Key takeaways
- The OpenSky® Secured Visa® Credit Card and Capital One Platinum Secured Credit Card are both good options for those with bad credit or a limited credit history.
- The Capital One Platinum Secured comes with no annual fee, while the OpenSky Secured Visa offers a higher credit limit.
- Both cards report to the credit bureaus and have perks, but the OpenSky Secured comes with a lower interest rate, while the Capital One Platinum Secured offers a lower minimum required security deposit.
For those with bad credit or limited credit history, opening a secured credit card can be a good option for building credit. It’s generally easier to get approved for a secured card than a standard credit card, and a secured card can help improve your credit quickly so you can eventually apply for a card with more long-term value.
Two of the best secured cards for 2024 are the OpenSky® Secured Visa® Credit Card and the Capital One Platinum Secured Credit Card. However, it’s important to compare the details of each card before you apply to determine which one will be the better option.
Main details
| Cards | OpenSky® Secured Visa® Credit Card | Capital One Platinum Secured Credit Card |
|---|---|---|
| Welcome bonus | N/A | N/A |
| Rewards rate | Up to 10% cash back at participating merchants | N/A |
| Annual fee | $35 | $0 |
| Intro APR | N/A | N/A |
| Regular APR | 25.64% (variable) | 29.99% (Variable) |
| Minimum security deposit | $200 | $49, $99 or $200 depending on credit score |
| Maximum credit limit | $3,000 | $1,000 |
OpenSky Secured Visa vs. Capital One Platinum Secured highlights
Although both cards are primarily designed to help you build credit, they do come with some different perks and advantages. Here’s how they stack up against each other in some of the most important categories.
Welcome bonus winner
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Neither card offers a welcome bonus, so they tie in this category.
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The OpenSky Secured Visa offers up to 10 percent cash back on your everyday spending with participating retailers. Offers from participating merchants are linked directly to your card, so you automatically earn cash back rewards on eligible purchases. Although it doesn’t earn a ton of rewards, it is still better than nothing.
On the other hand, the Capital One Platinum Secured does not offer a rewards program. However, once your credit is in a good spot, you’ll have the flexibility to apply for an unsecured card that offers rewards and other benefits.
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The Capital One Platinum Secured card has no annual fee, while the OpenSky Secured Visa Credit Card will cost you $35 annually.
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Neither card offers an introductory APR, creating a tie in this category.
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The variable APR on the OpenSky Secured Visa is much lower than many of its competitors, coming in at 25.64 percent. For comparison, the Capital One Platinum Secured credit card comes with an ongoing variable APR of 29.99 percent.
Minimum security deposit winner
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One of the biggest benefits of the Capital One Platinum Secured is its low minimum security deposit requirement. With most secured cards, your credit limit depends on how much you deposit into your account. With this card, the minimum security deposit amount will be either $49, $99 or $200 to receive a $200 line of credit — making it a good option for cardholders unable to put a lot of cash into a security deposit upfront.
As with most other secured cards, the OpenSky Secured Visa’s credit limit is tied to your security deposit. For this card, the minimum required deposit is $200.
Maximum credit limit winner
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As far as credit limits are concerned, the OpenSky Secured Visa is a better choice. It features a limit of up to $3,000 (as low as $200 to start), while the Capital One Platinum Secured card has a starting limit of only $200. You can raise the Capital One Platinum Secured’s initial credit limit with a higher deposit, but the maximum amount allowed is $1,000.
Why should you get the OpenSky Secured Visa?
If you’re looking for a secured card with a higher-than-average credit limit, the OpenSky Secured Visa is a good option to consider. Just keep in mind that you’ll have to put down an initial deposit and pay an annual fee.
Additional benefits
Since secured cards are typically used to build or improve credit, it’s no surprise that the OpenSky Secured Visa card’s benefits are geared toward this. Notably, there’s no credit check required when applying, your score is reported to all three major credit bureaus and you can increase your credit limit at any time (by depositing more money into your account). Plus, you’ll also have access to Visa perks like $0 fraud liability and 24/7 pay-per-use roadside dispatch.
Recommended credit score
Applying for the OpenSky Secured Visa requires no credit check, so it doesn’t matter what your credit score is. With this card, you’ll put down a refundable deposit between $200 and $3,000 to serve as your credit limit, effectively reducing risk to the lender.
Why should you get the Capital One Platinum Secured?
If you are eager to start building credit but don’t have the cash to front a hefty security deposit, the Capital One Platinum Secured is a solid choice.
Additional benefits
Unlike most secured cards, the Capital One Platinum Secured comes with a long list of benefits. With this card, you’ll receive free credit alerts through CreditWise from Capital One, notifying you of any changes on your Experian or TransUnion credit reports. This helps you keep track of where your credit stands as you’re working to improve it. Plus, Capital One will evaluate your account after six months. If you have maintained good credit habits, you may qualify for a higher credit limit or receive your security deposit back (in the form of a statement credit).
Other perks associated with this card include emergency card replacement, the ability to pick your own payment due date and extended warranty coverage.
Recommended credit score
Since this card is geared toward those with poor credit or no credit history, there is no recommended credit score for approval.
The bottom line
The OpenSky Secured Visa Credit Card and the Capital One Platinum Secured Credit Card are two of the best options on the market for consumers looking to open a secured credit card. Although neither card offers a welcome bonus or particularly good rewards options, they both serve as useful tools to build credit — which can help once you decide to apply for a credit card that offers better rewards and long-term value down the line.
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