The upside to these cards is that you do not need a credit history in most cases to apply and get accepted. Most secured credit card offers request a relatively low deposit to get started and some even offer rewards. The downside is that they can have relatively high interest rates, most have an annual fee you have to pay, and in some cases a processing fee as well. If one of your goals is to build or rebuild your credit be sure the card issuer reports your transactions to the three major credit bureaus. It’s important to start building up your credit as it can affect the types of loan terms you can get, the insurance you will pay, and the type of apartment you can rent or car you can buy. In some cases it may even translate to the job you can get. These credit cards can be a stepping stone on your journey to building your credit, but remember, it is up to you to manage your credit responsibly.