Capital One Quicksilver Secured Cash Rewards Credit Card vs. Discover it® Secured Credit Card
If you prefer a secured card that offers a slightly higher cash back rate in popular spending categories and a clearer path to graduating to an unsecured card, the Discover it® Secured Credit Card is a great alternative. Like the Capital One Quicksilver Secured Cash Rewards Credit Card, it doesn’t charge an annual fee, though you will have to put down a $200 to $2,500 deposit.
You’ll earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically. Plus, Discover will match all the cash back you’ve earned at the end of your first year. This means, if you earn $500 cash back during your first year of card membership, that amount will jump to $1,000.
Capital One Quicksilver Secured Cash Rewards Credit Card vs. Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card
is a good option if you want the opportunity to get a higher credit line than your initial deposit. You may qualify for a $200 line of credit with a minimum refundable deposit of just $49, $99 or $200.
That said, you’re not guaranteed to qualify for one of the lower deposit amounts, and you won’t know your minimum deposit amount until after you’ve been approved.
Capital One will automatically begin reviewing your account within as little as six months to see if you’re eligible for a credit line increase. Additionally, after demonstrating responsible card usage over time, you may be upgraded to the unsecured Capital One Platinum Credit Card and get your deposit back.
On the downside, this card doesn’t offer a rewards program, and it comes with a high 30.74% (Variable) APR.
Capital One Quicksilver Secured Cash Rewards Credit Card vs. OpenSky® Secured Visa® Credit Card
If you’re worried that your credit is too bad to be approved for a traditional credit card or even a secured card, the OpenSky® Secured Visa® Credit Card
could be a good fit. That’s because the card doesn’t require a credit check
or bank account for approval.
The downside is that you’ll have to pay a $35 annual fee, plus a security deposit between $200 and $3,000 (subject to approval). You won’t earn rewards, but you’ll get a card with easier approval, and possibly even a higher credit line over time. Based on your payment performance and history with OpenSky, you can be considered for credit line increases in as little as six months — and potentially every three months thereafter.