For people with poor credit or limited credit history, opening a secured credit card is a good option for building credit. Secured cards are generally easier to get approved for than standard credit cards, and a secured card can help you improve your credit quickly, ultimately allowing you to apply for a card with more long-term value.
Two of the best secured cards for 2024 are the OpenSky® Secured Visa® Credit Card and the Capital One Platinum Secured Credit Card, but it’s important to compare the details of each card before applying to determine which is the better option.
Key details
| card | OpenSky® Secure Visa® Credit Card | Capital One Platinum Secured Credit Card |
|---|---|---|
| Welcome Bonus | N/A | N/A |
| Reward Rate | Up to 10% cash back at participating stores | N/A |
| Annual Fee | $35 | $0 |
| Getting Started APR | N/A | N/A |
| Normal APR | 25.64% (variable) | 29.99% (variable) |
| Minimum Deposit | $200 | $49, $99, or $200 depending on your credit score |
| Maximum Credit Limit | $3,000 | $1,000 |
OpenSky Secured Visa and Capital One Platinum Secured Highlights
While both cards are primarily designed to build credit, they each offer different perks and benefits. Here we compare these cards in some of the most important categories.
Welcome Bonus Winners
Minimum deposit winner
Maximum credit limit earner
Why should I get an OpenSky Secured Visa?
If you’re looking for a secured card with a higher-than-average credit limit, you may want to consider the OpenSky Secured Visa, but keep in mind that you’ll need to make a down payment and pay an annual fee.
Additional Benefits
Secured cards are typically used to build or improve credit, so it’s no surprise that the OpenSky Secured Visa Card’s perks are geared towards this: Notably, no credit check is required when you apply, your score is reported to all three major credit bureaus, you can increase your credit limit at any time (by putting more money into your account), and you also get Visa perks like $0 fraud liability and 24/7 pay-as-you-go roadside dispatch.
Recommended Credit Score
No credit check is required to apply for the OpenSky Secured Visa, so your credit score isn’t relevant. With this card, you pay a refundable deposit of between $200 and $3,000, which acts as a credit limit, effectively reducing the lender’s risk.
Why should I get Capital One Platinum Secured?
If you want to start building credit but don’t have the cash to put down a big deposit up front, Capital One Platinum Secured is a solid option.
Additional Benefits
Unlike most secured cards, Capital One Platinum Secured comes with a lot of perks. With this card, you’ll receive free credit alerts through Capital One’s CreditWise, which will notify you of any changes to your Experian or TransUnion credit reports, so you can stay on top of your credit situation and work to improve it. Plus, Capital One will evaluate your account after six months. If you maintain good credit habits, you could qualify for a credit limit increase or even a refund of your security deposit (in the form of a statement credit).
Other perks associated with this card include emergency card replacement, the ability to choose your own payment due date, and extended warranty coverage.
Recommended Credit Score
Since this card is aimed at people with poor credit or no credit history, there is no recommended credit score for approval.
Conclusion
The OpenSky Secured Visa Credit Card and the Capital One Platinum Secured Credit Card are two of the best options on the market for consumers looking to open a secured credit card. While neither card offers a welcome bonus or particularly impressive rewards options, they both act as useful tools for building credit, which can come in handy when you decide to apply for a credit card that offers better rewards and long-term value in the future.
