The Best Secured Credit Cards 2024

The Bank of America Customized Cash Rewards Secured Credit Card offers a strong cash back program, flexible credit limits, and the ability to view your FICO score for free online and through the connected mobile app.

Application Process: To apply, complete the application on Bank of America’s website. You do not need an extensive credit history to qualify.

Rewards: This secured credit card provides a competitive cash back offer:

• 3% cash back on your choice of gas, online shopping, dining, travel, drugstores, or home improvement and furnishings
• 2% cash back at grocery stores and wholesale clubs
• Unlimited 1% cash back on everything else

Pros:

• Competitive rewards
• No annual fee
• Option to upgrade later to a secured card
• Free FICO score

Cons:

• No welcome bonus

Cash back can be redeemed for a statement credit or for contributions to a qualifying Merrill account, like a 529 account.

The Bank of America Unlimited Cash Rewards Secured Credit Card offers a simple, flat-rate cash back rewards program, making it easy to manage.

Application Process: To apply, complete the application on Bank of America’s website. People with bad or poor credit can qualify.

Rewards: This card offers a flat, 1.5% cash back on all purchases.

Pros:

• Simple rewards system
• Free FICO score
• No annual fee

Cons:

• No welcome bonus

Cash rewards can be redeemed for:

• A deposit into an eligible Bank of America checking or savings account
• A credit in an eligible Merrill account, including 529 accounts
• A statement credit to your credit card

The Capital One Quicksilver Secured Cash Rewards Credit Card requires a refundable $200 security deposit. If you demonstrate responsible card use, the deposit can be returned before even closing the account. This is unique, making this card option stand out against competitors.

Customers are also automatically considered for a higher credit line as early as six months after opening the card. This does not require an additional deposit.

Application Process: To apply, complete the application online. People with limited and bad credit can qualify.

Rewards: This card has two ways to earn cash back:

• Earn unlimited 1.5% cash back on every purchase
• Earn unlimited 5% cash back on hotels and rental cars booked through the Capital
• One Travel portal

Customers also get up to six months of complimentary Uber One membership credits through 11/14/2024.

Pros:

• Free credit monitoring
• Ability to earn back your deposit without closing the account
• Competitive cash back program
• No annual fee

Cons:

• High APR
• No welcome bonus
• No bonus categories

If you’re paying your credit card bill in full each month, the interest rate shouldn’t matter all that much, but it is important to be aware of. This card has a high interest rate of 29.99%.

The Discover It Secured Credit Card offers a compelling cash back program, no annual fee, and the ability to transition to a secured card after just seven months.

Application Process: Discover’s application process is simple. Just complete the form online to see if you qualify.

Rewards: This card offers an incredibly competitive cash back rewards program, giving cardholders:

• 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter
• Unlimited 1% cash back on all other purchases
• Unlimited Cash Back Match. Discover will automatically match all cash back earned within the first year.

Pros:

• No annual fee
• Competitive cash back program
• Free FICO score
• Ability to transition to a secured card after seven months

Cons:

• Lower maximum credit limit than some competitors

Discover’s credit cards also come with free online privacy protection, which monitors the Dark Web for information like your Social Security Number and alerts you of suspicious activity.

The First Progress Platinum Select Mastercard® Secured Credit Card is one of the few credit cards that doesn’t automatically deny customers with a discharged bankruptcy. This makes it accessible to a population of customers that would otherwise be out of luck.

While we don’t recommend ever carrying a balance, the card does come with an interest rate of 18.74%, which is significantly lower than most competitors.

Application Process: To apply, visit the First Progress website. There are no credit history or minimum credit score requirements, making it a strong option for people with bad credit.

Rewards: This card has a unique rewards system, offering 1% cash back on payments made to the account. It does not offer cash back on purchases.

Pros:

• Low interest rate
• Available to people with a bankruptcy record
• Unique rewards program

Cons:

• $39 annual fee
• No welcome bonus
• Lower credit limit than some competitors

First Progress reports credit information to all three of the major credit bureaus, which can help cardholders establish credit.

The Navy FCU Secured Credit Card comes with no annual fee, a straightforward rewards program, and no balance transfer fees, making it a strong option for Navy FCU members.

Application Process: To apply for this card, you’ll need to be a Navy Federal Member. Members are required to have a familial or household connection to a veteran or military member. If you don’t, this card won’t be for you.

Rewards: This card earns one point per dollar spent. Points can be redeemed for statement credit, cash, gift cards, and merchandise.

Pros:

• Ability to transfer to a secured card after six months
• Low interest rate
• No balance transfer fees
• Free credit scores

Cons:

• Navy Federal Membership is required

After three months, Navy FCU will review your account. If eligible, they may increase your credit limit without an additional deposit. At the six month mark, they will review your account again to gauge your eligibility to transition to an unsecured card.

The U.S. Bank Altitude Go Visa Secured Card comes with no annual fee and a competitive points program ideal for people who dine out or order takeout frequently.

Application Process: Apply online on U.S. Bank’s website. Individuals with fair credit score ranges are likely to qualify.

Rewards: This card offers the following point structure:

• 4x points on dining and takeout
• 2x points on grocery, gas stations, and streaming services
• 1x points on everything else

Points can be redeemed for travel, merchandise, cash back, and gift cards.

Pros:

• No annual fee
• Competitive points program
• Ability to pick your payment due date

Cons:

• Higher deposit requirement than some competitors

The U.S. Bank Altitude Go Visa Secured Card also comes with a $15 streaming credit for annual streaming services like Netflix and Spotify.

The U.S. Bank Cash+ Visa Secured Card offers an incredibly competitive rewards program, no annual fee, and flexible payment due dates.

Application Process: Apply online on U.S. Bank’s website. Individuals with bad or poor credit can qualify.

Rewards: Cardholders earn:

• 5% cash back on the first $2,000 in combined eligible purchases each quarter in two categories of their choice
• 2% cash back on eligible purchases in their choice of one everyday category (eg. gas, grocery, dining)
• 1% cash back on all other eligible purchases

Pros:

• No annual fee
• Customizable rewards categories
• Ability to choose your own payment due date

Cons:

• Rewards program may be complicated to follow
• High APR of 29.99%
• Higher deposit requirement than some competitors

This card also allows you to choose your own payment due date.