Credit Cards » Compare Credit Cards » Chime Credit Builder Secured Visa vs Discover it Secured: How They Compare?
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Chime Credit Builder Secured Visa vs Discover it Secured: How They Compare?

Chime wins when it comes to no credit check and no foreign transaction fees, but Discover it Secured is our winner due to rewards and bonus
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: January 1, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Discover it Secured and Chime Credit Builder Secured Visa are both secured credit cards designed to help individuals build or rebuild their credit. However, they have distinct features that may appeal to different preferences and financial goals.

General Comparison

Discover it Secured stands out with its cash back rewards, providing a unique incentive for responsible credit use. Users earn cash back on their purchases, making it a more rewarding option for those looking to improve their credit while enjoying some benefits.

Additionally, Discover it Secured offers the potential to transition to an unsecured card and get the initial deposit back after seven months of responsible use, adding an extra layer of financial flexibility.

On the other hand, Chime Credit Builder Secured Visa focuses on simplicity and financial inclusion. Chime emphasizes a no-fee structure, with no annual fees or interest charges. Chime's Credit Builder also includes features like early direct deposit and round-up savings, which can help users manage their finances more effectively.

To apply for Credit Builder, you need a Chime checking account and qualifying direct deposits of $200 or more. The Credit Builder functions as a secured credit card, where the amount you move into the secured account determines your spending limit. Notably, Credit Builder lacks a pre-set credit limit, offering flexibility as your spending limit aligns with the money you deposit into the secured account.

Here's a side-by-side comparison of the card's main features:

chime card

Discover It Secured review

Chime Credit Builder Secured Visa
Discover it Secured
Annual Fee
$0
$0
Rewards
None
2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and unlimited 1% cash back on all other purchases
Welcome bonus
None
Discover automatically matches the cash back you've earned at the end of your first year, no limits
Credit Limit
Depends on how much you move from your Chime Checking Account
$200 – $2,500
Foreign Transaction Fee
0%
3%
Purchase APR
N/A
27.74% (Variable)
Read Review
Read Review
Offers From Our Partners

milestone card art

Annual Fee:
$175 the first year; $49 thereafter
APR:
35.90%

upgrade cash rewards

Rewards Plan:
1.5% 1.5% cash back on payments
Welcome Bonus:
$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

upgrade cash rewards

Rewards Plan:
1.5% 1.5% cash back on payments
Welcome Bonus:
$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.

milestone card art

Annual Fee:
$175 the first year; $49 thereafter
APR:
35.90%
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Compare Extra Perks & Credit Building Features

Both cards also offers features and benefits for cardholders, primarily those who are looking to build their credit:

Chime Credit Builder Secured Visa

chime card

  • No Annual Fee or Interest: Chime Credit Builder comes with no annual fees or interest charges, making it a cost-effective option for users.

  • No Credit Check: Applying for Chime Credit Builder doesn't involve a credit check, providing accessibility to individuals with various credit backgrounds.

  • No Minimum Security Deposit: Unlike many secured credit cards, Chime Credit Builder doesn't require a minimum security deposit, offering flexibility for users.

  • Reports to All 3 Credit Bureaus: Chime Credit Builder reports to all three major credit bureaus, aiding in the establishment and improvement of credit over time.

  • No Credit Utilization Reporting: With Chime's unique account design, there's no pre-set credit limit, and credit utilization isn't reported to credit bureaus. Users can spend based on their transferred amount without concerns about credit utilization percentages, providing more financial freedom.

  • $0 Fraud Liability: You have the reassurance that you will not be held financially responsible for any unauthorized charges.
Discover it Secured

Discover It Secured review

  • Automatic Reviews: After 7 months, automatic monthly account reviews begin to determine eligibility for an upgrade to an ‘unsecured' card, potentially returning your deposit.
  • Free FICO® Credit Score: Discover provides your FICO® Credit Score for free, allowing you to track and understand how your credit actions impact your score.
  • $0 Fraud Liability Guarantee: The card ensures that you won't be held responsible for unauthorized purchases, providing a $0 Fraud Liability Guarantee.
  • U.S. Based Customer Service: Enjoy the convenience of 100% U.S. based customer service, allowing you to speak to a real person anytime you need assistance.
  • Social Security Number Alerts: Discover provides free alerts if your Social Security Number is found on any of thousands of Dark Web sites, enhancing security measures for cardholders.
  • Credit Bureau Reporting: It reports monthly to all three major credit bureaus, aiding users in demonstrating responsible credit behavior, which is crucial for improving their credit score over time.

Compare The Alternatives

If you're looking for a credit-building credit card, here are some alternatives :

OpenSky® Secured Visa® Credit Card

First Progress Platinum Elite Mastercard® Secured Credit Card

milestone card art

OpenSky® Secured Visa® Credit Card
First Progress Platinum
Milestone® Mastercard®
Annual Fee
$35
$29
$175 the first year; $49 thereafter
Foreign Transaction Fee
3%
3%
1% of each transaction in U.S. dollars
Purchase APR
25.64% (variable)
25.24% Variable
35.90%

Compare Discover It Secured Card

Unlike the Citi Secured card, the Discover it Secured offers rewards in addition to credit-building features, and therefore, it's our winner.

Discover it Secured vs Citi Secured Mastercard: How They Compare?

When it comes to secured cards, both Discover and Capital One offer decent cards to build and improve your credit. Which one is better?

Capital One vs Discover Secured Card: Which One Wins?

Compare Chime Credit Builder Card

Both Chime and Upgrade cards are new in the view, offers great features for beginners who don't established their credit yet. Which one wins?

Chime Card vs Upgrade Card: More Than Building Your Credit?

The Chime card is more flexible and has no credit check, whereas Capital One opens up possibilities for transitioning to an unsecured card.

Chime Credit Builder Secured Visa vs. Capital One Secured Mastercard: Comparison

Chime is our winner as it offers no credit check and no foreign transaction fees, unlike the Citi Secured which is a more conservative card.

Chime Credit Builder Secured Visa vs. Citi Secured Mastercard: Comparison

The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. The secured Credit Builder card issued by Stride Bank, N.A.

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.