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Secured credit cards: Visa vs. Mastercard
Both offer solid secured credit card options.
If you’re looking for a secured credit card, you might be wondering if you should pick Visa over Mastercard. Or vice versa.
Fortunately, you can’t really go wrong with either choice as Mastercard and Visa pretty much offer the same secured card benefits. Instead, compare your options based on the features and perks offered by the issuer.
Compare two secured cards: Visa vs. Mastercard
Citi® Secured Mastercard®
Citi® Secured Mastercard®
- The Citi® Secured Mastercard® is a no annual fee credit card that helps you build your credit when used responsibly.
- Unlike a debit card, it helps build your credit history with monthly reporting to all 3 major credit bureaus. Once available, you will also have free access to your FICO score online.
- Use your card anywhere Mastercard® is accepted — worldwide.
- A security deposit is required. Once approved, your credit limit will be equal to your security deposit (minimum of $200).
- Get help staying on track with Auto Pay and account alerts.
- With Flexible Payment Due Dates, you can choose any available due date in the beginning, middle or end of the month.
- Manage your account 24/7 online, by phone, or in our mobile app.
- The standard variable APR for Citi Flex Plan is 22.49%. Citi Flex Plan offers are made available at Citi's discretion.
- Read Rates & Fees
OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
- Build your credit with our monthly reporting to all three credit bureaus
- Control your finances, start with a security deposit and credit line as low as $200
- Apply in less than 5 minutes, no credit check necessary
- Avoid paying interest, no interest charged on new purchases if the balance is paid in full by the due date each month
- Extra credit when you need it, increase your credit line up to $5000*
- *subject to approval
- Easy funding options, with four ways to fund and no checking account needed
- Read Rates & Fees
Look for these secured credit card benefits
Generally, secured cards from Visa and Mastercard offer similar benefits. More important is what you’ll get from your issuer.
When considering a secured card, look at these factors:
- Annual fee.
You’ll find great secured cards with no annual fees. - Security deposit.
Typically, you’ll pay $200 to $300 to open a secured card. However, there are cards that require lower security deposits. - Reporting to major credit bureaus.
A secured card can help you build credit, but only if your provider reports your payment history to the major credit bureaus. Ask if your provider reports to TransUnion, Equifax and Experian. - Potential to graduate to an unsecured card.
Some card providers will return your security deposit after a specified period of time. This effectively makes your secured card an unsecured card.
Acceptance
Visa and Mastercard are the most widely accepted credit cards in the world. Here’s the bottom line for Visas and Mastercards: If a merchant accepts one, they’ll most likely accept the other. So regardless of which secured card you choose, you can probably use it anywhere credit cards are accepted.
Credit card networks vs. issuers: What’s the difference?
Credit card networks are companies that dictate the usage of credit cards between merchants and card users — think Visa, Mastercard, Discover and American Express. Networks set fees that allow merchants to accept their product.
Credit card issuers are companies who lend credit out to the consumers. For example, you have a Visa credit card that is issued by Chase bank — in this case, Chase is the issuer and Visa is the network. However, American Express and Discover are both networks and issuers.
Chances of approval
It isn’t easier to get approved for one over the other. Instead, it’s more important to consider your card issuer. For example, some issuers have tight approval standards, while other issuers accept consumers with poor credit.
If you’re worried that you could be denied for a card, look for a secured card that doesn’t require a credit check.
Features
Depending on which product you’re approved for, Visa and Mastercard may offer:
- Zero liability for unauthorized purchases. If your card is used without your knowledge, you won’t pay anything.
- Cardholder assistance. Call a 24/7 hotline whenever you have problems with your card.
A Visa or Mastercard may come with additional features, especially if it’s a Platinum card:
- Auto rental collision damage waiver. An auto rental collision damage waiver (CDW) will reimburse you if your rental car is damaged or stolen.
- Roadside assistance. If you have problems with your vehicle while you’re on the road, give a call to the roadside assistance hotline. Services include towing, tire changes, jump-starts, lockout service, fuel delivery and more.
- Extended warranties. In many cases, your item’s original warranty is doubled if you’ve purchased it with your card.
- Travel insurance. You may be covered for travel emergencies like trip cancellation and medical evacuation.
To see if a card offers these benefits, check with your issuer. Cards may offer different perks depending on issuers’ agreements with the card networks.
Compare Visa and Mastercard secured credit cards
Consider these Mastercard and Visa secured cards
You’ll find a wide variety of secured options to choose from with Mastercard and Visa. Below, we compared a couple of cards from each issuer to give you an idea of the types of features you might find while searching for the card that fits your needs.
DCU Visa® Platinum Secured Credit Card
This card has no annual fee and a relatively low APR of
13% variable
. You can open your account for as little as $15 — $10 to join the credit union and $5 to open a savings account. However, you’ll need to make a deposit of at least $500 to use the card. Visa benefits include auto rental collision damage waivers, travel insurance coverage and extended warranties.
SDFCU Savings Secured Visa Platinum Card
You’ll pay no annual fee and a receive very low APR of
13.49% variable
. Join SDFCU for as little as $10 along with a minimum $5 deposit into a savings account.
Capital One® Secured Mastercard®
This card has no annual fee. You may qualify to deposit only $49 or $99 and still get a $200 credit line. After you pay your bill on time for the first five months, you’ll automatically qualify for a higher credit line. Because the card is a Platinum Mastercard, you’ll get benefits such as:
- Extended warranty.
- Auto rental insurance.
- Travel accident insurance.
- 24/7 travel assistance.
- 24/7 roadside assistance.
- Price protection.
Citi® Secured Mastercard®
A solid option with no annual fee. Like the Capital One Secured Card, it includes Mastercard benefits such as extended warranties and auto rental insurance.
Bottom line
Pick a secured credit card based on the features offered by the issuer if you want the best approach to selecting a secured credit card. While Visa and Mastercard occasionally provide additional benefits on their cards, these are typically restricted to their unsecured offerings.
Compare secured credit card options to find the card most suited to your spending and financial needs.
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