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Some cards are from Credible partners.

As the name suggests, a secured credit card means that the extension of credit to you is “secured” by the deposit you put down — like a mortgage is secured by the house for which you are getting a loan. So, to get a secured credit card you have to put down a certain amount of money — typically a couple of hundred dollars — that you can then draw against when using your card.

Secured cards are similar to debit cards, except that the transactions you make on your secured card can affect your credit. These cards are typically for young adults who are just starting to build their credit profile or other people who have somehow damaged their credit and need a way to rebuild it.

While secured cards are great for individuals just starting out or those with poor credit, they’re typically only focused on helping you build or rebuild your credit, and generally don’t offer much in the way of rewards or cash back.

Below, you can find our top secured credit cards for 2017.

Best secured cards

Best cash back rate

Discover it® Secured Card - No Annual Fee

Apply Now

on Discover Card's website

Summary

The Discover it Secured Card is a rare bird in the world of secured cards — while other secured credit cards offer no rewards to their cardholders, the Discover it Secured Card gives you the chance to earn 2% cash back on all your purchases, up to $1,000 in combined spending per quarter at gas and restaurants and 1% on everything else.

And yes, their annual fee is still $0.

Get it

Rewards programs on secured credit cards are practically unheard of, but the Discover it Secured Card offers cardholders a fantastic cash back opportunity.

Key highlights

  • No annual fee
  • No minimum credit requirement (good for those with no credit or poor credit)
  • Cash back on all purchases: 2% on purchases from restaurants and gas stations (excluding from warehouse clubs, wholesale distributors, and discount stores) on up to $1,000 in combined purchases per quarter, and 1% on everything else
  • Discover matches the cash back you’ve earned in your first year, as long as you’re a new cardmember
  • New! Receive FREE Social Security number alerts—Discover will monitor thousands of risky websites when you sign up

Skip it

If you already have a good credit score, you could probably qualify for a better rewards card that doesn’t require you to put down a deposit. The Discover it Secured Card also charges a 23.74% purchase APR.

Is the Discover it Secured Card right for you? Read our full review here.

 

Best secured cards

Best travel and shopping perks

Citi® Secured Mastercard®

Apply Now

on Citibank's website

Summary

Not only does the Citi Secured Mastercard give you the chance to rebuild your credit, it is one of the few secured credit cards that also offers some perks on the side.

With the Citi Secured Mastercard, you get travel benefits such as travel accident insurance and car rental insurance, as well as purchase protections like extended warranty for purchases made with your card.

Get it

If you’re looking for a secured credit card but you’d also like some bonus perks.

Key highlights

  • No annual fee
  • Travel benefits such as travel accident and car rental insurance
  • Purchase protections such as extended warranty and theft and damage protection

Skip it

If you need a credit line that’s higher than the amount of money you actually have, you may want to look elsewhere. Your credit limit on the Citi Secured card is determined by the amount of deposit you put down to draw against, so you’ll only be able to spend how much you actually have.

Is the Citi Secured Mastercard right for you? Read our full review here.

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