Do you want to know which are the best secured credit cards? Responsible Economy has compiled a ranking of the top 10 best secured credit cards that you can apply for in the United States. You’ll be able to view the features of each card to make the best choice. Let’s get started!
10 Best secured credit cards
In this initial section, you’ll find a ranking of the top 10 best secured credit cards in the United States. To begin, there’s a table featuring the key characteristics of each card, followed by detailed information about each one:
Capital One Quicksilver Secured Credit Card
The Quicksilver Secured Credit Card stands out in the realm of fees, exempt from annual maintenance fees, making it a preferred choice for users seeking a financially efficient option. However, opting for deferred payments translates to a relatively elevated interest rate, with an APR of 30.49% for maintaining a balance on purchases, setting it apart from cards featuring an initial 0% interest period. Additionally, the card boasts a significant advantage through its unlimited 1.5% cash back rewards on purchases, a rarity among secured credit cards.
Acquiring the card necessitates a $200 minimum deposit, establishing a responsible credit foundation. Importantly, it lacks a welcome bonus, in contrast to many credit cards that entice with substantial introductory rewards. Altogether, the Quicksilver Secured Credit Card offers a valuable combination of fee transparency and cash back rewards, making it an attractive option for those focusing on credit-building endeavors.
Features of the Quicksilver Secured Credit Card:
| Features | Details |
|---|---|
| Fees | No annual maintenance fees |
| APR | 30.49% (on balance for purchases) |
| Cash Back | Unlimited 1.5% cash back on all purchases |
| Minimum Deposit | Minimum $200 deposit required |
| Welcome Bonus | No welcome bonus offered |
This table summarizes the key features of the Quicksilver Secured Credit Card, highlighting its fee structure, APR, cash back rewards, minimum deposit requirement, and the absence of a welcome bonus.
Capital One Platinum secured credit card
The Platinum Secured Credit Card distinguishes itself through its fee structure, being free of any annual maintenance fees, thus providing users with a cost-effective financial tool. However, opting to defer payments results in a relatively higher Annual Percentage Rate (APR) of 30.49% for maintaining a balance on purchases, in contrast to cards offering initial 0% interest rates. While many credit cards extend cash back rewards on purchases, it’s important to note that the Platinum Secured Credit Card does not provide such incentives.
In terms of eligibility, applicants are required to make a minimum security deposit, with options of $49, $99, or $200. It’s worth mentioning that the card doesn’t offer any welcome bonus, unlike numerous other credit cards that entice with substantial introductory rewards. Overall, the Platinum Secured Credit Card presents a no-frills approach, catering to individuals aiming to establish or rebuild their credit without the allure of cash back rewards or welcome bonuses.
Features of the Platinum Secured Credit Card:
| Features | Details |
|---|---|
| Fees | No annual maintenance fees |
| APR | 30.49% (on balance for purchases) |
| Cash Back | No cash back rewards provided |
| Minimum Deposit | Minimum deposit options of $49, $99, or $200 |
| Welcome Bonus | No welcome bonus offered |
This table succinctly outlines the key features of the Platinum Secured Credit Card, emphasizing its fee structure, APR, absence of cash back rewards, minimum deposit options, and lack of a welcome bonus.
Discover It Secured credit card
The Discover It Secured Credit Card offers several attractive features for potential cardholders. First, it stands out with its lack of annual fees, providing a cost-effective choice for users who wish to avoid extra charges. A major draw is the cash back rewards system, particularly the 2% cash back on restaurant and gas station purchases each quarter, capped at $1000. Beyond this limit, users still receive a solid 1% cash back. Additionally, the card offers a remarkable welcome bonus in the first year—Discover matches the cash back earned, effectively doubling your rewards. The card’s interest rate is competitive at 27.24% APR for deferred payments, while those who pay their balances in full each month can avoid interest charges. An exceptional feature is the accessibility of the card even without an existing credit score, making it an excellent option for establishing or rebuilding credit.
Discover It Secure Credit Card Summary:
| Features | Description |
|---|---|
| Fees | No annual fees, making it a cost-effective option. |
| Cash Back | Offers 2% cash back on restaurant and gas station purchases per quarter (up to $1000), then 1% cash back. |
| Welcome Bonus | In the first year, Discover matches the cash back earned, effectively doubling rewards. |
| Interest Rate | 27.24% APR for deferred payments, no interest when paid in full monthly. |
| Credit Score | Accessible even without an existing credit score, beneficial for credit building or rebuilding. |
Bank of America Customized Cash Rewards Secured
The Bank of America Customized Cash Rewards Secured card is an ideal option for credit building combined with cash back rewards. This card offers a remarkable rewards system, including 3% cash back in a chosen category such as gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. Moreover, 2% cash back is available at grocery stores and wholesale clubs, with an unlimited 1% cash back on all other purchases. Users can earn 3% and 2% cash back on the initial $2,500 spent on combined choice category, grocery store, and wholesale club purchases each quarter, and 1% cash back afterward. Changing the choice category is flexible and can be done online or via the mobile app. The card requires a minimum security deposit of $200 (up to $5,000) and sets the maximum credit limit based on the deposit amount, income, and repayment capability. The card boasts a competitive APR of 28.24% variable, while the annual fee is $0.
Bank of America Customized Cash Rewards Secured Summary:
| Features | Description |
|---|---|
| Cash Back | Offers 3% cash back in a selected category, 2% at grocery stores and wholesale clubs, 1% on all other purchases. |
| Earning Threshold | Earn 3% and 2% cash back on the initial $2,500 spent on selected categories each quarter. |
| Choice Category | Choice category can be changed monthly through Online Banking or the Mobile Banking App. |
| Minimum Deposit | Requires a minimum security deposit of $200 (up to $5,000) to open the account. |
| Credit Limit | Credit limit is determined by the deposit amount, income, and repayment capability. |
| APR | Competitive APR of 28.24% variable. |
| Annual Fee | No annual fee associated with the card. |
| Balance Transfer Fee | 3% of each transaction (minimum $0). |
The Bank of America Customized Cash Rewards Secured offers the opportunity to bolster your credit while reaping the benefits of valuable cash back rewards.
Bank of America Unlimited Cash Rewards Secured
The Bank of America Unlimited Cash Rewards Secured card offers an exceptional opportunity to strengthen your credit while enjoying limitless cash back rewards. With this card, you’ll earn an unlimited 1.5% cash back on every purchase you make. What’s more, there are no restrictions on how much cash back you can accumulate, and your rewards never expire. To get started, you need a minimum security deposit of $200 (up to $5,000), and your credit limit is determined by your deposit amount, income, and capacity to manage the credit line.
Bank of America periodically reviews your account, considering your comprehensive credit history, including your relationship with the bank, other credit cards, loans, and overall financial standing. Depending on your history, you may qualify to have your security deposit refunded.
With this card, you’ll have the added advantage of accessing your updated FICO Score monthly at no cost. This feature is available through your Mobile Banking app or Online Banking. By opting in, you can receive your score, insights into key factors influencing it, and other valuable information to help maintain a healthy credit profile.
Bank of America Unlimited Cash Rewards Secured Summary:
| Features | Description |
|---|---|
| Cash Back | Offers an unlimited 1.5% cash back on all purchases. |
| Cash Back Limit | There’s no cap on cash back earnings, and rewards do not expire. |
| Minimum Deposit | Requires a minimum security deposit of $200 (up to $5,000) to initiate the card. |
| Credit Limit | Credit limit is determined by the deposit amount, income, and credit management. |
| Refund Possibility | Qualification for a security deposit refund based on overall credit history. |
| FICO Score Access | Monthly access to updated FICO Score within the Mobile Banking app or Online Banking. |
| APR | Competitive APR of 28.24% variable. |
| Annual Fee | No annual fee associated with the card. |
| Balance Transfer Fee | 3% of each transaction. |
The Bank of America Unlimited Cash Rewards Secured card empowers you to elevate your credit while enjoying the advantages of unlimited cash back rewards.
BankAmericard Secured
BankAmericard Secured is meticulously crafted to facilitate credit building endeavors, catering to those seeking to establish, fortify, or reconstruct their credit profile. The account’s initiation requires a minimum security deposit of $200 (maximum $5,000), with your credit limit determined by factors such as your deposit, income, and capacity to manage the credit line.
Accessing your FICO Score, updated monthly at no cost, is made convenient through the Mobile Banking app or Online Banking. Opting in allows you not only to view your score but also to gain insights into the pivotal factors influencing it and receive valuable information for maintaining a robust credit status.
Bank of America periodically evaluates your account based on your comprehensive credit history, encompassing your relationship with the bank, other credit cards, and loans. Depending on your history, you might qualify for a refund of your security deposit; however, it’s essential to note that not all customers will meet the criteria for this.
Bank of America has received recognition for its exceptional customer satisfaction in providing financial health support for two consecutive years in Banking & Payments. Explore credit education resources that encompass responsible credit card usage and budgeting.
It’s worth noting that secured card products aren’t eligible for new account bonus offers, such as statement credits, and introductory APRs are not applicable.
BankAmericard Secured Summary:
| Features | Description |
|---|---|
| Credit Building | Designed for credit establishment, reinforcement, or reconstruction. |
| Minimum Deposit | Requires a minimum security deposit of $200 (up to $5,000) to initiate the card. |
| Credit Limit | Credit limit is determined by the deposit amount, income, and credit management. |
| FICO Score Access | Monthly access to updated FICO Score within the Mobile Banking app or Online Banking. |
| Refund Possibility | Qualification for a security deposit refund based on overall credit history. |
| Periodic Evaluation | Account assessment based on comprehensive credit history, with potential for refund. |
| Customer Recognition | Acknowledged for excellent customer satisfaction with financial health support. |
| Credit Education | Access to resources on responsible credit card usage and budgeting. |
| Bonus Eligibility | Secured card products are not eligible for new account bonus offers or introductory APRs. |
| APR | Competitive APR of 26.24% variable. |
| Annual Fee | No annual fee associated with the card. |
| Balance Transfer Fee | 3% of each transaction, with a minimum of $0. |
The BankAmericard Secured offers a tailored approach to credit enhancement while prioritizing customer satisfaction and financial education.
Tips before applying for a secured credit card
To secure the best secured credit cards, follow these steps. Firstly, assess your credit needs and financial situation. Research reputable banks and card issuers that offer secured cards. Compare their terms, including fees, APRs, and deposit requirements. Opt for cards with no or low annual fees and reasonable APRs. Check if they report to credit bureaus to build your credit history. Evaluate any potential rewards, like cash back. Apply for a card that matches your needs, ensuring you meet their eligibility criteria. Make timely payments to build credit. With diligent research and responsible usage, you can obtain the top secured credit cards.
Frequent questions
To leave no doubts, we answer all the questions you might have about the best secured credit cards.
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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