If you are looking for a secured credit card to help increase your credit score, repair your credit, or get started with credit for the first time, there are multiple options available from several different banks. Each card comes with a different set of benefits and fees, so let’s take a look at a couple of good options and how they compare to the OpenSky® Secured Visa® Credit Card from Capital Bank.
OpenSky® Secured Visa® Credit Card vs. Secured Mastercard® from Capital One®*
Although it requires a credit check to get approved, the Secured Mastercard® from Capital One® can quickly be recognized as being less expensive to hold than the OpenSky® Secured Visa® Credit Card. There is a $0 annual fee and there are no foreign transaction fees.
The Capital One® Secured Mastercard® adds benefits like travel accident insurance and extended warranty, along with auto rental collision damage waiver and zero fraud liability.
The Capital One® Secured Mastercard® is one of the few secured credit cards available that will give you a higher credit limit than your initial security deposit. Depending on your credit report and your financial information, you will be required to provide either a $49, $99 or $200 refundable minimum security deposit to get an initial credit limit of $200.
If you provide a higher initial deposit, your credit line will be increased accordingly. Once you have reached the six month mark and made your payments on time, you can be automatically considered for an increased credit line as well.
You can read our full Secured Mastercard® from Capital One® review here.
OpenSky® Secured Visa® Credit Card vs. Citi® Secured Mastercard®*
Like the Capital One® Secured Mastercard® above, the Citi® Secured Mastercard® also doesn’t have an annual fee and that is a big selling point for the card. Similar to the OpenSky® Secured Visa® Credit Card, your credit limit will be equal to your initial deposit.
One nice feature of the Citi® Secured Mastercard® is that you have the ability to pay your bill up until midnight on the day it is due, either online or by phone. Some other banks have cut off times as early as 7 or 8 pm on your due date. This midnight deadline can really help if you are waiting for a paycheck or money from another source to come in and don’t want to make a late payment.
You can read our full Citi® Secured Mastercard® review here.
OpenSky® Secured Visa® Credit Card vs Discover It® Secured*
The Discover It® Secured card takes most of the positive features of all of the cards we have looked at and then adds a rewards program on top of that. With this card, you will get reporting to all three credit bureaus, free monthly FICO scores, and the ability to pay up until midnight on your due date.
Discover takes it a step further by adding cash back rewards to the Discover It® Secured card. When making purchases with the card, you will earn 2% cash back at gas stations and restaurants on up to $1,000 in purchases each quarter. You will also earn unlimited 1% cash back on all other purchases. Finally, as an added bonus, Discover will double all of the cash back that you earn during the first year that you have the card.
Unlike the OpenSky® Secured Visa® Credit Card, it may be a bit tougher to get approved for due to the required credit check. If you can get the Discover It® Secured card, the added benefits certainly make it the most desirable secured credit card that we’ve discussed here.
You can read our full Discover It® Secured card review here.