Secured card credit score limits rely upon your deposit. For example, in case you deposit $200, your credit score restriction is $200, and a excessive credit score restriction of $5,000 calls for a $5,000 deposit. The motive you want a secured deposit is for the company to apply your budget to cowl your stability in case you fail to pay your card bill.
You may also discover credit score playing cards with most limits from $1,000 up to $10,000. The secured business cards with the best credit score limits don't have any limits at all.
Compare excessive restriction secured credit score playing cards
Here’s a listing of playing cards that provide excessive most deposits. Note that even as the DCU Visa® Platinum Secured Credit Card and SDFCU Savings Secured Visa Platinum Card are indexed as having no most deposits, that is concern to alternate primarily based totally at the credit score unions’ discretion.
Card | Minimum deposit | Maximum deposit | Annual fee
$49 | Unlimited* | $0 | Apply now
$500 | Unlimited* | $0 |
$200 | $3,000 | $35
$200 $3,000 $36 Apply now
$200 $2,500 $0 Read review
$200 $2,500 $0 Read review
$250 $10,000 $39 Read review
$200 $5,000 $49 Apply now
$200 $5,000 $39 Apply now
Pros and Cons
Pros:
Flexibility. You’ll have more room to increase your credit limit if you need to.
Higher chances of approval. If there are weaknesses in your credit report, other providers might not give you high starting limits. By opening a high-limit secured card, you can give yourself a substantial limit.
Refundable security deposit. No matter what you deposit, your money is almost always refundable as long as you’re not in default.
Cons
Your credit limit is based on your security deposit. While a high-limit secured card might sound enticing, remember that you get a substantial limit only if you’ve given your provider a large amount of funds. This money typically doesn’t earn you interest like a savings account would.
Annual fees. Many secured cards with high limits come with annual fees of $25 to $49, though you’ll find select products without annual fees.
High APRs. While it might be tempting to run up high balances if you have a high credit limit, secured cards often have higher-than-average APRs.
This means your card debt could accumulate faster than you think.
