PrePaid Credit Cards

PrePaid

A prepaid debit card (note that it's not called a prepaid credit card) functions something like a regular debit card: you're not allowed to spend money you don't have, so you post money upfront. The only difference is that with a prepaid card, you load money directly onto the card itself, while a regular debit card is linked to a checking account at a bank, and you deposit your money with the institution. Prepaid debit cards are popular with those with bad credit or no credit, and those who don't have relationships with banks. There are a number of popular and pretty cheap prepaid debit cards out there, but watch out for ones with high monthly maintenance fees or other "gotcha" charges like per-transaction fees. We strongly recommend that you read the entire fee schedule before you get the card, so you know what you'll be charged for. If you're looking to build or rebuild your credit history, we recommend a secured credit card, which will report your good behavior to the credit bureaus and help get your credit score back on track.

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Credit Card Annual Fee *Rewards Rate Sign Up Value Interest Rates
Capital One Secured MasterCard Credit Card

Capital One® Secured MasterCard®

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$0 0.00% You may qualify for a credit line increase based on your payment history and creditworthiness with no additional deposit required The ongoing APR is 24.99% (Variable)

Apply Now

on Capital One's secure website

thumbsupPros
  • Qualify with limited / bad credit
  • No annual fee
  • No foreign transaction fee
thumbsdownCons
  • No rewards
  • High APR
Account Details

  • No annual fee, and all the credit building benefits with responsible card use
  • Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
  • Free access to your credit score and learn how everyday decisions can affect your score using Capital One® Credit Tracker
  • Your minimum security deposit gets you a $200 credit line
  • You may qualify for a credit line increase based on your payment history and creditworthiness with no additional deposit required
  • Easily manage your account 24/7 with online access, by phone, or using our mobile app
  • It’s a credit card accepted at millions of locations worldwide

See complete Capital One® Secured MasterCard® details

Citibank Citi® Secured MasterCard® Credit Card

Citi Secured MasterCard

Show Details
$25 0.00% None The ongoing APR is 22.24% Variable

Apply Now

on Citibank's secure website

thumbsupPros
  • Qualify with limited / bad credit
thumbsdownCons
  • Has annual fee
  • No rewards
  • High APR
Account Details

  • Start building credit for tomorrow
  • A security deposit is required for this product (minimum $200)
  • Unlike a prepaid card, it helps build credit history, with monthly notifications to the credit bureaus
  • Pay your bill on time every month to avoid damaging your credit. Citi can help keep you on track with Auto Pay, online Bill Pay and alerts.
  • Use the card anywhere MasterCard® is accepted — worldwide

See complete Citi Secured MasterCard details

* These values are NerdWallet's estimates and do not represent content provided by or commissioned by credit card providers.
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