Need to build better credit with a secured credit card? CNBC Select breaks down the rewards, benefits and fees associated with the Capital One Secured to help you decide if it’s right for you. Terms apply.
. With the Discover it Secured Card, you can earn 2% cash back at gas stations and restaurants ; unlimited 1% cash back on all other purchases. There's also a clear timeline for when you can upgrade to an unsecured card: Discover automatically reviews your credit card account monthly, starting at eight months, to see if your security deposit can be returned.because you can potentially qualify for a $200 limit with only a $49 deposit.
We compared each card on a range of features, including: annual fee, minimum security deposit, credit limit, rewards program, introductory and standard APR, welcome bonuses and foreign transaction fees, as well as factors such as required credit score and customer reviews when available. We also took into account how easy it is to upgrade the card from secured to unsecured and how quickly you can get your security deposit back.
Because it's unusual for secured credit cards to have robust rewards programs, we did not analyze how many rewards points you can earn in the first year. For cardholders who are looking to rebuild credit, it's more important to practice good credit card habits — spending within your means, paying your balance on time and in full — than try to optimize your points balance.
Information about the Capital One® Secured Mastercard® has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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