Advantages and Disadvantages of Discover It MasterCard From Capital One Secured Cards

Today the credit is not a single product offered by banks. XXI century banks introduced some attractive cards bonuses, such as:

  • sign up bonuses and rewards;
  • cashback mechanisms;
  • mile collections;
  • credit history recovery.

The last point is particularly interesting. It is not about instant advantage but rather long-term benefit. It is truly valuable to have a high credit score. If you open one of secured credit cards, you will surely get it. Here we will review some offers about best secured cards to build credit.

What Is Credit History And Why It Is Important

Each borrower in the world has a credit score. It shows how reliable the borrower he. If a person gets a low one, that means he failed to meet his financial obligations. If he is given a  high score, he is a person to trust.

Fine credit history makes it possible for the client to get new loans. Banks will gladly issue it. However, in order to get a high score, you have to work on it. Secured plastics will help you to get a positive history and to restore the damaged image.

Discover It And Mastercard From Capital One Secured Cards: What They Offer

Both cards are secured. Their primary role is to help a person to build fine financial history. However, each of them has many advantages and disadvantages.

Here is what Discover It offers:

  • It is quite easy to open it. It is a fully secured card, so there is no risk for the bank to issue this card for you.
  • You are offered cashback. That is quite rare for secured cards. Cashback will certainly help you to save money. You will get up to 1 % money back on your daily purchases, and 2% refund for petrol purchases.
  • It does not have any annual fee. That is a great bonus. People rarely want to pay for plastic-related services.
  • You will not be fined for first late payment. For regular credit cards, the mechanism is different. Your interest rate will increase, if you do not pay in time.

Discover It plastic also has some disadvantages. Firstly, you need some cash to open such a card. It will be put on your deposit account. Annual Percentage Rate is quite high as well, but with such a secured card you will quickly get a positive record at financial bureaus.

Secured MasterCard from Capital One has different benefits. Here are some of them:

  • It is a semi-secured credit card. That means you do not need exactly the same amount of money for your credit and deposit accounts. A minimum loan you get is up to 200 dollars. But you can secure it by only 49 dollars deposit payment. It is truly beneficial.
  • There is no regular annual fee. That will save you a little bit of cash.
  • Your deposit will increase even without additional payment after 5 months. Such a card will be quickly converted into regular credit plastic.

The biggest disadvantage of it is that it is not easy to qualify for such a plastic. If you have a very low credit score, you can fail. However, it is worth trying.