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The information for the following product(s) has been collected independently by Business Insider: U.S. Bank Cash+® Visa® Secured Card, U.S. Bank Altitude® Go Visa® Secured Card, Bank of America® Customized Cash Rewards Secured Credit Card. The details for these products have not been reviewed or provided by the issuer.
Best Secured Credit Cards of May 2024
- Best secured card overall: U.S. Bank Cash+® Visa® Secured Card
- Best secured card for low security deposit: Capital One Platinum Secured Credit Card
- Best secured card for dining: U.S. Bank Altitude® Go Visa® Secured Card
- Best secured card for travel rewards: Capital One Quicksilver Secured Cash Rewards Credit Card
- Best secured card for choosing your own bonus categories: Bank of America® Customized Cash Rewards Secured Credit Card
- Best secured card for a welcome offer: Discover it® Secured Credit Card
- Best secured card for no credit check: Chime Credit Builder Secured Visa® Credit Card
Introduction to Secured Credit Cards
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 lack 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.
Best Secured Credit Card Comparisons
$0
N/A
29.24% Variable
N/A
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
The U.S. Bank Cash+® Visa® Secured Card can help you improve your credit score while earning up to 5% cash back on expenses like fast food and cell phone bills.
U.S. Bank Cash+ Visa Secured Card
$0
N/A
29.99% Variable
N/A
Limited, Bad
- Minimum deposit ($49) is lower than with some other secured cards
- You can be automatically considered for a higher credit line in as little as 6 months with no additional deposit
- No rewards
The Capital One Platinum Secured Credit Card is a good choice for folks who are new to credit or rebuilding their credit score. Because it's a secured credit card, you'll have to put down a security deposit — but its minimum deposit is lower than that of many similar cards.
Platinum Secured Credit Card- No annual or hidden fees. See if you're approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line
- 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
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
$0
N/A
29.24% Variable
N/A
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
The $0-annual-fee U.S. Bank Altitude® Go Visa® Secured Card is an above-average secured credit card, with high earning rates in extremely common spending categories and a $15 annual statement credit to reimburse streaming purchases.
U.S. Bank Altitude Go Visa Secured Card
$0
N/A
29.99% Variable
N/A
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
The Capital One Quicksilver Secured Cash Rewards Credit Card is a great choice if you're new to credit cards and working on building your credit history and score. It's a rare secured credit card that offers decent rewards, but you'll have to put down a deposit after you're approved to secure your credit line.
Quicksilver Secured Cash Rewards Credit Card- 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
$0
N/A
28.24% Variable
N/A
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
The Bank of America® Customized Cash Rewards Secured Credit Card is unusual because it's one of the few secured credit cards that allow you to earn cash back — and even choose your 3% cash-back category. And with responsible use over time, the card can help you improve your credit score.
Bank of America Customized Cash Rewards Secured Card
$0
N/A
28.24% Variable
Earn Unlimited Cashback Match™
New/Rebuilding
- 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
The Discover it® Secured Credit Card is worth considering if you're new to credit or are working on rebuilding your score, since it's unlikely you'll be approved for any of the best credit cards on the market. It's unique because it earns strong rewards when most other secured credit cards do not.
Discover it Secured Card- 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.
Chime Credit Builder Secured Visa® Credit Card
Best Secured Credit Card Reviews
If you're struggling to build or rebuild your credit, a secured credit card can make all the difference. By putting down a little bit of cash as a guarantee for your timely repayment, a secured credit card allows you to begin making transactions and paying them off on a regular basis, which will be reported to all three U.S. credit bureaus. With time and some diligence and awareness, you'll be able to improve your credit score and history through responsible usage.
The best secured credit cards in 2024 come with benefits and even rewards for responsible cardholders. These are Business Insider's expert picks.
Best Secured Card Overall
$0
N/A
29.24% Variable
N/A
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
The U.S. Bank Cash+® Visa® Secured Card can help you improve your credit score while earning up to 5% cash back on expenses like fast food and cell phone bills.
U.S. Bank Cash+ Visa Secured CardThe 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 Secured Credit Card for a Low Security Deposit
$0
N/A
29.99% Variable
N/A
Limited, Bad
- Minimum deposit ($49) is lower than with some other secured cards
- You can be automatically considered for a higher credit line in as little as 6 months with no additional deposit
- No rewards
The Capital One Platinum Secured Credit Card is a good choice for folks who are new to credit or rebuilding their credit score. Because it's a secured credit card, you'll have to put down a security deposit — but its minimum deposit is lower than that of many similar cards.
Platinum Secured Credit Card- No annual or hidden fees. See if you're approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line
- 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
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
The Capital One Platinum Secured Credit Card allows you to open an account with a $200 credit line for as little as $49 down. You can also put down a larger security deposit to increase your credit line up to a maximum of $1,000. Capital One will also evaluate your repayment history and may offer you an upgrade to the unsecured Capital One Platinum Card, which allows you to reclaim your security deposit.
The Capital One Platinum Secured Credit Card comes with a few perks like $0 fraud liability for unauthorized charges, CreditWise, Card Lock, 24/7 customer service, and AutoPay features.
Read our Capital One Platinum Secured credit card review
Best Secured Card for Dining Rewards
$0
N/A
29.24% Variable
N/A
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
The $0-annual-fee U.S. Bank Altitude® Go Visa® Secured Card is an above-average secured credit card, with high earning rates in extremely common spending categories and a $15 annual statement credit to reimburse streaming purchases.
U.S. Bank Altitude Go Visa Secured CardThe 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
Best Secured Card for Earning Travel Rewards
$0
N/A
29.99% Variable
N/A
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
The Capital One Quicksilver Secured Cash Rewards Credit Card is a great choice if you're new to credit cards and working on building your credit history and score. It's a rare secured credit card that offers decent rewards, but you'll have to put down a deposit after you're approved to secure your credit line.
Quicksilver Secured Cash Rewards Credit Card- 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
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 Choosing Your Own Bonus Categories
$0
N/A
28.24% Variable
N/A
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
The Bank of America® Customized Cash Rewards Secured Credit Card is unusual because it's one of the few secured credit cards that allow you to earn cash back — and even choose your 3% cash-back category. And with responsible use over time, the card can help you improve your credit score.
Bank of America Customized Cash Rewards Secured CardThe 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 Secured Credit Card Bonus
$0
N/A
28.24% Variable
Earn Unlimited Cashback Match™
New/Rebuilding
- 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
The Discover it® Secured Credit Card is worth considering if you're new to credit or are working on rebuilding your score, since it's unlikely you'll be approved for any of the best credit cards on the market. It's unique because it earns strong rewards when most other secured credit cards do not.
Discover it Secured Card- 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.
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 No Credit Check
$0
None
No Credit History, Poor
- No credit check required for approval
- No annual fee
- Build credit with responsible use
- No welcome bonus or rewards
- Requires a Chime checking account and deposit
- No ability to carry a balance
If you have a problematic credit history or none at all, the card offers a way to get the functionality of a credit card without having to undergo a standard credit check. The card can help you build credit by reporting activity on your account to the major credit bureaus. However, it doesn't earn rewards and can't be converted to an unsecured card, so it may not be your best option. The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
Chime Credit Builder Secured Visa- No credit check required for approval
- No annual fee
- No welcome bonus or rewards
- Requires a Chime checking account and deposit
- No ability to carry a balance
The Chime Credit Builder Secured Visa® Credit Card offers a way for consumers with low or no credit to enjoy the functionality of a credit card without undergoing a standard credit check. The card helps users build credit by reporting card activity to major credit bureaus. However, it doesn't earn rewards and can't be converted to an unsecured card, so it isn't a great fit for someone who's hoping to build a relationship with a larger issuer up front.
You'll have to have a Chime® Checking Account and put down a cash deposit in order to get and use the Chime Credit Builder Secured Visa® Credit Card. You can pay down your balance from your security deposit, which makes this card stand out from other secured cards. However, you'll effectively lower your spending limit unless you top up your account balance afterward.
Read our Chime Credit Builder 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.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
***Terms, conditions, and exclusions apply. Refer to your Guide to Benefits for more details. Travel Accident Insurance is not guaranteed, it depends on the level of benefits you get at application.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
