Credit One Bank® Platinum Visa® for Rebuilding Credit vs. Discover it® Secured Credit Card
The Discover it® Secured Credit Card requires a minimum of $200 security deposit to act as your line of credit, but it also has a $0 annual fee. That means it will cost you less to own the Discover it® Secured Credit Card if you plan to keep your account open longer than two years. Plus, the deposit is refundable.
The card works just like an unsecured card, letting you charge and pay off purchases while reporting your credit usage to the three major credit bureaus. Also, Discover conducts automatic reviews of your account at seven months to possibly transition you to an unsecured account.
It also comes with a solid cash back rewards program. You 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 for new cardholders.
Credit One Bank® Platinum Visa® for Rebuilding Credit vs. Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card is another $0 annual fee secured card that offers a unique feature: the potential to pay a very low deposit. Depending on your credit history, you may be approved for a $49, $99 or $200 deposit to secure a $200 credit line.
In as little as six months, Capital One will review your account to consider your for a higher credit line. It also comes with the potential to graduate to an unsecured card and have your deposit refunded. While Capital One doesn’t guarantee a timeline for this, it does have a great line of cards to graduate to.
On the downside, it doesn’t offer a rewards program. However if your goal is to build credit with the possibility of a low security deposit and no annual fee, this is one to look into.