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The best rewards programs are often reserved for top tier credit cards that sometimes require "excellent" credit ratings. If you are in the process of building or rebuilding your credit with a secured credit card, there are very few available that offer any kind of reward for using the card. (See also: Best Secured Cards that Offer Travel Rewards)
To get the most value out of any rewards card, you should pay your balances in full each month rather than carry them from one month to the next, in order to avoid paying interest. Secured credit cards, especially, carry higher than normal annual percentage rates, which can cancel out any rewards earned with your card.
Here are the best secured cards with rewards, which not only allow you to build a good credit rating, but provide either points, miles, or cash back for your purchases. (See also: 5 Best Secured Cards)
U.S. Bank offers several secured cards with travel rewards. The AeroMexico Visa Secured Card offers double miles on gas and groceries, and one mile on other purchases. Get 3,500 bonus miles when you use your card the first time and get a $99 companion certificate every year. Miles can be redeemed for flights on AeroMexico or with SkyTeam member airlines such as Delta, Air France, and Korean Air.
The SunTrust Secured Credit Card with Cash Rewards awards 2% cash back on gas and grocery store purchases up to the first $6,000 spent per year, and 1% cash back on all other purchases. You can earn an unlimited amount of cash back in the 1% category and the 2% category resets each calendar year. Cash rewards do not expire and can be redeemed at $25 for either a statement credit or check.
An additional perk of the SunTrust card's rewards program is if you elect to have your cash back deposited into a SunTrust checking, savings, or money market account, you receive an additional 10% cash back on your rewards.
The SDFCU Savings Secured Visa Platinum awards one point for every dollar spent with the card, plus opportunities to earn extra points when you pay bills through Bill Pay or make purchases through the Perks Points Mall. The points earned with the card can be redeemed in various ways including gift cards, merchandise, and travel. For example, you can redeem 12,500 points for a $100 gift card with popular retailers.
The Navy Federal Credit Union nRewards® Secured Card awards one point for each dollar spent with the card. You can redeem your points at a minimum of 5,000 points, for travel certificates, gift cards, and merchandise. For instance, a $75 Navy Federal Visa Awards card is available for 7,500 points. You can earn an unlimited number of points with the Navy FCU nRewards Secured Card, but points expire in four years.