Americans who fall behind in their credit card payments and other bills may suffer a decline in their credit scores. Secured credit cards may help them rebuild their credit and manage purchases. Major financial institutions offer the best secured credit cards. However, these cards usually come with high interest rates, charge more fees than unsecured cards and require a deposit.
Orchard, owned by the financial conglomerate HSBC Finance Corporation, issues a Secured MasterCard with a 7.90 percent variable purchase annual percentage rate (APR) and a $200 deposit requirement. The annual fee is $35, which is waived the first year.
HSBC Card Services PO Box 60102 City of Industry, CA 91716-0102 503-293-4037 www.orchardbank.com
First Premier Bank offers a secured MasterCard. The card's processing fee is $95 and it has a 23.9 percent APR. The annual fee is $75 and the required deposit is $300.
First Premier Bank P.O. Box 5524 Sioux Falls, SD 57117-5524 800-987-5521 www.firstpremier.com
Credit One Bank's secured Visa has a 23.9 percent APR. The annual fee is $75 and the required deposit is $300.
Credit One Bank P.O. Box 98873 Las Vegas, NV 89193-8873 800-752-5493 www.creditonebank.com
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Merrick Bank's secured MasterCard comes with a 17.45 percent APR. The annual fee is $36 and the minimum deposit is $300.
Merrick Bank Customer Service P.O. Box 9201 Old Bethpage, NY 11804-9001 800-253-2322 securedcard.merrickbank.com
Public Savings Bank
Public Savings Bank offers a secured Visa with 0 percent APR for six months and 11.24 percent afterwards. The application fee is $79 and the minimum deposit is $200. There is no annual fee.
Public Savings Bank 2755 Philmont Avenue, Suite 140 Huntingdon Valley, PA 19006 215-344-8145 www.publicbankcard.com
Applied Bank's Platinum Zero Visa has a 0 percent APR (9.99 percent for cash advances). The minimum deposit is $500.The annual fee is billed on a monthly basis at $9.95.
Applied Bank 601 Delaware Avenue Wilmington, DE 19801 561-982-9111 appliedbank.com
U.S. Bank offers a secured Visa with a 20.99 percent APR. The minimum deposit is $300.The annual fee is $35.
U.S. Bancorp U.S. Bancorp Center 800 Nicollet Mall Minneapolis, MN 55402 800-872-2657 www.usbank.com
Bank of America
The BankAmericard Visa offered by banking giant Bank of America comes with a 18.24 percent APR. The minimum deposit is $300.The annual fee is $39.
Bank of America P.O. Box 15020 Wilmington, DE 19850 800-932-2775 bankofamerica.com
The Wells Fargo secured Visa comes with a 16.49 percent APR. The minimum deposit is $300.The annual fee is $18.
Wells Fargo Card Services P.O. Box 10347 Des Moines, IA 50306-0347 800-642-4720 www.wellsfargo.com
Citi Secured MasterCard
Citigroup's Citi secured MasterCard comes with an 18.24 percent APR. The minimum deposit is $200.The annual fee is $18.
CITI New Cardmember Services P.O. Box 6264 Sioux Falls, SD 57117-9637 800-347-4934