Discover secured card vs cap 1 secured card

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badger83
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Discover secured card vs cap 1 secured card

Postby badger83 » Wed Dec 21, 2016 10:14 am

Hi all,

A friend the other night was talking about building her credit and how she was trying to decide between the Capital One Secure card and Discover's secured card. To me, Discover "feels" better than Capital One. But does anyone have any experience with either/both those lenders to offer? Or which one might be easier to get? I'm not super familiar with secured cards and my assumption was that it didn't really matter what kind of secured card you start out with.

Her credit is in the low 600s, btw, and she got rejected for Chase Freedom recently.

Thanks!


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CarefulBuilder14
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Re: Discover secured card vs cap 1 secured card

Postby CarefulBuilder14 » Wed Dec 21, 2016 10:39 am

badger83 wrote:Hi all,

A friend the other night was talking about building her credit and how she was trying to decide between the Capital One Secure card and Discover's secured card. To me, Discover "feels" better than Capital One. But does anyone have any experience with either/both those lenders to offer? Or which one might be easier to get? I'm not super familiar with secured cards and my assumption was that it didn't really matter what kind of secured card you start out with.

Her credit is in the low 600s, btw, and she got rejected for Chase Freedom recently.

Thanks!

I have experience with an always-unsecured Discover.

Capital One is probably a bit easier to get, but Discover is worth a try.

Discover has good customer service, rewards while it's secured, and the rewards are still occasionally nice with all the great cards I have. Both can unsecure, but Capital One doesn't unsecure into anything I'd want. The only good thing they offer is the bonus on Venture.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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PhillyPhoto
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Re: Discover secured card vs cap 1 secured card

Postby PhillyPhoto » Wed Dec 21, 2016 1:59 pm

I would lean towards Discover for the customer service and rewards like CB said. The only thing that might sway me to CO is they would be a Visa/MC which has wider acceptance.
Main Cards:
Amex: Ameriprise Plat, Surpass
Chase: Hyatt

Sock drawer Cards:
Amex: HHonors
Chase: Amazon Rewards, Freedom
Citi: Macy's Amex, Simplicity, ThankYou
Citizens Bank: Cash Back Plus World
Discover: it
Elan: Bank Rewards
Synchrony: PayPal

755 Eq (12/16)|748 TU (12/16)|726 Ex (1/17)

Tubpbs
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Re: Discover secured card vs cap 1 secured card

Postby Tubpbs » Wed Dec 21, 2016 9:14 pm

PhillyPhoto wrote:I would lean towards Discover for the customer service and rewards like CB said. The only thing that might sway me to CO is they would be a Visa/MC which has wider acceptance.


If the purpose is credit building - Cap1 may be the better choice as it will be easier to get. Rewards and acceptance shouldn't really be a concern. They do nothing to build credit.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

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CarefulBuilder14
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Re: Discover secured card vs cap 1 secured card

Postby CarefulBuilder14 » Wed Dec 21, 2016 10:29 pm

Tubpbs wrote:
PhillyPhoto wrote:I would lean towards Discover for the customer service and rewards like CB said. The only thing that might sway me to CO is they would be a Visa/MC which has wider acceptance.


If the purpose is credit building - Cap1 may be the better choice as it will be easier to get. Rewards and acceptance shouldn't really be a concern. They do nothing to build credit.

But she should still app for Discover first, on the chance that she can have one card serve two purposes. She can simultaneously rebuild and get history with a potentially great long-term card.

Wasted inquiries fall off after two years, but accounts that are old and useful have value far beyond that.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

badger83
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Re: Discover secured card vs cap 1 secured card

Postby badger83 » Fri Dec 23, 2016 9:32 pm

Thanks all. I hadn't considered the fact that, when she's done with the secured card, it's probably better to have Discover because, once they refund your security deposit, you basically have a regular Discover reward card.



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