Which Card Is Best? Chase Secured Credit Card vs. Capital One Secured Credit Card Review
There is no denying that it can be extremely difficult to get by without a credit card. You certainly can’t rent a car without a credit card, and making hotel or flight reservations is nearly impossible. Even if you are planning on paying with cash, it may be difficult to even rent an apartment or purchase a cell phone without a credit card.
Additionally, credit cards contribute toward an overall credit score. Having a good credit score means getting better financing for car purchases, mortgages, and virtually any other loan that exists. Unfortunately, for those who have no credit or poor credit, it may be difficult to get a conventional credit card.
When looking for options to rebuild credit, many consumers are wondering: Does Chase have a secured credit card? Are there Capital One secured credit cards? In fact, these are two very popular options for rebuilding credit. As a non-traditional credit card option, the Capital One secured credit card is quickly rising in popularity.
Choosing a Chase Slate credit card or a Capital One secured credit card can help repair and rebuild faulty credit. Image Source: WiseBread
Unfortunately, Chase no longer offers a Chase secured credit card. Though the Chase secured credit card has been discontinued since 2005, Chase does offer a good credit option for those having difficulty gaining credit card approval with the Chase Slate credit card.
Many consumers are left wondering which credit card option is the best for rebuilding credit. Our review will take an in-depth look at both the Capital One secured credit card and the Chase Slate credit card to help consumers determine which card is the best choice to re-establish or improve credit.
In order to create a fully comprehensive review, we will also take a look at various Chase Slate credit card reviews and Capital One secured credit card reviews from current customers. When choosing between a Chase Slate credit card and a Capital One secured credit card, it is important to understand exactly what each card has to offer.
By looking at the various components of this particular method to build credit, each and every consumer will be better equipped to evaluate the Capital One secured credit card and the Chase Slate credit card. Our review will offer a complete overview of the various components included with Capital One secured credit cards, as well as the Chase Slate credit card.
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What Should I Look for in Order to Build Credit?
Before examining the Capital One secured credit card and the Chase Slate credit card, it is important to look at these credit-building options as a whole. There are a few basic factors that credit-building cards should have, and the best ones will offer enhanced components of these basic factors. When deciding between Capital One secured credit cards and the Chase Slate credit card, keep in mind that the best credit cards will offer the following benefits:
- Zero or low annual fees: Annual fees typically range from $0 to $35, although they can certainly be higher, depending upon the bank.
- Easy transition to an unsecured credit card: An unsecured credit card is a traditional line of credit, with no deposit necessary. With responsible credit behavior, the best secured credit cards will allow for a seamless transition into a conventional credit card.
- Reports to all 3 major bureaus: Part of having a credit card means that the issuer should regularly report your status and activity to all 3 major bureaus. For the Chase Slate credit card, this comes as part of standard operating procedure. However, when considering the Capital One secured credit card, procedure is important. The best secured credit cards will send information to all credit bureaus as traditional cards. Consumer Action suggests that flagging secured credit cards as such could actually hinder the credit rebuilding process.
No matter what, a credit-building card should offer a safe and rewarding path to improved credit. Lowered fees and lowered restrictions are great ways of making sure that a credit card can actively work toward establishing good credit. Whether choosing a Chase Slate credit card or a Capital One secured credit card, the credit rates and conditions should be structured around a system that supports credit improvement.
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Overview of the Capital One Secured Credit Card
Flexible amounts for a Capital One secured credit card deposit are just one example of the many benefits that come with the Capital One secured credit card. Image Source: Money Crashers
In order to provide a thorough and accurate representation of the Capital One secured credit card, our Capital One secured credit card review will take an in-depth look into all aspects of what this particular card has to offer. Starting with rates and terms and ending with Capital One secured credit card reviews from current cardholders, each and every component of this secured credit card will be thoroughly analyzed.
Rates & Terms for the Capital One Secured Credit Card
There are a few key components that come along with the Capital One secured credit card which set this apart from the competition. Consumers who choose to use Capital One secured credit cards will experience the following rates and terms:
- Flexible deposit options: Capital One secured credit card deposit options range from $49, $99, or $200. These deposit options are based on existing credits, and deposits are completely refundable. Additionally, consumers have the option to pay their Capital One secured credit card deposit all at once or spread out over a period of 80 days.
- Initial credit of $200: No matter what Capital One secured credit card deposit you qualify for, the initial credit line will be $200. Banking consumers have the option to create up to a potential $3,000 credit line. This type of Capital One secured credit card limit increase requires an additional deposit of funds directly into the account.
- Access to higher lines of credit: After making timely payments for the first 5 months, Capital One secured credit card holders can automatically gain access to a higher credit line. The benefit to this particular Capital One secured credit card limit increase is that there is no additional deposit required.
- $0 annual fee: This benefit speaks loudly and plainly for itself. With a $0 annual fee, the Capital One secured credit card manages to be an affordable and consumer-friendly to use toward rebuilding credit.
- CreditWise from Capital One: All Capital One secured credit card customers automatically get access to CreditWise, a credit management system that allows for easy access to credit report scores. CreditWise also offers various tools to help manage credit scores, a valuable addition to a secured credit card.
- Reports to 3 major credit bureaus: The Capital One secured credit card will send updates to all 3 major credit bureaus, making it an efficient means to build a better credit standing.
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Overall, what makes the Capital One secured credit card into an exceptional credit building tool are the lowered deposit amounts, and the $0 annual fee. Consumers looking to build their credit will particularly benefit from the flexible deposit amounts, as they not only fall into a low range of requirements, but they also offer an 80-day payment period.
As a Capital One product, the Capital One secured credit card also offers these additional benefits:
- Personalized payment: Capital One secured credit card holders can customize their due date for bill payments and can choose to do so online, by mail, or in a branch.
- 24/7 customer service: Customer service benefits for Capital One secured credit card holders are available at all times, both online and on the phone.
- Platinum Master Card benefits: These benefits include 24/7 travel and roadside assistance, travel accident and auto rental insurance, and extended warranty protection on items you purchase with your Capital One secured credit card.
Capital One Secured Credit Card Reviews
Capital One secured credit card reviews tend to be relatively high amongst both current banking customers and expert analyses. Out of 11,413 customer reviews, the Capital One secured credit card comes with an average rating of 4.4/5.0. For the customer-generated Capital One secured credit card review, customers are asked to rank the card on three different criteria: online experience, customer service, and account benefits. Of the three, online experience and customer service tend to consistently get full-star ratings.
The majority of customer-generated Capital One secured credit card reviews report that their credit has improved substantially, and that the credit monitoring features through CreditWise have offered invaluable help in managing credit. In fact, 91% of reviewers would recommend the Capital One secured credit card.
The Capital One secured credit card gets top-rated reviews from financial experts, as well. NerdWallet and The Simple Dollar both give Capital One a number-one rating for affordability, due in large part to its $0 annual fee. Financial reviews also note that the Capital One secured credit card deposit is substantially lower than competing cards. The ability to have an automatic Capital One secured credit card limit increase is also repeatedly highlighted as a substantial benefit.
Advantages & Disadvantages to the Capital One Secured Credit Card
After taking an in-depth look at terms, benefits, and Capital One secured credit card reviews, there are a few elements of this credit card that stand out. Every secured credit card will come with a unique set of advantages and disadvantages. For the Capital One secured credit card, the advantages are:
- Lowered Capital One secured credit card deposit amounts, including the ability for a manual or automatic Capital One secured credit card limit increase
- Credit reports sent to all 3 credit bureaus
- $0 annual fee
Despite the inherent advantages, there are a few disadvantages to the Capital One secured credit card that consumers should be aware of. These disadvantages are:
- Lower deposit options may result in higher qualification standards
- High APR of 24.9%
Though high interest rates are not terribly uncommon amongst conventional and secured credit cards, consumers may want to keep in mind that high interest rates will make it difficult to leave a balance on the Capital One secured credit card.
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Overview of the Chase Slate Credit Card
While it isn’t a Chase secured credit card, the Chase Slate credit card can still provide important credit-building benefits. Image Source: BankVibe
While the Chase Slate credit card may not function as the now-discontinued Chase secured credit card, it does provide some important benefits for consumers looking to build their credit score. Our review will begin by taking an in-depth look at the rates and terms for the Chase Slate credit card in order to determine whether or not it is a better option than the Capital One secured credit card.
Rates & Terms for the Chase Slate Credit Card
There are a few key components that come with the Chase Slate credit card that helps set it apart from competing cards. Consumers who choose the Chase Slate credit card will experience the following rates and terms:
- No balance transfer fee: Chase Slate credit card holders can transfer balances at no cost within the first 60 days of opening an account. For consumers with a high percentage of debt on credit cards, spreading the balance to another card can certainly help improve overall credit score.
- Low introductory APR: With a 0% APR for the first 15 months, the Chase Slate credit card offers a much more affordable credit card than most. Building credit back up can be much easier without having consistently high APR rates, making the Chase Slate credit card a viable option for consumers looking for a means to boost their credit report scores.
- No annual fee: Similar to the Capital One secured credit card, the Chase Slate credit card also comes with a $0 annual fee. Eliminating extra fees certainly helps make for an affordable, manageable credit card, even if it isn’t a secured credit card.
The Chase Slate credit card also comes with a few additional benefits, as well. Banking consumers who are deciding between the Capital One secured credit card and the Chase Slate credit card may want to consider the following benefits of banking with Chase:
- Free purchase tracking: Purchases made on the Chase Slate credit card are automatically split into categories, like automotive, dining, groceries, etc. Managing a budget is an important part of managing credit, and the free purchase tracking component can be a valuable tool for those working to improve credit scores and spending.
- Fraud protection plan: This protection plan comes with 0% liability and no deductible. This means that Chase Slate credit card users are automatically protected against fraud without having to actually purchase a protection plan.
Chase Slate Credit Card Reviews
Because the Chase Slate credit card makes it incredibly easy to transfer balances, Chase Slate credit card reviews tend to be very positive. In fact, most customer reviews from Credit Karma state that they applied for the Chase Slate credit card for that exact purpose. Overall, this credit card continuously gets very high ratings due to the ability to transfer funds and the extended 0% interest rate.
As an additional benefit, many customers state having been approved for the Chase Slate credit card, despite having lowered credit scores, ranging between 619 and 622. For consumers looking to obtain a credit card in order to increase credit, this is a great sign.
Because credit card approval can happen even at lower credit scores, the Chase Slate credit card is the closest product to the former Chase secured credit card.
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Advantages and Disadvantages to the Chase Slate Credit Card
Of course, each and every card will come with its own list of advantages and disadvantages. To help you decide if the Chase Slate credit card is the right credit-building option for you, here is a concise list of the advantages:
- 0% introductory APR
- $0 annual fee, estimated to save $50–$100 each year
- Ability to transfer high credit card balances
When compared to secured credit cards, traditional credit card will certainly offer greater advantages and perks, particularly when it comes to APR. Still, there are a few disadvantages that consumers may want to consider when evaluating whether the Chase Slate credit card is the best method to rebuild their credit. The disadvantages are:
- Applicants may need higher credit scores to be accepted
- Low APR rates are based upon higher credit scores
While many customer reviews state being accepted with lower credit scores, expert financial reviews suggest otherwise. For this reason, consumers may want to closely examine their credit score before deciding whether the Chase Slate credit card is the right decision for them.
Conclusion
Deciding whether the Capital One secured credit card or the Chase Slate credit card is the best credit-building option for you means taking an in-depth look at what each card offers. Image Source: Credit Card Help
Within the past 5 years, research has shown that 4 out of 5 Americans face economic insecurity and instability within their lifespan. Struggling with credit scores certainly applies to this economic insecurity. Repairing credit often means finding ways to get credit, which can pose problems for those with poor or no credit history.
Thankfully, secured and traditional credit cards exist to help rebuild or re-establish credit. By taking an in-depth look at the Capital One secured credit card and the Chase Slate credit card, banking consumers will be able to determine which credit-building option is right for them.
Our Chase Slate credit card and Capital One secured credit card review provides expert and detailed guidance to help banking consumers find the best path to repaired credit.
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