Secured Card Market in 2022


Despite its long history of ups and downs, the secured card market is ripe for opportunity. The product excels as a credit-building tool used to enable credit access. We track exciting new programs in the field and analyze the current marketplace.

Author: Ben Danner
Published on: December 9, 2022

This report provides an overview of the secured credit card market in the United States. Secured cards are a type of credit card that requires a security deposit—used as collateral by the bank—to establish the initial credit limit. These products are marketed toward credit invisible, thin files, and those with a subprime credit score to build a credit history. Issuers typically reward good credit behavior on the secured card by graduating the cardholder into an unsecured card product and refunding the initial security deposit.

The market for secured card products is competitive, and many financial institutions offer similar product features. This report primarily focuses on offerings from large banks and credit unions in the consumer market, but we also examine the small market for small business secured cards. Fintechs have also gained market share within the secured card market, and we look at numerous credit-builder offerings. Credit card as a service (CCaaS) vendor offerings and private-label services are also included.

This report is 21 pages long and has 8 exhibits.

Companies mentioned in this report include: America First Federal Credit Union, American Express, BBVA, Bank of America, Barclays, Boeing Employees Credit Union, Bond Financial, CPI, Capital One, CFPB, Chase, Chime, Citi, Digital Federal Credit Union, Discover, Elan Financial, Evolve Bank & Trust, Federal Reserve Bank of Philadelphia, First National Bank of Omaha, Galileo, Mastercard, Mountain America Federal Credit Union, NAFCU, Navy Federal Credit Union, Pennsylvania State Employees CU, Pentagon Federal Credit Union, SchoolsFirst Federal Credit Union, Self Financial, Snapcommerce, State Employees Credit Union, Suncoast Credit Union, Super, Synchrony, S. Bank, Union Bank, Visa, Wells Fargo

Key Questions discussed in this report:

  1. Who is the target market for secured cards, and how large is this market?
  2. What innovations are driving change in the secured card market?
  3. Who are the major secured card issuers, and what are their product offerings?
  4. How have fintech offerings challenged the traditional secured card market?
  5. How should issuers prepare for economic uncertainty in 2023?


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