The Credit One Bank Secured Card is tailored for people rebuilding credit. With a variable APR of 29.99%, no annual fee, and a 1% cashback reward on eligible purchases, it stands out as a competitive option. To apply, a refundable security deposit—starting from $200—establishes your credit limit, helping you manage spending while building a positive credit history.

How to Apply: Step-by-Step

1. Check your credit score to know where you stand.
2. Gather ID and financial documents for application.
3. Fill out the application form with personal and employment details.
4. Provide the minimum security deposit, starting at $200.
5. Submit your application and wait for a quick approval decision.

Pros of the Credit One Bank Secured Card

This card welcomes applicants with less-than-perfect credit and offers a straightforward approval process. The refundable security deposit sets your credit limit and gives a clear path to improving your credit score with responsible use.

Another significant advantage is the 1% cashback on eligible purchases. Plus, with no annual fee, managing the card over time is affordable, making it an attractive choice for those looking to build or rebuild credit.

Cons of the Credit One Bank Secured Card

The 29.99% variable APR is relatively high compared to other products. Carrying a balance each month means additional costs can quickly add up, so paying your full balance promptly is recommended.

Additionally, your available credit is tied to your deposit. If you need a higher limit, you must deposit more funds, and having funds tied up may not suit everyone’s financial situation.

Verdict: Who Should Choose This Card?

The Credit One Bank Secured Card is a strong contender for South Africans keen on rebuilding their credit with little risk and no annual fee. If you can responsibly manage a credit card and want simple cashback rewards, this product could be your perfect fit for a financial reset.