Credit Cards

Capital One Platinum Card vs. Discover it Secured: which one to choose

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The Capital One Platinum Secured Card and the Discover it® Secured Credit Card are two of the best secured credit cards on the market today.

Neither charges an annual fee and both offer the option to pre-qualify with no impact on your credit score, which is a huge plus.

However, there are some differences to consider. The Capital One Platinum Secured Card comes with a lower minimum deposit requirement to start, which can make it a better option for building credit when cash is tight. But Discover it Secured offers rewards on everything you buy, while the Capital One Platinum Secured Card doesn’t.

Here’s what you need to know about these cards to choose the best secure option for you:

side by side comparison

Capital One Platinum Secured Card Find out for sure
Minimum deposit $49, $99 or $200 $200
APR 26.99% variable APR 22.99% variable APR
rewards None Earn 2% cash back on up to $1,000 in combined gas and restaurant spending each quarter (then 1% back) and 1% back on all other spending.

Discover will also double all rewards earned at the end of your first year.

Other benefits • Reports to the three credit bureaus

• Automatic credit line reviews in as little as six months

• Flexible expiration dates

• No fees for foreign transactions

• Reports to the three credit bureaus

• Automatic line of credit reviews in as little as seven months

• No fees for foreign transactions

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Security Deposit Comparison

Secured credit cards require an advance cash deposit as collateral, which is used to “secure” your line of credit. This security deposit helps issuers protect themselves against potential defaults, which is why secured cards are often more affordable for people with bad credit or no credit history than other credit cards.

But that means a secured card requires more cash liquidity than you might need to open another credit card, often hundreds of dollars. Between these two secured cards, Capital One Platinum offers a potentially lower cash commitment up front. Depending on the information on your application, you may be able to open a card with a $200 credit limit with a deposit equal to that amount, or you may qualify for a lower deposit of just $49 or $99 to access the same $200 limit.

The Discover it Secured card, on the other hand, requires a minimum deposit of $200 to get started. With either card, you’ll get an initial credit limit of $200 by paying the minimum, but you can increase your limit with a higher deposit.

If you have the cash anyway, this factor may not play a role in your decision between these two cards. However, Capital One Platinum Secured can make it easier to build credit when money is tight and you need to limit start-up costs.

Comparison of rewards and benefits

Discover it Secured is the clear winner when it comes to rewards. You’ll earn a minimum of 1% on everything you buy, plus 2% on up to $1,000 in combined gas and restaurant spending each quarter. Plus, Discover offers a cash-back welcome bonus and will double all the rewards you’ve earned so far at the end of your first year.

pro tip

If you want cash back rewards while you build credit, sign up for Discover it Secured. You’ll earn a minimum of 1% cash back on everything you buy with no annual fee.

If you’re more concerned with credit-building benefits, these cards are largely the same. Both report to each of the three credit bureaus and offer built-in incentives to practice good credit habits.

With Capital One Platinum Secured, you’ll get automatic credit line reviews starting at six months. Plus, you can get your deposit back and upgrade to the Capital One Platinum card with enough on-time payments under your belt. And with Discover it Secured, automatic reviews of your credit limit start after seven months. If you qualify with responsible credit use, you may be able to convert to an unsecured card and get your deposit back.

APR

Capital One Platinum Secured charges a variable APR of 26.99%, and Discover it Secured comes with a variable APR of 22.99%.

Neither card offers an introductory APR for purchases, but that’s pretty standard among secured credit cards. And while it’s not the best balance transfer deal available, Discover it Secured offers a 10.99% introductory rate on balance transfers for six months from the date of the transfer, as long as the transfer posts to your account. account before April 10, 2022.

Rate

Both the Capital One Platinum Secured Card and Discover it Secured card have no annual fee or foreign transaction fees.

Although only Discover it Secured offers any type of balance transfer offer, they also charge the same 3% balance transfer fee. However, Discover it Secured only charges 3% for balances transferred through April 10, 2022. After that, the balance transfer fee goes up to 5%.

If you make a late payment, you may incur a fee of up to $40 with either card.

More information external link icon

Capital One Platinum Secured Credit Card

Editor’s Score: (3.5/5)

Editor’s Score: (3.5/5)

minimum deposit: 5.0

maximum credit line: 2.5

rewards and benefits: 3.0

credit building tools: 3.5

automatic issuer verification: 4.0

April in progress: 2.0

other penalty fees: 3.5

Last updated January 25, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:

    N/A

  • Annual quota:

    $0

  • ordinary APR:

    26.99% (changeable)

  • Recommended Credit:

    (No Credit History)

  • More informationexternal link icon On our partner’s secure site

More information external link icon Discover it® Secured Credit Card

Discover it® Secured Credit Card

Editor’s Score: (3.7/5)

Editor’s Score: (3.7/5)

minimum deposit: 4.0

credit line maximum: 3.0

rewards and benefits: 5.0

credit building tools: 3.0

automatic issuer verification: 4.0

April in progress: 3.0

other penalty fees: 3.5

Last updated January 25, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory Offer:
  • Annual quota:

    $0

  • ordinary APR:

    22.99% variable

  • Recommended Credit:

    (No Credit History)

More information external link icon Petal® 1

Visa® Petal® Credit Card 1 “No Annual Fee”

Editor’s Score: (3.3/5)

Editor’s Score: (3.3/5)

annual fee: 5.0

prequalification: 5.0

rewards and benefits: 2.5

credit building incentives: 3.0

automatic issuer verification: 3.5

annual percentage rate: 2.0

other fines for charges: 3.0

Last updated January 25, 2022

All reviews are prepared by NextAdvisor staff. The opinions expressed therein are solely those of the reviewer. Information, including card rates and fees, presented in the review is accurate as of the review date.

  • Introductory offer:

    N/A

  • Annual quota:

    $0

  • ordinary APR:

    19.99% – 29.49% (variable)

  • Recommended Credit:

    (No Credit History)

  • Apply nowexternal link icon On WebBank’s secure site

Deciding between Capital One Platinum Secured and Discover it Secured

Editorial Independence

As with all of our credit card reviews, our analysis is not influenced by any association or advertising relationship.

Secured credit cards are a great way to build credit and improve your score, so you may qualify for more valuable rewards cards and better terms on other financial products in the future. Both the Capital One Platinum Secured and Discover it Secured cards are great options for building credit, especially since they both offer a built-in path to higher credit limits, which can help you build credit by lowering your credit usage, and the option to upgrade to an unsecured card.

But thanks to its rewards option and first-year bonus, Discover it Secured is the best option for most people. Not only can you earn rewards as you build credit, but you can also practice good habits that will help you maximize your spending and maintain a great score in the future.

That said, Capital One Platinum Secured may be a better option for you if you want to avoid a high minimum deposit requirement. But before you apply, don’t forget to review all of the cards available to build better credit, including unsecured credit-building cards that don’t require any up-front deposits.

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