Best Cash Back Secured Credit Card for Your Needs

If you're looking to rebuild your credit or need a cash back secured credit card, there's a good option out there for you.

The Discover it Secured Cash Back credit card offers 1-2% cash back on all purchases, which is a great incentive to use it regularly.

For those who want to earn more cash back, the Capital One QuicksilverOne Cash Rewards Credit Card offers unlimited 1.5% cash back on all purchases.

The Citi Secured Mastercard doesn't offer cash back rewards, but it's a great option for those with poor or no credit history.

Consider rewards, annual fees, and minimum deposit requirements when choosing a secured credit card. These factors will help you make an informed decision.

Rewards can be a major draw, but only pay an annual fee for rewards if they exceed both the fee and your expected earnings with a cheaper card. 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.

Some popular cash back secured credit cards include:

So, you're looking for the best secured credit cards that offer rewards? Well, I've got you covered. Here are some top picks:

The Bank of America Travel Rewards Secured Credit Card is a great option, but it's not the only one. The Capital One Quicksilver Secured Cash Rewards Credit Card is another contender, offering cash back rewards on your purchases.

All of the cards I'm about to mention report to the credit bureaus on a monthly basis, giving you a chance to build credit with on-time payments. This is a big deal, as it can help you establish a positive credit history.

Here are some of the best secured credit cards with rewards:

Remember, 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.

To get a TD Cash Secured Credit Card, you'll need to apply online. The process is straightforward: you'll get conditional approval, then you'll need to open and fund a TD Simple Savings account as your security deposit.

You'll need a minimum of $300 in your savings account to secure your card, which can come from another TD Bank account, your debit card, or an external account. This deposit will also be your initial credit limit, which can range from $300 to $5,000, subject to credit approval.

You can decide the amount that's best for you, but keep in mind that your credit limit is tied to your security deposit. If you want a higher credit limit, you'll need to make a larger deposit.

Here are the steps to apply for a TD Cash Secured Credit Card:

Choosing the right card can be overwhelming, but I'm here to help. A secured credit card can be a great option if you have credit problems or no credit.

To get started, you'll need to apply online and make a security deposit, which will be your credit limit. You can choose an amount that works best for you, from $300 to $5,000, subject to credit approval.

Here's a breakdown of what you can expect:

After you've made your security deposit, you can start using your card. If you use and maintain the card responsibly, you may be eligible to graduate to an unsecured card after 6 months. To upgrade, your credit limit will be reviewed monthly, and you'll need to make on-time payments and keep your balance under the credit limit.

It's worth noting that not all accounts qualify for graduation, and the decision to upgrade is based on responsible credit management across all your credit cards and loans.

The TD Cash Secured Credit Card has a variable APR of 27.49% for purchases and balance transfers.

This means that if you don't pay your balance in full each month, you'll be charged interest on your outstanding balance.

The card has a balance transfer fee of $5 or 3% of the transfer amount, whichever is greater.

This fee can add up quickly, so it's essential to consider it when deciding whether to transfer your balance.

The minimum interest charge is $1, which is a relatively low amount.

However, if you have a large outstanding balance, the interest charges can add up quickly.

The card also has a cash advance fee of $10 or 5% of the advance amount, whichever is greater.

Additionally, there's a foreign transaction fee of 3% of each transaction in U.S. dollars.

If you're late with a payment, you might be charged up to $40.

Returned payments also incur a fee of up to $40.

Here's a summary of the key fees and charges:

The TD Cash Secured Credit Card offers a range of credit options to suit different needs. You can set your credit limit from $300 to $5,000, subject to credit approval.

To get started, you'll need to make a security deposit, which will also serve as your initial credit limit. The minimum deposit is $200, and this will open an account with an initial credit line of $200. You can raise your credit line by depositing more than the minimum, up to a maximum limit.

If you use your card responsibly, you could earn back your deposit and upgrade to an unsecured TD Bank Credit Card. This requires making payments on time and maintaining good credit management across all your credit cards and loans.

If you're looking for a TD credit card option with bad credit, you're in luck because most secured credit cards are open to applicants with bad credit. These cards have more lenient approval requirements due to the fact that they're secured by a refundable security deposit.

The Capital One Quicksilver Secured Cash Rewards Credit Card is a great option for bad credit because it offers 1.5 - 5% cash back on purchases and has a $0 annual fee. This is a game-changer for those with bad credit who want to earn rewards without breaking the bank.

Most secured credit cards report to the credit bureaus on a monthly basis, giving you the chance to build credit with on-time payments. This is a crucial factor to consider when choosing a secured credit card.

The Capital One Quicksilver Secured Cash Rewards Credit Card's main approval requirements are being 18+ years old and having enough income to afford monthly bill payments, plus a refundable security deposit of $200 or more.

Here are some other options for bad credit:

You can be denied for a TD credit card if you don't meet the issuer's minimum requirements, which typically include being at least 18 years old and having a U.S. address, an SSN, and enough income to pay the bills.

Having major negative items on your credit report, such as a bankruptcy, can also lead to denial.

You could be denied if you provide incomplete or inaccurate information when applying for a TD credit card.

You can apply for the TD Cash Secured Credit Card online, and if you're conditionally approved, you'll get instructions to open and fund a TD Simple Savings account as your security deposit.

To secure your card, you'll need a minimum of $300 in your savings account, which can be funded from another TD Bank account, your debit card, or an external account.

You can choose your credit limit, which will be equal to your security deposit, ranging from $300 to $5,000, subject to credit approval.

Here's a breakdown of the credit limit options:

If you use and maintain your card responsibly, you may be eligible to graduate to an unsecured TD Bank Credit Card, but this decision is based on your overall credit management.