For those with bad credit or limited credit history, opening a secured credit card can be a good option for building credit. 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 best secured cards for 2022 are the OpenSky® Secured Visa® Credit Card and the Capital One Platinum Secured Credit Card. However, it’s important to compare the details of each card 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 21.89% (variable) 29.99% (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 build credit rather than earn rewards. However, once your credit is in a good spot, you’ll have the flexibility to apply for an unsecured card 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 credit limits 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 how much you deposit 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 29.99 percent. It has no foreign transaction fees, but you will have to pay a 3 percent fee (minimum $3) for any cash advances, as well as a $40 penalty fee for any late payments.

In comparison, the OpenSky Secured Visa card will cost $35 annually. However, the variable APR for this card is much lower than its competitors at 21.89 percent. Furthermore, there is a 3 percent foreign transaction fee 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 good option to consider. 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 are geared toward this. Notably, there’s no credit check required when applying, your score is reported to all three major credit bureaus and you can increase your credit limit 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 credit score 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, the Capital One Platinum Secured is a solid choice.

Additional benefits

Unlike most secured cards, the Capital One Platinum Secured comes with a long list of benefits. 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 poor credit or no credit history, there is no recommended credit score for approval.

The bottom line

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. 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.