Key takeaways
- When evaluating the Uncover it® Secured Credit score Card vs. the Capital One Platinum Secured Credit score Card, it comes down as to whether you’ve a restricted price range and want to determine a line of credit score or have a little bit extra cash to spare for a safety deposit and need to earn rewards.
- The Uncover it® Secured Credit score Card options money again rewards, a first-year welcome supply and an introductory APR supply on stability transfers.
- The Capital One Platinum Secured Credit score Card, however, lets you make a minimal safety deposit of $49 and options quite a lot of credit-building instruments (although you will not earn rewards).
In case your aim is to determine or rebuild your credit score, a comparability of the Uncover it® Secured Credit score Card and the Capital One Platinum Secured Credit score Card is value your time. Each playing cards supply noteworthy advantages for being secured bank cards, plus a couple of added perks you gained’t usually discover with comparable playing cards in the marketplace.
A secured bank card requires you to place down a money deposit to determine a line of credit score. In return, you’ve the advantages and conveniences from a bank card and the prospect to enhance your credit score.
Not all secured playing cards are created equal, although. Under, we evaluate the key card particulars and incomes potential of the Capital One Platinum Secured vs. Uncover it® Secured Credit score Card, in addition to spotlight additional info that will help you decide which card is true to your pockets.
Predominant particulars
| Particulars | Uncover it® Secured Credit score Card | Capital One Platinum Secured |
|---|---|---|
| Welcome bonus supply | Uncover will match all of the money again you’ve earned on the finish of your first 12 months. | None |
| Rewards charge |
|
None |
| Annual price | $0 | $0 |
| Intro APR supply | 10.99% intro APR for six months on stability transfers (3 % intro stability switch price, as much as 5 % price on future stability transfers, see phrases) | None |
| Common APR | 28.24% variable APR | 30.74% variable APR |
| Minimal safety deposit | $200 | $49, $99 or $200 relying on {qualifications} |
Capital One Platinum Secured vs. Uncover it® Secured Credit score Card highlights
Welcome bonus winner
Rewards charge winner
Minimal safety deposit winner
Which card earns probably the most?
As a result of solely the Uncover it® Secured Credit score Card provides rewards, it’ll earn you greater than the Capital One Platinum Secured by default. An instance of what these earnings might appear like per quarter is damaged down beneath:
| Spending classes | Complete spending | Money again earned |
|---|---|---|
| Gasoline station purchases at 2% money again | $400 | $8 |
| Restaurant purchases at 2% money again | $600 | $12 |
| Miscellaneous purchases at 1% money again | $2,000 | $20 |
| Complete per quarter | $3,000 | $40 |
Should you spent $3,000 damaged down this manner, you’d earn $40 in money again per quarter. Yearly, that might equate to $160. With Uncover’s CashBack Match, nonetheless, you’d get to double that quantity — which means you’d earn $320 in money again after your first 12 months of card use.
The Capital One Platinum Secured, however, will earn you $0.
Why you need to get the Capital One Platinum Secured
The Capital One Platinum Secured is value it for these searching for a low safety deposit threshold. The $49 minimal places the cardboard inside attain for extra potential customers, giving them the prospect to start out constructing credit score with a secured card. Paying off the cardboard every month won’t solely make it easier to keep away from substantial rate of interest charges, but in addition provides you a strong likelihood at establishing or rebuilding credit score.
Extra advantages
Some further advantages for the Capital One Platinum Secured embody:
- Computerized credit score line opinions: Capital One robotically reevaluates your account after six months to see if you happen to qualify for a better credit score restrict. Plus, if you happen to use your card responsibly by making on-time funds, you may earn again your safety deposit as a press release credit score.
- Customized cost choices: You may decide your individual bank card cost due date, making it simpler to suit your price range.
- Credit score rating alerts: You may hold observe of your credit score rating by means of CreditWise from Capital One — an advantageous perk for these making an attempt to enhance their credit score scores.
- Journey advantages: The cardboard doesn’t cost overseas transaction charges, and you may get emergency card alternative providers in case your card is ever misplaced or stolen.
Redemption choices
Presently, the Capital One Platinum Secured doesn’t have any rewards program in place for redemption alternatives.
Beneficial credit score rating
It could be attainable to get authorized for the Capital One Platinum Secured if in case you have no credit score historical past or in case your FICO credit score rating is lower than 600.
Why you need to get the Uncover it® Secured Credit score Card
The Uncover it® Secured Credit score Card is well value it because of its welcome bonus and money again rewards program. It’s a robust secured possibility for somebody who needs to check their obligations, enhance their credit score profile and finally transfer on to an unsecured card as quickly as attainable. The secret’s to pay the stability off every month to keep away from excessive rate of interest fees.
Extra advantages
The Uncover it® Secured Credit score Card additionally offers perks and advantages like:
- Computerized account opinions: Computerized opinions beginning at 7 months to see if Uncover can transition you to an unsecured line of credit score and return your deposit. That is splendid for individuals who need to construct a stronger credit score profile by including an unsecured bank card with a better credit score restrict.
- FICO rating entry at no cost: Customers obtain free entry to their FICO credit score rating by means of the Uncover app. This makes it each straightforward and handy for these monitoring their scores carefully.
- Card freeze: The Freeze it® function permits customers to immediately flip their card utilization off or on if their card has gone lacking or is stolen.
- Journey advantages: Just like the Capital One Platinum Secured, the Uncover it® Secured Credit score Card additionally fees no overseas transaction charges. Cardholders can even count on a free alternative card from Uncover inside 6 enterprise days if their card is misplaced or stolen.
Redemption
Should you earn any money again, you’ve the choice to redeem at any time. There is no such thing as a minimal redemption quantity or an expiration date on rewards both.
Beneficial credit score rating
Just like the Capital One Platinum Secured, the Uncover it® Secured Credit score Card could also be finest for these with no credit score historical past or these with a FICO credit score rating that’s lower than 670.
The underside line
The Capital One Platinum Secured is a superb selection for somebody who has a restricted price range for establishing a secured line of credit score, since solely $49 is required for individuals who qualify. And it’s a Mastercard, which is accepted nearly in every single place on this planet.
In the meantime, the Uncover it® Secured Credit score Card provides a powerful welcome bonus the place your money again rewards are matched on the finish of your first 12 months with the cardboard. Having a money again rewards program tied to a secured bank card is uncommon, and if you happen to envision utilizing your card for a number of functions and pays the stability in full every month, the money again may very well be an attractive perk. Be mindful, although, it would price a minimal of $200 to determine a credit score line with this card.
Earlier than you apply, be sure you evaluate Bankrate’s present listing of the most effective secured bank cards. Should you’re secured bank cards since you assume that your credit score rating is just too low for a extra conventional card, think about additionally trying out our listing of the most effective playing cards for these with spotty credit. By researching the playing cards on these lists and evaluating your choices, you’ll be able to ensure you’ve discovered the one which most accurately fits your wants.
