills before the due date.

Once you close your account, you will get back the security deposit. Afterwards, you will need to bring your amount to zero to get your money back through a bank transfer.

Most importantly, after using the secured credit card for several months, you will be eligible to get an unsecured credit card. Indeed, there are chances that your card issuer may upgrade your account to an unsecured account by returning your security amount.

Moreover, If there is no annual fee, you can keep your card open to improve your credit history and boost your credit score. There is no harm in keeping it forever; hence it will improve your finances.



Who can benefit from my Best-Secured Credit Cards 2020 guide?

This guide is handy for anybody who has a bad credit and short payment history. For this reason, such people are unable to qualify for regular credit cards. Fortunately, with secured credit cards, the finance companies easily bypass the risk of non-payment by keeping the security deposit.

Thus, if you cannot qualify for a regular loan or credit card, getting a secured credit card is undoubtedly the best option for you. By using it responsibly for a few years, you will improve your credit score and your overall financial condition.

Best of all, you will be able to upgrade to an unsecured credit card by maintaining a positive credit history.

Paying your bills on time will give you a positive credit history. In consequence, they also teach you the discipline to clear the payments on time.

In case you’re unable to pay on time, the loan providers will report delinquencies, which may harm your credit score.




Ads by


Here are the best-secured credit cards in 2020. These are fully trusted and highly recommended by many users.

Best-Secured Credit Cards 2020


The Ranking


Best secured credit cards 2020


Refresh Financial Secured Visa

Guaranteed approval: Yes

Annual fee:$12.95

Interest rate: 17.99%

Minimum security deposit:$200

Other expenses: 3% maintenance fee



Best secured credit cards 2020

Rank: 2nd

People’s Trust Secured Credit Card

Guaranteed approval: No

Annual fee: $69.6

Interest rate: 12.99%

Minimum security deposit: $500

Other fees: $5 Over – limit fee



Rank: 3rd

Capital One Secured Mastercard

Guaranteed approval: Yes

Annual fee: $59

Interest rate: 19.8%

Minimum security deposit: $75

Other fees: $39 Over – limit fee



Rank: 4th

Hometrust Secured Visa

Guaranteed approval: Yes

Annual fee: $59

Interest rate: 14.9%

Minimum security deposit: $500

Other fees: None

Related article: How to get rid of debts fast – (2 foolproof tips)

Best-Secured Credit Cards 2020 Alternatives

Other  Loan Options To Build Your Credit :

Although my guide best-secured credit cards 2020 shows the most convenient way to build your credit, there are alternate ways. Besides credit cards, loans can also help you manage your finances and improve your creditworthiness. Below are other options you can choose to improve your credit report based on the number of positive reviews.


1] LoanConnect

Firstly, you can use LoanConnect. It is a search engine that directs you to lenders willing to provide you with unsecured loans up to $50,000. Furthermore, it includes a list of money lenders with the lowest possible interest rates. You can get any loan size up to $50,000 even if you have good or bad credit; you will get the best loan option. Typically, the interest rates on LoanConnect range from 4.6% to 46.96% APR based upon your financial information. Please click here for a complete review of LoanConnect.

Loan Amount Range: Up to $50,000

Interest Rate : 4.6% to 46.96%

How Does It Work?

LoanConnect search engine works by performing a search for various loan providers using secured web technology. It works in the same fashion as a hotel booking website; it takes your details as well as your requirements and finds a suitable borrowing option. Once you select the loan, you access the loan provider’s website. Most notably, many lenders offer instant approval, and so loan disbursements happen in less than 12 hours.

Satisfyingly, there is no minimum requirement for getting credit, and you can get the desired loan regardless of your credit history. The only requirement is that you need to be a Canadian Citizen or have a permanent residency.

If you have an outstanding loan, then apply on LoanConnect, if your credit doesn’t exceed 60% of your total income.

LoanConnect will not affect your credit score. Generally, the lenders don’t perform a full credit check. Lenders will notify you if they intend to perform a credit check. Thus, you are free to decline the process if you’re worried about your credit score.

2] RateSuperMarket

What is RateSupermarket?

Secondly, RateSupermarket is a loan market also available to borrowers. It’s a free website where you will find many loan providers. Hence, you’re encouraged to compare their services and interest rates. They currently have many Special Offers that will save money on all your borrowing needs. In sum, find everything you want about mortgages, credit cards and debt management. It also provides pertinent financial advice for buying, selling and refinancing your home.

Loan Amount Range: Any loan size you want. No fixed limit.

Interest Rate starts at 4.6% APR for a period of 6 to 60 months.

How Does It Work?

RateSupermarket works by providing a list of various loan providers across Canada. Confidently search for any service per your loan requirements. RateSupermarket allows you to compare different mortgage options and select the most appropriate one.

In addition to different mortgage choices, it also provides a mortgage calculator. A mortgage calculator is a useful tool that will help you determine your optimal borrowing amount. Simply enter the amount, type of payment, rate of interest and the total number of fees. Thus, it gives you an insight into your financial portrait.

Best Secured Credit Cards 2020 Most Attractive Alternative

3] Refresh Cash Secured Loan – Refresh Financial

Finally, the most attractive alternative to a secured credit card is to get a loan from Refresh Financial.

The Refresh Cash Secured Loan is not similar to the loan you usually get. Your investment is deposited directly into a secured loan account, which you can only reaccess once you clear the loan. The main goal of this loan is to help the borrower build his credit score. This loan offers guaranteed approval without any credit check and makes it the best option for someone who wants to pay his debts quickly.

Refresh Financial is a fully trusted and licensed finance company founded in 2010 in British Columbia.

Refresh Financial Cash Secured Savings Loan offers interest rates ranging between 9.47% – 20.07% depending upon the loan amount. You can borrow from $1,600 to $25,000 for a period of 3 to 5 years.

Loan Amount Range : $1,600 up to $25,000

Interest Rate : 9.47% to 20.07%

How does borrowing from Refresh Financial work?

As mentioned above, depending upon your need you can borrow any amount ranging from

$1,600 to $25,000 except for the Saskatchewan residents. The period will be 3 to 5 years at interest rates ranging between 9.47% to 20.07%, depending on the loan size and terms.

If you are a Saskatchewan resident, then you get the interest rate details by directly contacting the company. However, for Quebec residents, loans are provided in increments ranging from :

$1,600 for 60 months at 23.50%.

$3,000 for 60 months at 23.50%.

$6,000 for 60 months at 23.50%.

$12,000 for 60 months at 23.50%.

$30,000 for 60 months at 23.50%.

Apart from it, Refresh Financial asks for an origination fee of $250 – $2,000 depending upon loan amount, which gets included in the APR itself.

Winner of the Best-Secured Credit Cards 2020 guide

Refresh Financial Secured Card

Now, it is safe to assume that you know well about the uses of secured credit cards along with the other options of building credit. All the listed secured credit cards are the utmost priority of the users. Although you can go for anyone you want, Refresh Financial Secured Visa tops the list. It is the best option for someone who needs to improve his credit quickly.

Thank you for reading my article on the best-secured credit cards 2020.

Don’t forget to leave comments.






Ads by

Leave a Comment

Your email address will not be published. Required fields are marked *