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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: On This Page
LEREXIS/Getty Images September 14, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Erin pairs personal experience with research and is passionate about sharing credit card information and personal finance advice with others. Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. As an editor, her goal is to produce content that will help people to make informed financial decisions. Brady Porche is an editorial director for Bankrate Credit Cards and CreditCards.com. He has two decades of professional experience as a writer and editor. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. For those with or limited credit history, opening a can be a . It’s generally easier to be approved for a secured card than a standard credit card, and a secured card can help improve your credit quickly so you can eventually apply for a card with more long-term value. Two of the for 2022 are the OpenSky Secured Visa Credit Card and the Capital One Platinum Secured Credit Card. However, it’s important to before you apply to determine which one will be the better option. Main details
Cards OpenSky Secured Visa Credit Card Capital One Platinum Secured Credit Card Welcome bonus N/A N/A Rewards rate N/A N/A Annual fee $35 $0 Intro APR N/A N/A Regular APR 20.39% (variable) 28.49% (variable) OpenSky Secured Visa vs Capital One Platinum Secured highlights
Note that neither of these cards offers a rewards program or welcome bonus. Each card is designed to help you rather than earn rewards. However, once your credit is in a good spot, you’ll have the flexibility to that offers rewards and other benefits. Annual fee winner Capital One Platinum Secured
The Capital One Platinum Secured card has no annual fee, while the OpenSky Secured Visa Credit Card charges $35 per year. Credit limit winner OpenSky Secured Visa
As far as are concerned, the OpenSky Secured Visa is a better choice. It features a limit of up to $3,000 (as low as $200 to start), while the Capital One Platinum Secured card has a starting limit of only $200. You can raise the Capital One Platinum Secured’s initial credit limit with a higher deposit, but the maximum is $1,000. However, the Capital One Platinum Secured card comes with an impressive credit limit benefit. With most secured cards, your credit limit depends on into your account. With this card, the minimum security deposit amount will be either $49, $99 or $200 to receive a $200 line of credit, making it a good option for cardholders unable to put a lot of cash into a security deposit upfront. Rates and fees winner Capital One Platinum Secured
The Capital One Platinum Secured credit card has no annual fee and an ongoing variable APR of 28.49 percent. It has no foreign transaction fees, but you will have to pay a 3 percent fee (minimum $10) for any , as well as a $40 penalty fee for any late payments. In comparison, the OpenSky Secured Visa card will . However, the variable APR for this card is much lower than its competitors at 20.39 percent. Furthermore, there is a 3 percent and a 5 percent cash advance fee (minimum $6), both of which are higher than the fees associated with the Capital One Platinum Secured credit card. Why should you get the OpenSky Secured Visa
If you’re looking for a secured card with a higher-than-average credit limit, the OpenSky Secured Visa is a . Just keep in mind that you’ll have to put down an initial deposit and pay an annual fee. Additional benefits
Since secured cards are typically used to build or improve credit, it’s no surprise that the OpenSky Secured Visa card’s benefits . Notably, there’s no credit check required when applying, your score is reported to all and you can at any time (by depositing more money into your account). Plus, you’ll also have access to Visa perks like $0 fraud liability and 24/7 pay-per-use roadside dispatch. Recommended credit score
Applying for the OpenSky Secured Visa requires no credit check, so it doesn’t matter what your is. With this card, you’ll put down a refundable deposit between $200 and $3,000 to serve as your credit limit, effectively reducing risk to the lender. Why should you get the Capital One Platinum Secured
If you are eager to start building credit but don’t have the cash to front a hefty security deposit, . Additional benefits
Unlike most secured cards, the Capital One Platinum Secured comes with a . With this card, you’ll receive free credit alerts through CreditWise from Capital One, which will notify you of any changes on your TransUnion credit report. This helps you keep track of where your credit stands as you’re working to improve it. Plus, Capital One will evaluate your account after six months, so if you have maintained good credit habits you may qualify for a higher credit limit or receive your security deposit back (in the form of a statement credit). Other perks associated with this card include emergency card replacement, the ability to pick your own payment due date and extended warranty coverage. Recommended credit score
Since this card is geared toward those with or , there is no recommended credit score for approval. The bottom line
The and the are two of the best options on the market for consumers looking to open a secured credit card. The downside is that neither card offers a welcome bonus or rewards rate. However, they both serve as useful tools to build credit, which can help once you decide to apply for a credit card with rewards and long-term value down the line. SHARE: Erin pairs personal experience with research and is passionate about sharing credit card information and personal finance advice with others. Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. As an editor, her goal is to produce content that will help people to make informed financial decisions. Brady Porche is an editorial director for Bankrate Credit Cards and CreditCards.com. He has two decades of professional experience as a writer and editor.