Best credit cards to build credit9/21/2023 Cardholders also earn unlimited 1% cash back on all other purchases automatically. With the Discover it® Secured Credit Card, you can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, then 1%. There are no rewards or benefits that come with the Capital One Platinum Secured card, whereas other options, like the Discover it® Secured Credit Card, deliver value that's comparable to popular cash back rewards cards. While you can apply for this card without any credit history, there is no clear timeline for when consumers will become eligible for an unsecured credit card. The Capital One Platinum Secured Credit Card makes building better credit accessible, but you can't be in a rush. Report your responsible credit use to credit bureaus For this reason, plus the possibility of only having to deposit $49, the Capital One Secured card is one of CNBC Select's picks for best credit cards for building credit. According to Capital One's website, your deposit amount is determined by your application and could be either $49, $99 or $200 - and any of these will qualify you for an initial $200 credit limit.Īs with most Capital One cards, after you make your first five consecutive payments on time, you may become eligible for an increased credit limit. But unlike other cards that require you to deposit the exact amount of your credit limit, with a Capital One Platinum Secured Credit Card there is some flexibility on how much a consumer has to put down in order to qualify for a $200 credit limit. The Capital One Secured card comes with a credit limit of $200, with options to increase once you prove to be a borrower who pays bills on time and spends within your means. Typically, secured credit card deposits range from $200 to $2,500. The deposit is fully refundable given your balance is paid off when you close the account. This is done to protect a lending institution when the consumer it's lending to has little history to prove they are a reliable borrower. The limits for secured credit cards are determined by the amount of money a cardholder puts down as a deposit. Traditionally, secured credit cards are for people who have no credit history or need to repair their credit score. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds Small Business +More All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief Best Mortgages for Average Credit Score.Best Loans to Refinance Credit Card Debt.
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