The Discover it Secured and Citi Secured Mastercard are both designed to help individuals build or rebuild their credit. While they share a common goal, they differ in certain aspects.
General Comparison
The Discover it® Secured card is a standout because it offers cash back rewards, which is rare for secured credit cards. You’ll earn cash back on your purchases, making it a great option for those looking to build or rebuild their credit while also getting rewards. Plus, Discover regularly reviews your account, and if you're eligible, they may upgrade you to an unsecured card and return your deposit.
On the other hand, the Citi® Secured Mastercard® is all about simplicity. It doesn't offer rewards, but it’s a solid option for rebuilding credit. You make a security deposit, which typically sets your credit limit. If you use the card responsibly and make timely payments, Citi may eventually upgrade you to an unsecured card.
Here's a side-by-side comparison of the card's main features:
|
| |
|---|---|---|
Citi Secured Mastercard | 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 will match all the cash back you’ve earned at the end of your first year. |
Credit Limit | $200 – $2,500 | $200 – $2,500 |
Foreign Transaction Fee | 3% | 3% |
Purchase APR | 21.24% – 29.24% (Variable) | 28.24% 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 provides round-the-clock customer service, with representatives available 24 hours a day, 7 days a week. This ensures that you can get assistance whenever you need it, addressing any concerns or queries promptly.
- ID Theft Protection: Citi Secured Mastercard provides an ID Theft Protection program, monitoring selected information to alert users of any suspicious activity, helping to safeguard against identity theft.
Discover it Secured
- 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 | 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 Discover It Secured Card
When it comes to secured cards, both Discover and Capital One offer decent cards to build and improve your credit. Which one is better?
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.
Chime Credit Builder Secured Visa vs Discover it Secured: How They Compare?
Compare Citi Secured Mastercard
Both cards don't offer rewards or bonuses, but the Capital One Secured Mastercard is our winner due to better credit-building features.
Citi Secured Mastercard vs Capital One Secured Mastercard: How They Compare?
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
