Adam McCann, Financial Writer
@adam_mccann
The best secured credit card with rewards is Discover it® Secured Credit Card because it has a $0 annual fee and offers 2% cash back on up to $1,000 spent at gas stations and restaurants combined every quarter. It also gives 1% back on all other purchases, and Discover matches all your cash back earned during the first year.
Rewards are among the few factors that you should consider when choosing a secured credit card, along with the annual fee and the minimum deposit requirement. Paying an annual fee just to get rewards only makes sense if the amount you’ll earn exceeds both the fee and your expected earnings with a cheaper card combined.
Best Secured Credit Cards with Rewards
- Discover it® Secured Credit Card: Best Overall
- LATAM Secured Credit Card: Airline Miles
- Bank of America® Cash Rewards Secured Credit Card: Cash Back
- Amazon.com Secured Credit Card: Prime Members
- Navy Federal Credit Union nRewards® Secured Credit Card: Military Community
- Wells Fargo Business Secured Credit Card: Small Business
- Harley-Davidson® Secured Credit Card: Motorcycle Rewards
Another card in the running for best secured credit card with rewards is the LATAM Secured Credit Card. It’s extremely rare to see an airline card for bad credit. But this one gives a nice bonus of 5,000 points after paying the annual fee or just using the card once. Plus, you get 1 point / $1 spent on all purchases.
The Bank of America® Cash Rewards Secured Credit Card is yet another good secured credit card with rewards. It gives 3% cash back in a category of your choice, as well as 2% back at grocery stores and wholesale clubs, on up to $2,500 spent in those categories each quarter. All other purchases get you 1% back.
By the way, all of these cards report to the credit bureaus on a monthly basis, giving you the chance to build credit with on-time payments.
Justine Browns, Member
@justine_browns
I like the Discover it Secured Credit Card. You earn 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter, and 1% cash back on all other credit card purchases. Plus, they automatically match all the cash back you’ve earned at the end of the first year. Your cash back never expires, and you can redeem it in any amount, anytime.
Marjorie Willis, Member
@marjorie_willis
Harley-Davidson has pretty good rewards, and no annual fee, so you could go with that.
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