Visa vs. Mastercard secured credit card – who's better? | finder.com
secured-visa-vs-mastercard

Secured credit cards: Visa vs. Mastercard

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

If you’re looking for a secured credit card, you may wonder whether you should pick Visa over Mastercard. Or vice versa.

Both card networks offer many choices: You’ll rarely find a secured card that’s not a Visa or Mastercard. Beyond the Discover it® Secured Credit Card and the USAA Secured Card American Express® Card, there aren’t any contenders from Discover or American Express.

Once you’ve decided to get either a Visa or Mastercard, don’t worry about picking the wrong one. For secured cards, both providers offer similar benefits.

Our Pick: Green Dot primor® Mastercard® Gold Secured Credit Card

If you have low or no credit, this card offers easy-to-meet eligibility criteria — with no fees or credit check required.

  • Annual fee: $49
  • Purchase APR: 9.99% fixed
Promoted

Acceptance

Visa and Mastercard are the most widely accepted credit cards in the world. In this regard, they have an advantage over their competitors: Discover and American Express aren’t as widely accepted.

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.

Visa vs. Mastercard: Which is better?

Look for these benefits instead

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 your payments 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.

Compare Visa and Mastercard secured credit cards

Name Product Annual Fee Credit Score Min. Intro Balance Transfer APR Reward Value per Dollar Secured or Unsecured APR (Annual Percentage Rate) for Purchases Welcome Offer Interest Free Period
48
9.99% fixed
This secured card can help you rebuild your credit with an initial deposit of $200 to $1,000.
35
Secured
19.14% variable
Up to 25 days
A secured Visa® credit card that helps you build your credit quickly.
39
350
9.95%
Secured
17.99% fixed
Up to 25 days
Borrow up to $10,000 and get your credit score back on track.
49
300
Secured
9.99% fixed
Up to 25 days
Fast, easy application process. No processing or application fees!
39
300
Secured
13.99% fixed
Up to 25 days
Credit lines available from $200 to $5,000! You decide where you want to start and open your Personal Savings Deposit Account to secure your line.

Compare up to 4 providers

Name Product Annual Fee Credit Score Min. Intro Balance Transfer APR Reward Value per Dollar Secured or Unsecured APR (Annual Percentage Rate) for Purchases Welcome Offer Interest Free Period
49
300
0%
Secured
10.24% variable
Up to 25 days
29
300
Secured
20.24% variable
Up to 25 days
39
0%
Secured
13.99% fixed
Up to 25 days
Have little or poor credit? The primor® Secured Mastercard® Classic has no minimum credit score requirements and no processing or application fees to worry about.
49
Secured
9.99% fixed
Up to 25 days
Low fixed interest rates with no penalty rate.

Compare up to 4 providers

For a few top Visa and Mastercard picks, look into these cards.

  1. State Department Federal Credit Union (SDFCU) Secured Visa Platinum Card. You’ll pay no annual fee and a receive very low APR of 13.99% variable . Join SDFCU for as little as $5 along with a minimum $1 deposit into a savings account.
  2. Secured Mastercard® from Capital One®. 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 like:
  • 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 like extended warranties and auto rental insurance.

Frequently asked questions

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy and Cookies Policy and Terms of Use.
Go to site