Credit One Bank Platinum Visa vs. Discover it® Secured Credit Card
Discover’s Cashback Match™ policy and the rewards structure for the Discover it® Student Chrome extend to the Discover it® Secured Credit Card. You’ll earn 2 percent cash back (up to $1,000 in combined purchases per quarter, then 1 percent) on gas station and restaurant purchases each quarter, along with 1 percent back on all other purchases. This rewards rate is one of, if not the best on the market for a secured credit card.
We also can’t forget that Discover matches your first year’s cash back at the end of the first year, so any cash back you earn with the Discover it® Secured Credit Card will essentially double at the end of your first year. Welcome offers are a rarity for credit-building cards, so this one from Discover is especially noteworthy. Your initial security deposit also acts as your credit line, so it’s best to lean as close as you comfortably can toward the maximum $2,500 deposit. The higher your security deposit, the more wiggle room you’ll have between your balance and spending limit. That could help you establish a fantastic credit utilization ratio and improve your chances of graduating to an unsecured line of credit at Discover’s seven-month review.
If you're dead set on getting your hands on an unsecured credit building card or the upfront cost of a security deposit is too much, then you might consider the Credit One Platinum Visa over the Discover it® Secured Credit Card. However, if you can stomach the cost of a security deposit, the Discover it® Secured Credit Card is much more rewarding on almost every front.
Credit One Bank Platinum Visa vs. Mission Lane Visa® Credit Card
The Mission Lane Visa® Credit Card levels the playing field a bit more with the Credit One Bank Platinum. Both of these credit cards for fair credit pose an annual fee, and the Credit One Bank Platinum actually wins out slightly by offering rewards. Both cards are also accessible for people with fair credit and provide the opportunity to build up your score over time.
Where the Mission Lane Visa starts to pull ahead comes in how clear the card’s terms are compared to the Credit One Bank Platinum. With the Mission Lane Visa, depending on your credit score, you could have anywhere from no annual fee at all to one up to $59. The low end of the Mission Lane Visa’s ongoing APR is also a bit more forgiving, though high APRs are common among most credit-building cards. The Mission Lane Visa is also unsecured, so you won’t have to front the cost of a security deposit like you would with the Discover it® Secured Credit Card. The other main draw for the Mission Lane Visa is that the card’s terms clearly outline an incentive for building responsible credit habits. Once you make card payments on time for seven months, your Mission Lane card could be eligible for a credit line increase at no additional cost.
If you want a more straightforward credit-building card that’s still unsecured, the Mission Lane Visa is the more obvious choice here. However, if you still want a shot at earning some modest rewards, you may take a closer look at the Credit One Bank Platinum.