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Question By
duggerdude

3 Contributions
26 People Helped
discover vs capitol one secured cards
I now have both capitol one and discover secured cards and by far my choice of which is better has to be the discover card. You earn cash back with discover and there is no monthly fee and on top of it all I get 90 day price protection which means if you buy something on black Friday and find it cheaper on Christmas eve. They pay you the difference. The other thing is you can earn 50 bucks cash back for referring someone to discover. Also a far better way to build credit as with capitol one your statement date is always 3 days after your payment due date. Which makes it hard to pay everything off on the payment due date and pay no interest then have over 0 balance on your statement.( you want 1-30% credit utilization on your statement to help up your score; 1 is better than 0 and 0 is better than 31.) Whereas with discover, for example my payment due date is the 8th and my statement date is the 13th. Giving ample time for transactions to post. Also discover payments post the same day no matter what, whereas capitol one payments post the same business day before 5pm EST or THE next BUSINESS day after 5pm. That means if your payment is due Friday the 10th and you pay it after 5pm EST it ain't posting til Monday and you will be paying interest. Finally the few thing capitol one has over discover is that you get a guaranteed credit increase after 5 months in good standing and you can add to your deposit anytime to make more available credit also you might get a 200 dollar credit line with a 50 99 or 200 deposit with cap one but with discover it is definitively 200. With discover you can not add to your balance after the account is open and are not eligible for a credit increase until 1 year. But... You can deposit more than 200 before the account is open and have a higher credit line.

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Never make Payment at the last Min.

Helpful to 7 out of 9 people

Would like to know why people wait till the last min to make payments on accounts?

Am I the only person that pays bill's, CC's Auto loans etc the same day I receive my statements?

I use to make them 5 or 7 days before the due date, but ended starting to pay all the bills same day I received the statement.  More peace of mind if you ask me knowing that it is paid.

1 Contribution
0 People Helped

Just FYI

You may request a credit line increase after three months with the secured card. If approved, they request the additional funds that day. 

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