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Where to Find High-Limit Secured Cards

Where to Find High-Limit Secured Cards

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This article was last updated Jun 06, 2019, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.

If you’re building your credit with a brand-new secured credit card, you don’t necessarily have to be limited to cards with small credit lines. A number of secured cards grant limits as high as $2,500 to $5,000 or more – as long as you have enough cash on hand to put down an equivalent deposit.

In this article:

How secured cards work

Secured credit cards often serve as a stepping stone for consumers who are recovering from a history of missed payments or other negative financial events such as bankruptcy, or are building their credit from scratch, and don’t yet qualify for affordable unsecured loans.

In exchange for a refundable deposit the lender keeps as collateral (just in case you miss your payments), an issuer will grant you a credit limit that is often equal to the amount that you deposit – as long as you’re approved for that large a credit line.

For example, if you deposit $500, you’ll get $500 worth of available credit that you can freely charge to your card. The more money you can afford to put down, the bigger your potential credit limit – giving you more spending power with your card.

How a higher limit card can help boost your credit score

However, some secured credit cards limit maximum credit lines to as low as $1,000 – or even less if you can only afford to deposit a few hundred dollars. That, in turn, can limit how freely you use your new credit card – especially if you’re trying to cultivate a stronger credit score and avoid maxing out your card every month.

“If your limit is too low, you might end up with a high [credit utilization] ratio,” said Beverly Harzog, a finance and credit card expert with U.S. News and World Report and author of the book, “The Debt Escape Plan.” “That’s not going to help your credit score.”

Your credit utilization ratio measures how much of your credit line you’re using. If you use too much of your available credit, that can significantly weigh down your credit score. For example, if you have a card with a $500 credit limit and charge $250 on the card every month, you’re using 50% of your credit limit. Harzog recommends using up no more than 30% – or preferably 10% – of the credit you’ve been given. One way to combat a high utilization is to pay off your card balance online every week instead of every month.

However, if you need a card to charge a big ticket purchase, such as airfare or a hotel room, you will most likely need a bigger limit to accommodate those purchases. Or, if you’re considering a secured card with rewards, you may want a freer hand to charge your everyday purchases to earn a bigger return – without worrying about whether you’re using up too much of your available credit.

“Credit limits are like pants. One size doesn’t fit everyone.”

“Your limit really needs to be driven by how you plan to use the card,” said Harzog.

Be careful, though: A higher credit line may not be worth it if it tempts you to overspend and risk damaging the score that you’ve been working to rebuild, said April Lewis-Parks, director of education at the credit counseling agency, Consolidated Credit.

“Credit limits are like pants. One size doesn’t fit everyone,” she said. “Having a high credit limit that you don’t use helps your credit utilization ratio. But that’s a small part of your credit score, compared to paying your bills on time and your total debt.”

13 secured cards that offer high limits

If you have a large enough budget to put several thousand dollars toward a card’s security limit and are determined to increase your card’s spending power, there are a number of options to choose from.

Here are 13 secured cards with bigger credit limits — ranging from a maximum of $2,000 to a maximum of $10,000 for cardholders with big pockets.

Wells Fargo Secured Visa® Credit Card

  • Security deposit: $300-$10,000
  • Annual fee: $25

The Wells Fargo Secured Visa® Credit Card charges a $25 annual fee and a relatively high 21.24% APR. It also doesn’t offer a rewards program. However, it does offer one of the highest credit limits you can get on a secured credit card. If you have several thousand dollars to put down, you can potentially secure a credit limit as high as $10,000 – as long as you’re approved for that amount. Wells Fargo will also allow you to boost your credit line in increments of $100 – or even trim your available credit. However, you won’t know how much you’ll be approved for until you apply: if you try to deposit more money than you’ve been approved for, the extra money won’t be used to fund your limit.

The information related to the Wells Fargo Secured Visa® Credit Card has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.

Green Dot primor® Visa® Gold Secured Credit Card

  • Security deposit: $200-$5,000
  • Annual fee: $39

The Green Dot primor® Visa® Gold Secured Credit Card charges a relatively high fee of $39 a year. But in exchange for the bigger fee, you’ll get an unusually low APR of 13.99%. Green Dot also offers a fixed APR, so your rate won’t increase in tandem with the prime rate, as most other variable rate cards do. You’ll also be given the opportunity to qualify for a credit limit as high as $5,000.

The Green Dot® Platinum Visa® Secured Card, by contrast, caps credit limits at a maximum of $1,000. In addition, the Green Dot primor® Visa® Gold Secured Credit Card will allow you to apply for credit limit increases in increments as low as $50 at a time if your initial limit is too low. However, it doesn’t offer any rewards, so you’ll have to look elsewhere if you were hoping to earn cash back or points.

The information related to the Green Dot® Platinum Visa® Secured Card has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.

U.S. Bank Secured Visa® Card

  • Security deposit: $300-$5,000
  • Annual fee: $29

This basic secured card charges a single 21.24% (Variable) and a $29 annual fee. However, it does allow you to request a credit limit as high as $5,000 when you first apply for the card. The U.S. Bank Visa Secured card doesn’t offer any rewards, though.

The information related to the U.S. Bank Secured Visa® Card has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.

Navy Federal nRewards® Secured Credit Card

  • Security deposit: $200-$5,000
  • Annual fee: $0

If you or a member of your family is associated with the military, you may be able to qualify for this inexpensive secured rewards credit card. Unlike many secured cards, the Navy Federal nRewards® Secured Credit Card has a $0 annual fee. It also charges a somewhat lower APR of 18.00% (Variable). The card’s rewards program isn’t extensive: Earn 1 point for every $1 of net purchase which can be redeemed for gift cards, cash and merchandise.

However, Navy Federal will allow you to fund a credit limit as high as $5,000, giving you more room to collect points. Navy Federal will also review your account to see if you qualify for an unsecured account after just six months. In addition, it offers a number of other card benefits, including car rental insurance and cell phone insurance.

The information related to the Navy Federal nRewards® Secured Credit Card has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.

AeroMexico Visa® Secured Card

  • Security deposit: $300-$5,000
  • Annual fee: $25

Unusually generous for a secured credit card, this airline credit card could help you secure a free flight to Mexico or the Americas. Earn 2 miles per dollar at gas stations and grocery stores and 1 mile per dollar on all other purchases. It will also grant you a free companion certificate upon approval that you can use to buy a round-trip ticket from the United States to Mexico and another $99 companion certificate on AeroMexico if you renew your card for another year.

Plus, you’ll get 3,500 bonus miles as soon as you pay your $25 annual fee. The AeroMexico Visa® Secured Card also allows you to apply for a maximum credit line of $5,000, so you may be able to secure plenty of spending power if you want to use this card regularly. However, the card’s 25.24%% APR is steep, so you’ll want to avoid carrying a balance.

The information related to the AeroMexico Visa® Secured Card has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.

Harley-Davidson® Visa® Secured card

  • Security deposit: $300-$5,000
  • Annual fee: None

Motorcyclists who like to buy gear and accessories from Harley-Davidson may appreciate this secured rewards credit card. Earn one H-D™ Genuine Rewards point for every $1 in net purchases, which can be redeemed for Harley gift cards. You’ll also get entered into a sweepstakes contest for a free Harley Motorcycle each time you charge your card. If you plan to use your card regularly, you can apply for a credit limit as high as $5,000, depending on your budget. The 25.24% (Variable) APR on the Harley-Davidson Visa Secured card is high, so don’t carry a balance on this card.

The information related to the Harley-Davidson® Visa® Secured card has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.

First National Bank Secured Visa® Card

  • Security deposit: $300-$5,000
  • Annual fee: None

This regional bank, no-frills secured card isn’t available to everyone. You have to enter your ZIP code before you can apply to see if the card is open for customers in your area. It doesn’t offer a rewards program, nor does it offer extensive perks. However, it’s more affordable than many secured cards. For example, it has no annual fee and it has an APR of 20.24% (Variable). It also allows you to request a credit limit as high as $5,000 when you apply. You may also be able to qualify for an unsecured credit limit increase after seven months of successful payments and be moved to an unsecured account after 11 months.

In addition, the First National Bank of Omaha card offers a number of other credit card benefits that aren’t always available on secured credit cards, such as $1,000 worth of purchase protection, car rental insurance, travel accident insurance, extended warranty and free access to your credit score.

The information related to the First National Bank Secured Visa® Card has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.

BankAmericard® Secured Credit Card

  • Security deposit: $300-$4,900
  • Annual fee: None

The BankAmericard® Secured Credit Card will let you deposit up to $4,900 if you qualify for a higher credit line. However, it will refund any excess deposit if you request a larger credit line than Bank of America will allow. The card’s 25.24% (Variable) APR is also steep and it doesn’t offer a rewards program. It does, however, offer a limited selection of benefits that may appeal to Bank of America customers, including the ability to link your eligible Bank of America checking account for overdraft protection and free access to your FICO score.

The information related to the BankAmericard® Secured Credit Card has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.

OpenSky® Secured Visa® Credit Card

  • Security deposit: $200-$3,000
  • Annual fee: $35

This relatively basic secured credit card doesn’t require a credit history in order to get approved. It also lets you choose your own credit limit based on how much you can afford. However, you will need to be approved to receive the card’s maximum limit of $3,000. The OpenSky® Secured Visa® Credit Card  also charges a relatively high annual fee of $35. Its APR is 19.64%.

  • Free Credit Bureau Reporting

  • $200 - $3,000 Credit Line*

  • 19.64%*

Highlights
  • Build Your Credit fast with our monthly reporting to all 3 major credit bureaus.
  • Choose your credit line as low as $200 up to $3000, secured by a fully-refundable* security deposit.
  • Security deposit needs to be submitted before the credit card can be issued.
  • No credit check necessary and no checking account required; apply in less than 5 minutes.
  • Extra credit when you need it, increase your credit line up to $5000.
  • Access to online financial education.
  • *View our Cardholder Agreement located at the bottom of the application page for details of the card. 

See additional details for OpenSky® Secured Visa® Credit Card

More Info

Merrick Bank Secured Visa® Card

  • Security deposit: $200-$3,000
  • Annual fee: $36 the first year. Billed $3 per month thereafter.

The annual fee on this regional bank secured credit card is $36 the first year. Billed $3 per month thereafter. However, its 19.70% (Variable) APR is lower than the APRs charged by a number of its competitors. Merrick Bank also lets you pick your own credit limit based on how much you can afford to put down as a deposit – up to $3,000. This card doesn’t offer any rewards.

The information related to the Merrick Bank Secured Visa® Card has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.

Discover it® Secured

  • Security deposit: $200-$2,500
  • Annual fee: $0

One of the most generous secured cards on the market, the Discover it® Secured offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases. In addition, Discover will automatically match ALL the cash back you earn at the end of your first year. — giving you a big incentive to use your card for everyday purchases. The Discover it® Secured charges $0 in annual fees.

However, its 25.24% Variable APR is steep, so you’ll want to limit your charges to only what you can afford to repay quickly. Its maximum credit limit of $2,500 is somewhat lower than the maximum lines offered by other high-limit secured cards.

  • 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases.

  • Credit line will equal your security deposit of $200 or more*

  • No annual fee, no late fee on your first late payment. No penalty APR*

Highlights
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • It's a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can't help you build a credit history.
  • Establish your credit line by providing a refundable security deposit from $200-$2500 after being approved. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. Plus, earn unlimited 1% cash back on all other purchases.
  • Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
  • We automatically match all the cash back you've earned at the end of your first year.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • See Rates & Fees

See additional details for Discover it® Secured

More Info

Citi® Secured Mastercard®

  • Security deposit: $200-$2,500
  • Annual fee: $0

The Citi® Secured Mastercard® charges a $0 annual fee, so you can hold onto it for a while without worrying about paying a big fee every year you keep it stays open. However, its 24.74%* (Variable) APR is pricey and it doesn’t let you choose your own credit limit. Instead, you’ll be assigned a credit limit after you apply, which could potentially be as low as $200 or as high as $2,500. The Citi® Secured Mastercard® doesn’t offer a rewards program.

  • Monthly reporting to the three major credit bureaus

  • Auto Pay can help you stay on top of your bill

  • Use your card anywhere that accepts Mastercard®

Highlights
  • The Citi® Secured Mastercard® is a no annual fee credit card that helps you build your credit when used responsibly.
  • Unlike a debit card, it helps build your credit history with monthly reporting to all 3 major credit bureaus. Once available, you will also have free access to your FICO score online.
  • Use your card anywhere Mastercard® is accepted — worldwide.
  • A security deposit is required. Once approved, your credit limit will be equal to your security deposit (minimum of $200).
  • Get help staying on track with Auto Pay and account alerts.
  • With Flexible Payment Due Dates, you can choose any available due date in the beginning, middle or end of the month.
  • Manage your account 24/7 online, by phone, or in our mobile app.

See additional details for Citi® Secured Mastercard®

More Info

First Progress Platinum Prestige Mastercard® Secured Credit Card

  • Security deposit: $200-$2,000
  • Annual fee: $49

This basic secured credit card charges a high annual fee of $49. But in exchange for paying more upfront, you’ll be able to qualify for an APR as low as 10.74%, which is exceptionally low. If you rather pay less upfront, you can also get the First Progress Platinum Select Mastercard® Secured Credit Card with a 14.74% APR for a $39 annual fee or the First Progress Platinum Elite Mastercard® Secured Credit Card with a 20.74% APR for a $29 annual fee. Your initial credit limit will be capped at a maximum of $2,000. However, if you hold onto the card for a while and successfully make your payments, you may eventually be able to qualify for a credit limit as high as $5,000. The First Progress card doesn’t have a rewards program.

Best secured card practices to boost credit

No matter which card you choose, be sure to use your card responsibly so you can graduate to an unsecured card that doesn’t require a security deposit as soon as possible.

Keep your balances as low as you can to maintain a low credit utilization ratio and only charge what you can afford. Try to pay off your balances in full each month so you can avoid paying interest. The last thing you want to do is only pay the minimum amount due on a secured credit card and run up high-interest debt.

Although your secured card may offer additional perks, such as rewards, its primary purpose should be to help you increase your credit score.

Bottom line

Several cards offer the ability to apply for a credit line as high as $2,000 to $5,000 or more. However, you won’t necessarily qualify just because you have enough cash available to pay a big deposit. You’ll generally have to wait to be approved.

You may also want to think carefully about whether you want a secured card with such a big credit line. If you don’t plan to make big purchases, you may be better off with a lower limit, said Harzog. That way, you don’t tie up so much of your cash in a deposit that you won’t get back until you close your account or graduate to an unsecured credit card. “That money could be working for you somewhere else,” noted Harzog.


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June 22, 2018