The Discover it® Secured Credit Card is an excellent tool to rebuild from bad credit, or to start building credit history if you have none. But if you don’t have $200 on hand for the security deposit, there are other cards worth considering: the Capital One Platinum Secured Credit Card, the Capital One Quicksilver Secured Cash Rewards Credit Card and the OpenSky® Secured Visa® Credit Card
Capital One Platinum Secured Credit Card
With the Capital One Platinum Secured Credit Card, Capital One determines your minimum deposit after you apply. It could be $49, $99 or $200, all of which come with a $200 starting credit limit. Because the card allows you to deposit less than your actual credit limit, this card could be the best option for those who aren’t able to put down the $200 the Discover it® Secured Credit Card requires. Just know, you are guaranteed to be approved for the lower deposit amount.
The Capital One Platinum Secured Credit Card comes with a $0 annual fee, but it doesn’t earn cash back rewards like the Discover it® Secured Credit Card. Both cards have relatively high APRs — but the Discover it® Secured Credit Card‘s is lower, which is something to keep in mind if you think you might carry a balance from month to month.
Capital One Quicksilver Secured Cash Rewards Credit Card
The Capital One Quicksilver Secured Cash Rewards Credit Card is similar to the Discover it® Secured Credit Card because it can help build your credit while allowing you to earn rewards. You can earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply). It also has a slightly higher maximum credit limit of $3,000.
While both cards earn cash back, the Discover it® Secured Credit Card earns a higher rate on gas and restaurant purchases — which could make it a better choice if those are your top spending categories. That said, when using a secured card, remember that making payments on time and building your credit is the main goal — not earning cash back.
OpenSky® Secured Visa® Credit Card
The OpenSky® Secured Visa® Credit Card is a unique secured credit card because it doesn’t require a credit check. So when you apply, your credit score won’t be taken into consideration or be impacted. However, this card doesn’t offer cash back rewards, and it has an annual fee of $35. It also requires a security deposit of at least $200.
This card may be a good fit for you if you have poor credit or don’t want your credit score to take another hit from applying for a credit card — or if you’ve been denied from other secured credit cards.