Secured credit cards have come far. They once offered just the most essential benefits, but the best ones currently give various perks, including cash-back rewards.
We’ve assembled a list of the best cash-back-secured credit cards that welcome subprime applicants. We also give master answers to several frequently asked questions about secured credit cards. Continue reading to see which card best fits your needs.
1. First Progress Platinum Select Mastercard® Secured Credit Card
The First Progress Platinum Select Mastercard® Secured Credit Card ranks as this survey’s best-secured credit card. It offers this issuer’s best compromise between annual charge and APR. The card favors cardmembers who may occasionally carry an equilibrium across billing cycles but need to keep away from the highest annual expense.
You needn’t bother with a credit history to get this card. To qualify, you must be a US resident, age 18 or more established. Punishment fees apply for late and returned payments. The card has a without-interest effortlessness period that allows you to stay away from interest by paying your whole equilibrium by the due date every month.
2. First Progress Platinum Prestige Mastercard® Secured Credit Card
The First Progress Platinum Prestige Mastercard® Secured Credit Card targets those consumers liable to carry balances across multiple billing periods. The card’s APR is lower than that of other cards from this issuer, but it charges a slightly higher annual expense that varies with the Excellent Rate. This secured Mastercard is a close runner-up for the best-secured card in this group.
Not surprisingly, this secured credit card does not support balance transfers, but rather you can use it for cash advances and foreign transactions (fees apply). You might be ineligible for the card on the off chance that you previously got approval for a credit card from First Progress.
3. First Latitude Platinum Mastercard® Secured Credit Card
You can choose from an extensive variety of deposit amounts for the First Latitude Platinum Mastercard® Secured Credit Card to secure an equal spending limit. This secured Mastercard pays cash back on every single qualified purchase. The one-time program expense is low, and you can stay away from the card’s purchase APR by paying your whole equilibrium each billing cycle.
You needn’t bother with a credit history for card approval. You can qualify for a second, unsecured card by paying your bills on time for six months. This card charges a small, one-time setup expense and an annual charge that increases in the second year.
4. Bank of America® Customized Cash Rewards Secured Credit Card
The Bank of America® Customized Cash Rewards Secured Credit Card has many features you’d find on cards for consumers with great credit, even though it targets folks with credit scores under 670. It is the best credit card for Bank of America loyalists with bad credit.
Features include low fees and discretionary overdraft insurance. This secured Visa credit card allows you to access your FICO credit score free of charge on its online banking website or versatile application.
5. Quicksilver Secured from Capital One
The Quicksilver Secured Rewards from Capital One provides unlimited cash back on every qualified purchase. You can increase your initial credit line by depositing extra money before activating your card.
The maximum allowed deposit depends on your credit profile. Capital One regularly refunds the deposits of responsible cardmembers, thereby converting Quicksilver to an unsecured card.