Best Secured Credit Cards of March 2024
Our experts answer readers’ credit card questions and write unbiased product reviews (here’s how we assess credit cards). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The information for the following product(s) has been collected independently by Business Insider: U.S. Bank Cash+® Visa® Secured Card, Bank of America® Customized Cash Rewards Secured Credit Card, U.S. Bank Altitude® Go Visa® Secured Card. The details for these products have not been reviewed or provided by the issuer.
Getting a secured credit card is one of the best ways to boost your credit whether you’re applying for your first credit card, new to the U.S. and looking to improve your credit score, or are trying to rebuild your credit after previous financial blunders.
Secured credit cards tend to be devoid of flashy ongoing benefits and high earning rates. Instead, they serve just one primary purpose: to get someone with poor (or no) credit on their financial feet.
Let’s take a look at the best secured credit cards available to help you decide which is best for your lifestyle and your future credit card goals.
Compare the Top Secured Credit Cards
Best overall secured credit card
U.S. Bank Cash+® Visa® Secured Card
Regular APR
29.24% Variable
Recommended Credit
New/Rebuilding
- Great cash-back earning rates with the ability to choose your own 5% categories
- Build credit with responsible use over time and you may be able to automatically graduate to a non-secured card
- No annual fee
- Requires a security deposit ($300 minimum)
- 5% cash back categories capped at $2,000 in combined spending per quarter
- No welcome bonus
Product Details
- The information related to the U.S. Bank Cash+® Visa® Secured Card has been collected by Business Insider and has not been reviewed by the issuer.
- Earn 5% cash back on your first $2,000 in combined eligible purchases each quarter in two categories you choose
- Earn 5% cash back on prepaid air, hotel and car reservations booked directly in the Rewards Center
- Earn 2% cash back on eligible purchases in your choice of one everyday category (like gas stations and EV charging stations, grocery stores and restaurants)
- Earn 1% cash back on all other eligible purchases
- Option to choose your payment due date
- Select to set up Autopay
- $0 annual fee
Discover it® Secured Credit Card
Regular APR
28.24% Variable
Earn Unlimited Cashback Match™
- Offers cash-back rewards, which isn’t a given for secured credit cards
- Discover matches cash back after your first account year
- Other secured cards let you start with lower minimum security deposits
- You must fund the security deposit from a bank account
Product Details
- No credit score required to apply.
- No Annual Fee, earn cash back, and build your credit history.
- Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
- Terms and conditions apply.
Best for choosing your own bonus categories
Bank of America® Customized Cash Rewards Secured Credit Card
Regular APR
28.24% Variable
Recommended Credit
New/Rebuilding
- Choose your own 3% cash back category each month
- Build credit with responsible use over time and you may qualify to have your security deposit returned
- No annual fee
- Requires a security deposit ($200 minimum)
- 3% and 2% cash back categories are capped at $2,500 in combined spending per quarter
- No welcome bonus
Product Details
- The information related to the Bank of America® Customized Cash Rewards Secured Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
- 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
- 2% cash back when shopping at grocery stores and wholesale clubs
- 1% cash back from all other purchases
- You earn 3% and 2% cash back on your first $2,500 in combined choice of grocery store/wholesale club purchases each quarter, and then earn 1%
Best for collecting travel rewards
Capital One Quicksilver Secured Cash Rewards Credit Card
Regular APR
30.74% Variable
Recommended Credit
Limited, No History
- Earns 1.5% cash back on all purchases with no limits
- You can get approved for this card with limited credit
- Ability to increase credit line and potential to improve credit score with responsible use
- No welcome bonus
- Because it’s a secured credit card, you’ll have to put down a security deposit for your initial credit line
- High APR if you carry a balance
Product Details
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you’re approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It’s free for everyone
- Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
Best for dining and takeout
U.S. Bank Altitude® Go Visa® Secured Card
Regular APR
29.24% Variable
Recommended Credit
New/Rebuilding
- Great earning rates on dining, gas, streaming, and groceries
- Build credit with responsible use over time and you may be able to automatically graduate to a non-secured card
- Annual streaming credit
- Requires a security deposit ($300 minimum)
- No welcome bonus
Product Details
- The information related to the U.S. Bank Altitude® Go Visa® Secured Card has been collected by Business Insider and has not been reviewed by the issuer.
- Earn 4X points on dining, takeout and restaurant delivery
- Earn 2X points at grocery stores, grocery delivery, streaming services, gas stations and EV charging stations
- Earn 1X point on all other eligible purchases
- Earn $15 streaming credit for annual streaming service purchases like Netflix and Spotify®
Best Secured Credit Cards of 2024
Secured Credit Card Reviews
Best Overall: U.S. Bank Cash+® Visa® Secured Card
The U.S. Bank Cash+® Visa® Secured Card might not look exciting at first glance, but it’s a surprisingly valuable product available to those new to the world of credit.
First, you’ll earn 5% cash back on prepaid air, hotel, and car reservations booked through the US Bank Rewards Travel Center. The bonus cash you can earn is uncapped.
You’ll also get 5% cash back on your first $2,000 in combined spending each quarter in two categories you choose. Eligible categories are fast food, home utilities, TV/internet/streaming, department stores, cell phone providers, electronic stores, sporting goods stores, gyms/fitness centers, ground transportation, movie theaters, furniture stores, and select clothing stores. That’s a healthy number of categories to choose from — though seemingly well selected to eliminate much possibility of spending too much per quarter.
Additionally, you can receive 2% cash back on eligible purchases in your choice of one of the following categories: Grocery stores and grocery delivery, restaurants, and gas stations/EV charging stations. You’ll earn 1% cash back on all other eligible purchases.
Read our U.S. Bank Cash Plus Secured Credit Card review
Best Welcome Offer: Discover it® Secured Credit Card
The Discover it® Secured Credit Card is a pretty straightforward cash-back card with few bonus categories that are easy to keep track of. It earns a simple 2% back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1% back). You’ll earn 1% cash back on everything else.
This card is exceptionally valuable during the first year of cardmembership, however. Discover will match all the cash back you earn during your first 12 months. That means you’ll earn up to 4% cash back at gas stations and restaurants and 2% cash back on all other purchases.
If much of your everyday spending doesn’t fall into the bonus categories of the other credit cards on this list, the Discover it® Secured Credit Card is the clear winner for you, as you’ll earn no less than 2% back during your first 12 months.
Read our Discover it Secured Credit Card review
Best for Choosing Your Own Bonus Categories: Bank of America® Customized Cash Rewards Secured Credit Card
The Bank of America® Customized Cash Rewards Secured Credit Card, similar to the U.S. Bank Cash+® Visa® Secured Card, allows you to choose your own bonus categories. You’ll earn 3% cash back from one of the following categories: Gas, online shopping, dining, travel, drug stores, and home improvement/furnishings.
These are extremely practical bonus categories that powerfully complement the spending habits of most of us. You can change your bonus category once per calendar month, so if you anticipate spending a lot on home furnishings in the coming month, you can prepare for it. You’ll also get 2% back at grocery stores and wholesale clubs and 1% back on everything else.
You can further boost your rewards if you’re also a member of Bank of America Preferred Rewards. For those with a certain amount of assets in a Bank of America or Merrill account, you could earn between 25% and 75% more cash back — bringing your potential rewards up to a whopping 5.25%.
Read our Bank of America Customized Cash Rewards Secured Credit Card review
Best for Collecting Travel Rewards: Capital One Quicksilver Secured Cash Rewards Credit Card
The Capital One Quicksilver Secured Cash Rewards Credit Card might appear to underdeliver when it comes to earning rewards for everyday spending, especially compared to the other cards on this list. You’ll get 5% cash back on hotels and car rentals booked through the Capital One Travel Portal and a flat 1.5% cash back on all other eligible purchases.
However, this card has a secret ability that others do not: You can turn the cash back you earn into valuable Capital One miles at a rate of 1 mile per cent. The key is to also hold a Capital One miles-earning card such as the Capital One VentureOne Rewards Credit Card or the Capital One Venture Rewards Credit Card. Per Business Insider’s points and miles valuations, Capital One miles are worth 1.7 cents each when you transfer them to airline and hotel loyalty programs such as British Airways, Air Canada Aeroplan, Wyndham, and more.
If your future goals include travel, refrain from cashing out the rewards you earn with this card. Once your credit score is around 700, open a Capital One miles-earning card and combine your rewards. You may instantly have enough for a free trip to just about anywhere.
Read our Capital One Quicksilver Secured Cash Rewards Credit Card review
Best for Dining: U.S. Bank Altitude® Go Visa® Secured Card
The U.S. Bank Altitude® Go Visa® Secured Card is likely your best bet for a meaningful return on spending if you eat out regularly. You’ll get 4 points per dollar on dining, takeout, and restaurant delivery. You’ll also get 2 points per dollar at grocery stores, gas stations/EV charging, and for eligible streaming services, which include popular platforms such as Amazon Prime Video, Apple TV+, Hulu, Netflix, YouTube TV, and many more.
You’ll receive 1 point per dollar for everything else. The points you earn with this card can be redeemed for a flat 1 cent each — meaning this card effectively earns 4% back on dining.
One other benefit of this card (which is excellent for a no-annual-fee credit card) is its annual streaming credit. For each 12-month period that you make a qualifying streaming purchase, you’ll automatically receive a $15 credit on your account.
Read our U.S. Bank altitude Go Visa Secured Card review
Secured Credit Card Frequently Asked Questions
A secured credit card is a card that banks will extend to customers who have little to no credit history — or to those who have made mistakes with credit in the past and are trying to repair their credit. If you’re just beginning your credit journey, or if you’re trying to rebuild, a secured credit card may be the only card you qualify for.
Secured credit cards work by minimizing the risk involved with a bank extending to you a credit line. Because you’ve got either a negative or nonexistent credit history, the bank will require you to give them a cash deposit (usually between $200 and $5,000). The size of your deposit will dictate how large your credit line is. For example, if you want a credit line of $1,000, you’ll have to deposit $1,000 to the bank.
The bank will hold this money as collateral. This ensures that if you are unable to pay your loan, the bank can pay your bill with your money. If you close your secured credit card, or if you are upgraded to a non-secured card, you’ll get your money back.
Secured credit cards can help you build your credit history, as long as you use them responsibly. That means paying your bill on time and not spending more than you can afford. Secured cards report your account and activity to the major credit bureaus, meaning they will show up on your credit report and factor into your credit score calculation.
A good secured credit card is one that successfully helps you improve your credit score. You’ll need to “secure” your line of credit by putting down a deposit, but as long as you pay off your balance, you’ll be showing the credit card issuer that you can be responsible with a line of credit. A good secured credit card may also offer other perks, like rewards on your spending.
Why You Should Trust Us: How We Chose the Best Secured Credit Cards
With little exception, secured credit cards do not provide ongoing benefits that are worth mentioning, since their primary function is to help consumers build credit. The approval requirements are also extremely similar across the board. Therefore, we chose the best credit cards based on each card’s earning rate and rewards currency.
Many secured credit cards come with no return whatsoever for spending. The cards on our list not only earn rewards, but they also rival — and even outperform — some of the best no-annual-fee cash back credit cards on the market.
Here’s a full breakdown of how we rate credit cards at Business Insider.
