Review of the Indigo® Platinum Mastercard®

The Discover it® Secured (Review) is our top pick when it comes to secured credit cards, because it includes a decent rewards program and has generally favorable terms.

It requires a refundable security deposit of $200-$2,500 once approved, and your credit limit will be equal to your deposit. Discover will review your account activity every eight months. If it finds that you’ve been managing your credit responsibly, not just with this card but in general, it may refund your security deposit while letting you continue to use the account. There is no program to graduate to an unsecured card.

You’ll earn 2% cash back at restaurants and gas stations, on up to $1,000 spent per quarter; an excellent rate for a secured credit card. Discover will also double the rewards you earn for the first year, making it especially rewarding for a card built for poor credit.

However, you’ll only receive a very basic benefits package, even compared to the Indigo Platinum. So you’ll have to decide: Do you want to earn some cash back as you build your credit, or do you want a few extra bells and whistles?

• FICO Credit Scorecard: Check your FICO Score 8 for free whenever you’d like, based on your TransUnion credit report.
• Cash at Checkout: Get cash back when checking out at participating merchants, which will be counted as part of your purchase rather than as a cash advance.
• Social Security number alerts: Discover monitors thousands of risky websites, and will alert you if your SSN is found being used on any of them.
• Balance Transfer APR: 10.99% for 6 months, then 24.49% Variable
• No foreign transaction fee
• Annual fee: $0

• No Annual Fee, earn cash back, and build your credit with responsible use.
• It’s a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can’t help you build a credit history.
• Establish your credit line with your tax return by providing a refundable security deposit of at least $200 after being approved. Bank information must be provided when submitting your deposit.
• Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
• Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
• Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
• INTRO OFFER: We automatically match all the cash back you’ve earned at the end of your first year.
• Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
• Click “APPLY NOW” to see rates, rewards, FICO® Credit Score terms, Cashback Match™ details & other information.

The Capital One® Secured Mastercard® (Review) is a simple secured card without many flashy features. Its main purpose is to help you build up your credit scores.

Like all secured cards, you’ll need to pay a refundable deposit. However, what’s different with the Capital One Secured Mastercard is, depending on your creditworthiness, you’ll be asked to pay either $49, $99, or $200. But no matter what you’re asked to pay, your starting credit limit will be $200.

You can also choose to deposit more if you want a higher credit limit. Up to $1,000 can be deposited, to get a $1,000 credit line. Deposit payments can be made in partial installments, but the full deposit must be made within 80 days of approval.

You’ll get a similar benefits package along with some nice extras, including an easier way to a higher credit line, a price matching perk, and a credit monitoring service. So the Capital One Secured card might provide a simpler way to build credit with some added perks to boot.

• Access a higher credit line: Make your first five monthly payments on time to be given access to a higher credit line, without needing to make another deposit.
• Capital One CreditWise: Cardholders can log in to CreditWise to monitor their VantageScore 3.0 credit scores, based on their TransUnion credit reports.
• Price Protection: Find an eligible item you bought being sold for less, and you can be reimbursed for the difference in price.
• 24-Hour Travel Assistance Services: Includes help finding emergency road services, travel information and advice, and medical or legal referrals.
• Other benefits: Such as Extended Warranties, $100,000 Travel Accident Insurance, and MasterRental Coverage (which provides auto rental collision damage waivers).
• Purchase and Balance Transfer APR: 26.99% Variable
• No foreign transaction fee
• Annual fee: $0

• No annual fee, and all the credit building benefits with responsible card use
• Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
• Access to an authorized bank account is required to make your $49, $99 or $200 refundable security deposit
• Make the minimum required security deposit and you’ll get an initial credit line of $200. Plus, deposit more money before your account opens to get a higher credit line
• Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
• Easily manage your account 24/7 with online access, by phone or using our mobile app
• It’s a credit card accepted at millions of locations worldwide

The Citi^® Secured Mastercard^® (Review) is a basic secured card, similar to the Capital One Secured card above.

It has a fairly high potential credit limit, and requires a refundable security deposit of $200 to $2,500 when approved. Your credit limit will be equal to the amount you deposit.

Keep in mind the Citi Secured does not allow you to deposit more later on in order to increase your credit limit. So be sure what you put down initially (in increments of $100) will be enough to cover your needs. Citi may offer you an upgrade to an unsecured card, potentially the Citi® Diamond Preferred® Card (Review), if you show responsible behavior with this card and credit in general.

This card offers more protections than the Indigo Platinum, and also lets you track your progress as you work to build up your credit.

• Free FICO Credit Score: Check your FICO Score 8 for free, based on your Equifax credit report.
• Purchase Protection: If an eligible item you buy is damaged or stolen, you can be reimbursed up to $1,000 per item, up to $50,000 per year.
• Extended Warranty: Eligible warranties of up to one year can be doubled, up to 24 additional months.
• Citi Identity Theft Solutions: Citi will help if you become a victim of identity theft, with assistance contacting credit bureaus and filing police reports.
• Purchase and Balance Transfer APR: 22.49% (Variable)
• Annual fee: $0

• The Citi^® Secured Mastercard^® is a no annual fee credit card that helps you build your credit when used responsibly.
• Unlike a debit card, it helps build your credit history with monthly reporting to all 3 major credit bureaus. Once available, you will also have free access to your FICO score online.
• Use your card anywhere Mastercard^® is accepted — worldwide.
• A security deposit is required. Once approved, your credit limit will be equal to your security deposit (minimum of $200).
• Get help staying on track with Auto Pay and account alerts.
• With Flexible Payment Due Dates, you can choose any available due date in the beginning, middle or end of the month.
• Manage your account 24/7 online, by phone, or in our mobile app.
• The standard variable APR for Citi Flex Plan is 22.49%. Citi Flex Plan offers are made available at Citi’s discretion.