PREMIER Bankcard® Secured Credit Card vs. Capital One Platinum Secured Credit Card
If you’d prefer a secured credit card that doesn’t charge an annual fee and offers the opportunity to pay a lower security deposit, you should look at the Capital One Platinum Secured Credit Card.
The $0 annual fee card requires a refundable security deposit of $49, $99 or $200 for an initial credit line of $200. Note, you have to apply and be approved before your minimum deposit is determined, and you’re not guaranteed to get one of the lower deposits.
Capital One will also automatically consider your account for a higher credit line in as little as six months.
The Capital One Platinum Secured Credit Card does come with a considerably higher interest rate on purchases than the PREMIER Bankcard® Secured Credit Card: If you don’t pay your balance in full each month, you will be assessed interest at an APR of 30.74% (Variable).
PREMIER Bankcard® Secured Credit Card vs. Discover it® Secured Credit Card
The Discover it® Secured Credit Card is one of the best credit cards to build credit. It offers the opportunity to increase your credit limit, graduate to an unsecured credit card and offers rewards — which is rare for a secured credit card.
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, it has a $0 annual fee, while the PREMIER Bankcard® Secured Credit Card has an annual fee. Overall, the Discover it® Secured Credit Card is the better card for building credit because of its lower fees and better benefits.
PREMIER Bankcard® Secured Credit Card vs. PREMIER Bankcard® Mastercard® Credit Card
The PREMIER Bankcard® Mastercard® Credit Card is a credit card for poor credit that doesn’t require a security deposit, unlike the PREMIER Bankcard® Secured Credit Card. It’s designed for people who are trying to improve their credit, rather than people who are new to credit.
This card comes with a very high APR and very expensive setup and maintenance fees (See Provider Website for full Terms & Conditions), based on your credit limit. These fees can amount to more than $100 per year, depending on your credit limit, and the card doesn’t come with rewards or a sign-up bonus. The main benefit to this card is that it can help you build credit if you make your payments on time, but the fees outweigh that.
Between these two cards, the PREMIER Bankcard® Secured Credit Card is likely the better option to build your credit — but you may want to try applying for other secured credit cards first.