Banks with Secure Credit Cards That Report Credit

With a secured credit card you use your own money while building or rebuilding your credit. You are required to put down a cash deposit that becomes the credit line for your account with the bank. It is secured because your bank does not incur any losses if you fail to pay your account. Several banks offer such credit cards to help clients rebuild or build credit. Once you build your credit, your bank will most likely offer you an unsecured credit card.

Capital One

Between 2007 and 2011, credit card issuers trimmed available credit overall by $1.5 trillion, close to a third, according to Tower Group. In 2009 alone, banks were forced to write off a record $83.2 billion in credit card debt, the Wall street Journal reported. To eliminate risk of losing money, Capital One mostly restricted itself to secured credit cards to help clients rebuild or build credit. Like other financial institutions that provide secured credit, Capital One reports to the three major credit bureaus, Equifax, Experian and TransUnion. You can either apply straight with Capital One Financial or its bank, formerly Chevy Chase.

Citibank

The bank offers a secured credit card to its customers with spotty credit. You have to deposit between $200 and $5,000 into a certificate of deposit before Citibank can issue you a secured credit card which has a minimum APR of 18.24 percent as of 2011. The default penalty is 29.99 percent. The annual fee is $29. You can charge your card up to the amount you deposit in your CD. After 18 months, you become eligible for an unsecured credit card. You must use your card to avoid triggering penalties. Beginning 2011, Citibank slaps a 60 percent fee on certain cardholders unless they charge $2,400 within a year, according to CNN Money.

Bank of America

The bank offers a secured credit card called BankAmericard Visa. You can deposit anywhere between $300 and $1,000. If you consistently make payments, Bank of America will release your secured funds and convert your account to a traditional credit account. The standard APR is 18.24. However, like other banks, Bank of America is socking customers with troubled credit histories with higher interest rates, lower credit limited and new fees in response to credit card sweeping regulations, according to the Wall Street Journal. In February 2011, for instance, a new $59 annual fee was imposed on select Bank of America customers who fit a certain risky profile such as those who habitually make late payments.

HSBC Bank

The Hong Kong and Shanghai Banking Corp., popularly known as HSBC, is the world's sixth banking and financial group with its total assets valued at $2.410 trillion in 2010. Headquarted in Lonon, the bank has a strong presence in the U.S. Through its subsidiary Orchard Bank, HSBC offers a number of secured credit cards, mainly targeting people with bad, or fair credit. Its credit cards are known to carry high interest rates and annual fees.