by Daniel | Last Updated November 26th, 2021
We may earn a commission for purchases using our links, at no cost to you.
Are you interested in getting a credit card but are finding it hard to get approval because you either have bad credit or no credit?
Then a secured credit card might be a good place to start.
They are available to almost anyone who can put down a minimum cash deposit and will provide a way for you to build your credit and eventually upgrade to a more rewarding credit card.
In this article I’m going to review four different Secured Credit Cards:
*The U.S. Bank Cash+ Visa Secured Card
*The Discover it Secured Card
*The Quicksilver Secured Rewards Card
*And finally the Bank of America Customized Cash Rewards Secured Card.
I’ll go over what the cards offer in terms of benefits and user perks, and then I’ll decide which cards are the best.
Who Are These Cards Good For?
Secured credit cards are specifically designed for people that either have no credit or bad credit.
They are relatively easy to get approved for as long as you can meet the minimum cash deposit required.
With all of the cards on this list, you can earn cash back just for using the card, and as long as you keep your account in good standing, you will also start to build your credit score, which will give you the ability to upgrade to a better credit card an also get better rates on borrowed money, whether it be an auto loan or mortgage.
And best of all none of the cards on this list have an annual fee.
Security Deposit Required
Now seeing that all of these cards are secured cards, they all have a minimum cash deposit required to use them, and the amount you deposit will be the credit limit of the card.
And just note that if and when you want to increase your deposit amount, it will depend on different factors such as what your income is, your creditworthiness, and your ability to pay.
| Credit Card | Security Depost Required |
| U.S. Bank Cash+ Visa Secured Card | $300 to $5,000 |
| Discover it Secured Card | $200 to $2,500 (determined by your income and ability to pay) |
| Quicksilver Secured Rewards Card | $200 to $3,000 (Depending on your creditworthiness) |
| Bank of America Customized Cash Rewards Secured Card | $300 to $4,900 (determined by your income and ability to pay) |
APR
So let’s start by comparing the APR for each card.
And starting with the U.S. Bank Cash+ Visa Secured Card, it has a variable APR of 25.99%, and this rate will vary with the market based on the Prime Rate.
The Discover it Secured card has an APR of 22.99% and this rate will vary with the market based on the Prime Rate, and for Cash Advances, it is an APR of 24.99%.
The Capital One Quicksilver Secured Rewards card has a variable APR of 26.99%, which also varies with the market based on what the Prime Rate is.
Its APR for Cash advances is exactly the same at 26.99%.
The Bank of America card has a Variable APR of 23.99%, and for cash advances its APR is 26.99% for Direct Deposit and Check Cash Advances, and 28.99% for Bank Cash Advances.
So when it comes to the APR associated with these cards, the Discover it card has the lowest APR which is 22.99% and the Capital One Quicksilver card has the highest APR which is 26.99%.
So having a lower APR is always a good idea if you can get it, as it means you won’t have to pay as much interest to the bank if you do happen to carry your balance over or get a cash advance.
Earning Cash Back
Next up, let’s go through all of the cards and see how you can earn cash back and which card offers the most value.
And starting with the U.S. Bank Cash+ Visa Secured Card you will earn 5% cash back on the first $2,000 in combined purchases each quarter in two categories that you choose.
Next up you will earn unlimited 2% cash back on eligible purchases from your choice of one everyday category, which can include grocery stores gas stations, and restaurants.
And all other purchases will receive 1% cash back.
Just note, that to receive the 5% or 2% cash back you must enroll each quarter into your chosen categories, otherwise you will only receive 1% cash back.
Now with the Discover it Secured card you will earn 2% cash back at gas stations and restaurants up to a total of $1,000 in combined purchases each quarter.
Next up will earn unlimited 1% cash back on all other purchases.
And finally, you will get ‘Cashback Match’ and with this benefit, Discover will match all of the cash back you have earned over the first 12 months of card ownership and match it.
With the Capital One Quicksilver Secured Rewards card, you will earn unlimited 1.5% cash back on all purchases.
Now with the Bank of America card, you will earn 3% cash back in the category of your choice up to a total of $2,500 per quarter.
And categories include online shopping, Tavel, drug stores, or home improvements.
You will also earn 2% cash back at grocery stores and wholesale clubs. (and this is combined with the 3% cash back spend limit of $2,500 per quarter).
Once you meet the $2,500 spend limit per quarter, all purchases will be limited to 1% cash back until the next quarter.
And finally, you will earn 1% cash back on all other purchases.
So in terms of earning cash back, the U.S. Bank Cash+ Visa Secured Card has the best earning potential.
First of all, it offers 5% cash back on up to $2,000 in purchases each quarter, which is worth up to $100, or $400 annually.
It also offers unlimited 2% cash back on your choice of category for everyday purchases.
Security-related Benefits
So now let’s go over the insurance-related benefits of each card.
Starting with the U.S. Bank Cash+ Visa Secured Card you will get Fraud protection that will detect and notify you if there is any unusual activity on your account.
You will get zero fraud liability which means you won’t be responsible for any unauthorized transactions on your account if you lose your card or it is stolen.
Next up with the Discover it Secured card you will get $0 fraud liability guarantee which means you won’t have to pay for any unauthorized purchases that are made to your card. You will have a benefit called ‘Freeze it” which gives you the ability to either turn on or off your account if you misplace your card or lose it.
And this will prevent any new purchases, cash advances, and balance transfers. And finally, you will have a security option on your account that will notify you if your Social Security Number is found on any Dark Web sites.
With the Capital One Quicksilver Secured Rewards card, you will get $0 fraud liability which means you won’t be responsible for any unauthorized charges to your card if it is lost or stolen.
Next up you will get card lock which gives you the ability to essentially freeze your account if you lose your card or it is stolen.
You will get security alerts if there is any unusual activity on your account.
And finally, there is ‘Emergency card replacement’, so if your card is lost or stolen, Capital One will send you a new card.
Now with the Bank of America card, you will get overdraft protection which helps to prevent any declined purchases, returned checks, or other overdrafts.
Next up you will get ‘Stay Protected’ and with this, Bank of America will notify you and block any unusual patterns on your account that it deems may be fraud.
And finally, you will be covered by a $0 Liability guarantee which means you won’t be liable for any unauthorized purchases that are made to your account as long as you report them promptly.
So for security-related benefits, all of these cards offer similar options.
Personally, I think the Capital One Quicksilver Secured Rewards card has a slight edge over the other cards as it offers emergency card replacement.
Final Thoughts
So what are my thoughts about these secured credit cards?
First of all, I think they all serve a purpose in helping anyone who has had difficulty getting approved for a credit card due to having either no credit or poor credit.
They are all free on an annual basis and all offer cash back rewards.
If you’re looking for the best cash back earnings out of these cards, then the U.S. Bank Cash+ Visa Secured Card is the one to choose.
It has the potential to earn you up to $400 cash back each year, just from its 5% cash back offer. It also has the ability to provide you with the highest credit limit out of these cards, with a $5,000 maximum security deposit.
And finally, if you want a credit card with the lowest APR out of these cards, then the Discover it Secured card is the one to get as it has an APR of 22.99%.