The Citi Secured Mastercard and Capital One Secured Mastercard are both secured credit cards designed to assist individuals in building or rebuilding their credit. However, they differ in various aspects that may influence your choice.
General Comparison
The Citi Secured Mastercard gives you flexibility in choosing your initial deposit, with amounts ranging from $200 to $2,500. Your deposit determines your credit limit, giving you control over your spending.
The application process includes an immediate review, and if approved, you’ll have 14 days to fund your security deposit. This card is perfect for anyone looking for a simple way to build credit, without the added complexity of rewards.
On the other hand, the Capital One Secured Mastercard is known for its simplicity and accessibility. It requires a lower minimum security deposit of $49, $99, or $200, based on your creditworthiness.
The Capital One Secured Mastercard has no annual fee and no foreign transaction fees, a nice advantage compared to the Citi Secured card. However, its maximum credit limit, at least at the start, is lower.
Here's a side-by-side comparison of the card's main features:
|
| |
|---|---|---|
Citi Secured Mastercard | Capital One Secured Mastercard | |
Annual Fee | $0 | $0 |
Rewards | None
| N/A |
Welcome bonus | None | N/A |
Credit Limit | $200 – $2,500 | $200 – $1,000 |
Foreign Transaction Fee | 3% | $0 |
Purchase APR | 21.24% – 29.24% (Variable) | 29.99% (Variable) |
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Compare Extra Perks & Credit Building Features
Citi Secured Mastercard
- Flexible Payment Due Dates: Citi Secured Mastercard allows you to choose from available payment due dates at the beginning, middle, or end of the month, providing flexibility to align with your financial schedule.
- 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.
- Automatic Account Alerts: Enjoy stress-free management with automatic alerts that remind you of balance levels, upcoming payments, and instances where you exceed your credit limit. These alerts can be received via email or directly on your mobile phone.
- Free FICO Score Access: Cardholders benefit from free online access to their FICO credit score, providing valuable insights into their creditworthiness and allowing them to track improvements over time.
- $0 Liability on Unauthorized Charges: Experience peace of mind with the Citi Secured Mastercard, as it offers $0 liability on unauthorized charges, ensuring you are not held responsible for any unauthorized transactions made on your card.
- 24/7 Customer Service: Citi offers customer service 24/7, so you can get help anytime, day or night, with any questions or concerns you may have.
- ID Theft Protection: The Citi Secured Mastercard includes ID Theft Protection, which monitors certain information and alerts you to any suspicious activity, helping protect you from identity theft.
Capital One Secured Mastercard
Automatic Credit Line Reviews: Capital One Secured offers automatic consideration for a higher credit line after as little as 6 months of responsible card use.
Credit Reporting: The card reports to all three major credit bureaus, providing an opportunity to build credit with a history of responsible card usage.
No Hidden Fees: Capital One Secured comes with no foreign transaction fees, replacement card fees, or authorized user fees, ensuring transparency and no unwanted surprises.
Refundable Deposits & Upgrades: Responsible card use may result in earning back the initial deposit and the potential to upgrade to a standard, unsecured Platinum card.
Make Your Deposit, Open Your Account: A minimum deposit of $49, $99, or $200 opens your account, providing an initial credit line of $200.
Account Alerts: Set up personalized email or text reminders to stay informed about your account activity and manage it effectively.
CreditWise from Capital One: Enjoy free credit monitoring with CreditWise, regardless of whether you have a Capital One credit card, without impacting your credit score.
$0 Fraud Liability: In case of a lost or stolen card, you won't be held responsible for unauthorized charges, offering added security.
Account Alerts from Eno: Receive alerts for potential mistakes or unexpected charges, such as duplicate purchases or sudden recurring bill increases, enhancing fraud detection and financial oversight.
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 | 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 | 25.14% Variable | 25.24% Variable
| 35.90%
|
Compare Citi Secured Mastercard
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
