The best cash back secured credit card is the Discover it Secured card because it gives unlimited 1-2% cash back and has a $0 annual fee. Discover also has a current offer where they’ll automatically match all of the cash back you earn in the first year. Cardholders must provide a $200+ security deposit when they apply that’ll act as their credit line for Discover it Secured. It can be up to $2,500. If an applicant is not approved, the deposit is given right back.
Since secured cards’ main purpose is to rebuild credit, they’re usually not associated with great rewards rates. However, there are a handful of cards that will reward you as you rebuild your credit.
Best Cash Back Secured Credit Cards:
Discover it Secured: 2% back at gas stations and restaurants up to $1,000 spent each quarter and 1% back on everything else. Automatic match of all the cash back you earn in the first year. $0 annual fee.
SunTrust Secured Credit Card: 2% back on gas and groceries on the first $6,000 spent annually and 1% back on everything else. Cardholders can receive a 10% Loyalty Cash Bonus when they redeem their rewards through an ACH deposit into a SunTrust bank account. $32 annual fee.
Wells Fargo Business Secured Credit Card: 1.5% cash back on every dollar spent. Easily redeem cash back as an automatic statement credit or deposit into an eligible checking or savings account. $25 annual fee.
There are one or two other secured cards with cash back available right now, but the rewards aren’t worth paying their high annual and monthly fees. If you’re willing to consider points or miles, however, you might find a few decent alternatives.
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