1.First Progress Prestige Secured Mastercard Cash Back Rewards
First Progress
- 1%Cash back on all payments made to the account
N/A
Earn 1% cash back on all payments made to the account.
13.49% Variable APR
The First Progress Prestige Secured Mastercard stands out as the top choice for those looking to rebuild their credit while earning cash back. With a straightforward 1% cash back on all payments, it provides consistent value without requiring a credit history for approval.
Pros:
- No credit check required
- Helps rebuild credit
Cons:
- Annual fee applies
- No traditional welcome bonus
- 5%Cash back on hotels and rental cars booked through Capital One Travel
- 1.5%Cash back on all other purchases
N/A
Earn unlimited 1.5% cash back on all purchases and 5% cash back on hotels and rental cars booked through Capital One Travel.
28.99% Variable APR
What sets the Capital One Quicksilver Secured Cash Rewards Credit Card apart is its generous cash back structure, offering 1.5% on every purchase and 5% on travel bookings. This card is ideal for those looking to earn rewards while building their credit.
Pros:
- No annual fee
- Unlimited cash back on all purchases
Cons:
- High variable APR
- Requires a refundable security deposit
3.Capital One Platinum Secured Credit Card
Capital One
- No rewards breakdown available
N/A
N/A
28.99% Variable APR
The Capital One Platinum Secured Credit Card shines for its straightforward approach to credit building, requiring no annual fee and offering a customizable security deposit. However, it lacks rewards, making it less appealing for those seeking cash back.
Pros:
- No annual fee
- Customizable security deposit
Cons:
- No rewards offered
- High variable APR
4.Discover it Secured Credit Card
Discover
- 2%Cash back at gas stations and restaurants on up to $1,000 combined quarterly
- 1%Cash back on all other purchases
Automatically double all cash back earned in the first year.
Earn 2% cash back at gas stations and restaurants (on up to $1,000 combined quarterly) and unlimited 1% cash back on all other purchases.
26.49% Variable APR
The standout feature of the Discover it Secured Credit Card is its unique Cashback Match, which doubles all cash back earned in the first year. This card not only helps build credit but also offers substantial rewards, making it a top contender.
Pros:
- Automatic cashback match in the first year
- No annual fee
Cons:
- Requires a refundable security deposit
- Higher APR compared to some competitors
5.OpenSky Secured Visa Credit Card
OpenSky
- 10%Cash back at select merchants
N/A
Earn up to 10% cash back at select merchants.
23.89% Variable APR
The OpenSky Secured Visa Credit Card is appealing for its unique cash back offers at select merchants, allowing users to earn rewards while building credit. However, the requirement for manual activation and the annual fee may deter some potential applicants.
Pros:
- No credit check required
- Up to 10% cash back at select merchants
Cons:
- Annual fee applies
- Requires manual activation for some offers
Final Words
As you evaluate the best secured credit cards this February, remember that finding the right option involves considering your financial goals, fees, and rewards. Take time to compare different cards and choose one that aligns with your needs to ensure you make informed decisions that support your credit journey.
Frequently Asked Questions
The First Progress Prestige Secured Mastercard Cash Back Rewards allows users to earn 1% cash back on all payments made to the account. While it does not offer a welcome bonus, it helps users rebuild credit through consistent cash back rewards.
The Capital One Quicksilver Secured Cash Rewards Credit Card offers unlimited 1.5% cash back on all purchases and 5% cash back on hotels and rental cars booked through Capital One Travel. There is no welcome bonus associated with this card.
The Capital One Platinum Secured Credit Card does not offer any rewards or welcome bonus. It is primarily designed to help users build or rebuild their credit without the added complexity of rewards programs.
Secured credit cards can have varying annual fees. For instance, the First Progress Prestige Secured Mastercard has an annual fee of $49, while both Capital One secured cards have no annual fee.
The APR for secured credit cards can vary significantly. For example, the First Progress Prestige Secured Mastercard has a variable APR of 13.49%, while both Capital One secured cards have a higher variable APR of 28.99%.
When selecting a secured credit card, consider factors like annual fees, APR, rewards, and whether the card reports to credit bureaus. This will help you find a card that aligns with your financial goals and credit-building needs.
To apply for a secured credit card, you typically need to provide identification, proof of income, and a security deposit. Some issuers may also require a Social Security number or ITIN.
