Upgrade Card to Improve Credit Card Review – Forbes Advisor
Upgrade to the VisaÂ® Signature card* compared to the Discover itÂ® secure credit card
Secured cards generally require deposits equal to the maximum credit limit to “secure” the line of credit, but can still help build credit by reporting credit history to the credit bureaus. The Discover itÂ® Secure Credit Card is one of those secure cards that, unlike many others in this category, brings in rewards.
With the Discover itÂ® Secure Credit Card, you can earn 2% cash back at gas stations and restaurants up to $ 1,000 in combined purchases each quarter. Plus, get unlimited 1% cash back on all other purchases. While rewards earnings are capped, the card offers an uncapped welcome offer: Unlimited Cashback Match – Discover will automatically match any cash back rewards earned at the end of the first year.
Upgrade to the VisaÂ® Signature card* compared to the VisaÂ® PetalÂ® 1 “no annual fee” credit card
The Petal 1 card (issued by WebBank, FDIC member), like the upgrade card, offers an alternative to secure cards for those trying to create or repair a credit. Requiring no annual fee or security deposit, the Petal 1 does offer rewards, but its rewards are limited to specific merchants.
What makes the Petal 1 card different is that when an applicant applies, a ‘cash score’ can be used to determine if an applicant is eligible. The cash score is based on the applicant’s banking or financial history. This can be a boon for someone who has just entered the workforce with a decent income but has yet to start building credit.
Upgrade to the VisaÂ® Signature card* vs. BankAmericardÂ® secure credit card*
The BankAmericard Secured Card, like the upgrade, is also free from annual fees and other unnecessary fees. And, if you link the card to a qualifying Bank of America checking account, you can apply for overdraft protection.
Where most secured cards allow you to determine the amount of your security deposit and subsequent line of credit based on their minimum and maximum ranges, Bank of America will determine your credit limit based on a combination of what you can set up as a repository. , your income and their opinion on your ability to reimburse expenses. That’s a potential red flag for those who want the highest possible limit on a secure card and don’t have the money to back it up.