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#Discover foreign transaction fee upgrade
#Discover foreign transaction fee plus

Plus, you can get your deposit back and upgrade to the Capital One Platinum Card with enough on-time payments under your belt. With the Capital One Platinum Secured, you’ll get automatic credit line reviews starting at six months. Both report to each of the three credit bureaus, and offer built-in incentives for practicing good credit habits. If you’re more concerned with credit-building benefits, these cards are largely equal. You’ll earn a minimum of 1% cash back on everything you buy with no annual fee. If you want cash back rewards while you build credit, sign up for the Discover it Secured. What’s more, Discover offers a cashback match welcome bonus, and will double all the rewards you’ve earned so far at the end of your first year.

#Discover foreign transaction fee plus

You’ll earn a minimum 1% back on everything you buy, plus 2% on up to $1,000 in combined spending at gas stations and restaurants each quarter. The Discover it Secured is the clear winner when it comes to rewards. However, the Capital One Platinum Secured can make building credit easier when money is tight and you need to limit upfront costs. If you have the cash either way, this factor may not play a role in your decision between these two cards. With either card, you’ll get a $200 starting credit limit by paying the minimum, but you can increase your limit with a higher deposit. The Discover it Secured card, on the other hand, requires a minimum deposit of $200 to get started. Based on the information in 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. Between these two secured cards, the Capital One Platinum offers a potentially lower cash commitment upfront.

This security deposit helps issuers protect themselves against potential defaults, which is why secured cards are often more accessible to people with bad credit or no credit history than other credit cards.īut that means a secured card requires more cash liquidity than you might need to open another credit card - often hundreds of dollars. Secured credit cards require an upfront cash deposit as collateral, which is used to “secure” your line of credit.

Automatic credit line reviews in as little as seven months.

Automatic credit line reviews in as little as six months.

Here’s what else you need to know about these cards to choose the best secured option for you: Side-by-Side ComparisonĮarn 2% cash back on up to $1,000 in combined spending at gas stations and restaurants each quarter (then 1% back) and 1% back on all other spending.ĭiscover will also double all your rewards earned at the end of your first year. But the Discover it Secured offers rewards on everything you buy, whereas the Capital One Platinum Secured Card does not. Capital One Platinum Secured Card does come with a lower minimum deposit requirement to get started, which can make it a better option for building credit when cash is tight. However, there are a few differences to consider. Neither one charges an annual fee, and both offer the option to prequalify without any impact to your credit score, which is a major plus. Both card issuers also report your balances and payments to the three credit bureaus, so they help you build credit as you make purchases and pay your bill. They’re both secured, so they require a cash deposit as collateral to get started.

Outside of rewards potential, these two cards are very similar. The choice between the Capital One Platinum Secured Card and the Discover it Secured is simple: Choose the Discover it Secured if you want to earn rewards as you spend.