A credit history means financial reputation of an individual, which determines the degree of trust in a person by government agencies, private companies and others. With a good credit history, you can rely on more favorable terms, for example, when making major purchases (a house, car, etc.) or will be able to get a loan on favorable terms at low interest, etc. In addition, history can be checked even when you are employed or when you want to rent a house, and if it is not there or it is bad, you will simply be refused work or rent.
But many people who, for example, just came to the USA or only start working face the following problem: how to create a credit history? After all, having no credit history and getting a loan from the bank will be very difficult, and often impossible. Apply for a secured card is the easiest ways to start building your credit reputation. Here we observe two leaders on the market which will help to fulfill your obligations on credit terms.
For Both Cards is Common:
- no annual fee;
- no foreign transaction fees.
But There Are Some Differences:
The Capital One® Secured MasterCard® envisages a security deposit of such amounts upon your choice: $49, $99 or $200 for a $200 initial credit limit. It depends what your qualifications are. In the majority of cases banks demand a deposit which is equal to a security card credit limit. Thus the possibility to put down a fixed sum is extremely valuable. There is only one small addition: not all people applying to lower deposit are approved. Clarify all the details within bank support line.
The Discover it® Secured Card envisages a credit between $200 and $2,500. But unlike the first described card, the Discover it® Secured Card has a require of a deposit which is equal to your credit line, and a client has only one option – to pay it all in one time.
Anyway, the second compared card has a very special perk which outline it in row of such cards type: namely a generous rewards program. You’ll get 2% back on up to $1,000 amount which you spent at a number of restaurants or petrol stations each quarter, and 1% back on all other payments for goods. Another bonus is a Get a dollar-for-dollar option of all the cash back you’ve earned. This service is carried out automatically at the end of your first year.
Among other perks of Discover it® Secured Card is FICO score application. Access for clients is absolutely free. You may track your monthly statements online which will increase your financial confidence and motivation to be a good bank’s client..
So both cards are highly beneficial. One of them offers a high level of flexibility with deposits, and another card requires paying in one amount the whole deposit but renders very good bonus program.