Discover vs Wells Fargo Secured Credit Card Review | Which Card Is Best?
Introduction: Discover it ® Secured Credit Card Review and Wells Fargo Secured Credit Card Review
For people who suffer from bad credit, a secured credit card is often the best option to gain access to electronic payments while building credit at the same time.
On top of that, the best secured credit cards, such as the Wells Fargo Secured Credit Card or the Discover it ® Secured Credit Card, may even offer substantial awards while you are in the process of building your credit history.
A secured credit card such as the Wells Fargo Secured Credit Card or Discover it ® Secured Credit Card works just like any other unsecured credit card.
The only difference is that the credit line on those cards is backed by the cash that you deposit onto the card. In some cases, the issuer of the best secured credit cards such as the secured credit cards from Wells Fargo will even extend your credit line a certain percentage beyond what you deposited.
Unfortunately, there are many less than honest companies that issue secure credit cards with astonishingly high fees and penalties that can make these types of cards a headache to own. The Wells Fargo Secured Credit Card and the Discover it ® Secured Credit Card are two of the best options on the market for people looking for a quick way to improve their credit.
In this Wells Fargo Secured Credit Card review and Discover it ® Secured Credit Card review, AdvisoryHQ will offer some advice on what to look for in the best secured credit cards. We will then turn our attention to the Wells Fargo Secured Credit Card and the secured credit card from Discover.
We will offer a complete review on the secured credit card from Wells Fargo, including the pros and cons of secured credit cards from Wells Fargo, information on the Wells Fargo secured business credit card, and an overview of Wells Fargo Secured Credit Card reviews.
Similarly, we will examine the pros and cons of Discover s ecured credit cards and the special perks that come with the Discover it ® Secured Credit Card. With this complete Wells Fargo Secured Credit Card review and Discover it ® Secured Credit Card review, you’ll be able to make the right choice for the secured credit card that will help you quickly rebuild your credit.
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What to Look for in the Best Secured Credit Cards
The best secured credit card should offer you the convenience of paying with plastic, the benefit of quickly improving your credit score, choice rewards for your spending, and low fees.
The most dangerous aspect of some secured credit cards is the fees that they charge. The worst of these cards may charge you an application fee, an annual usage fee, transaction fees and others. That is a steep price to pay simply to improve your credit.
Furthermore, you will want to make sure tha the best secured credit cards report to the three major credit bureaus. If the issuer of your secured card doesn’t report to these bureaus, your credit score won’t improve. Both the Wells Fargo Business Secured Credit Card and the secured credit card from Discover report to the three major credit bureaus.
The Wells Fargo Secured Credit Card and the Secured Credit Card from Discover: Two of the Best Options in Secured Credit Cards
While there are many large name banks that offer quality secured credit cards, the secured credit card from Wells Fargo and the Discover it ® Secured Credit Card are two of the best options available. Both the Wells Fargo Secured Credit Card and the Discover it ® Secured Credit Card offer some of the most favorable conditions on secured credit cards.
Furthermore, the Wells Fargo Secured Credit Card and the Discover it ® Secured Credit Card are both trusted names in the banking world and have years of experience in managing secured credit card accounts.
Below we will offer a Wells Fargo Secured Credit Card review and a Discover it ® Secured Credit Card review that will explain why these are two of the best options on the market.
What the Wells Fargo Secured Credit Card Offers
The secured credit card from Wells Fargo offers a number of perks and benefits to people seeking to boost their credit score. With the Wells Fargo Secured Credit Card, you can start improving your credit with as little as a $300 deposit. Furthermore, the Wells Fargo Secured Credit Card allows you to make deposits up to $10,000, one of the highest limits for secure credit cards on the market.
We will explain in detail the fees associated with this card in the Wells Fargo Secured Credit Card review below, but for people who want a secured credit card with a high credit limit, this card is perhaps the best option out there.
According to Wells Fargo Secured Credit Card reviews such as this one, the Wells Fargo Secured Credit Card is “worth considering if you want a bigger credit limit.”
Pros and Cons of the Secured Credit Card from Wells Fargo
Besides offering a wide range of credit limits, the Wells Fargo Secured Credit Card also comes with a number of perks, benefits, and additional features. According to the Wells Fargo Secured Credit Card website, this card also comes with the following complimentary features:
- Auto rental collision damage waiver
- Emergency card replacement
- Roadside dispatch
- Travel and emergency assistance services
- Cell phone protection
The annual fee on the secured credit cards from Wells Fargo is only $25, much lower than its competitors. The 19.24% APR for purchases and balance transfers is right around the average. The 24.24% APR on cash advances that the Wells Fargo Secured Credit Card charges is a little on the high end.
If you’re looking for a quality secured credit card from a well-known and respected bank, this Wells Fargo Secured Credit Card review considers this card to be especially good for people needing a high credit limit and who have the cash needed to make that deposit.
With a $10,000 credit line on your Wells Fargo Secured Credit Card, you should be able to improve your credit score pretty quickly.
Other Wells Fargo Secured Credit Card reviews such as one offered by Credit Karma consider that the Wells Fargo Secured Credit Card can quickly be upgraded to a quality unsecured credit card. According to one reviewer, “I started the card with $500 and exactly one year later the card graduated to the platinum unsecure credit card.”
The Wells Fargo Secured Business Credit Card
If you are a small business owner looking to improve your business’s credit history, you can also apply for a Wells Fargo Secured Business Credit Card. The Wells Fargo Secured Business Credit Card allows you to place a deposit anywhere between $500 and $25,000 for different lines of credit.
This card offers a convenient alternative to cash or checks. Furthermore, the Wells Fargo Secured Business Credit Card will give you 10 different cards that you can give to different trusted employees of your business.
According to the Wells Fargo Secured Business Credit Card website, you can also “enjoy an interest-free grace period of at least 21 days on purchases.” If your business does lots of work outside the United States, this card also comes with no foreign transaction fees.
The Discover it ® Secured Credit Card is by far one of the best secured credit cards offering quality perks and rewards to its users. Discover it ® Secured Credit Cards come with no annual fee, up to 2% cash back rewards, and a free FICO ® Credit Score every month so that you can monitor your credit score.
This Discover it ® Secured Credit Card review considers the Discover it ® Secured Credit Card to be one of the best cards available. The cash back reward program rivals that of even the best unsecured rewards cards.
According to one Discover it ® Secured Credit Card review offered by Magnify Money, with the “Discover has created one of the best secured cards on the market.”
The Discover it ® Secured Credit Card offers a number of important benefits to its users. Besides having no annual fee, this card also only requires a $200 minimum deposit to apply for the card. This is $100 lower than the Wells Fargo Secured Credit Card but still higher than other options, such as the Capital One ® Secured Credit Card, which only requires a minimum of $49.
Furthermore, according to the Discover it ® Secured Credit Card website, you can “earn cash back on every purchase: 1% cash back on every purchase. 2% cash back at restaurants or gas stations on up to $1,000 in combined purchases each quarter.”
This Discover it ® Secured Credit Card review finds that this is by far and wide the best rewards program offered by any secure credit card on the market. It even rivals some of the better unsecured reward credit cards out there. If this weren’t enough already, the Discover it ® Secured Credit Card even offers a first year offer for new cardmembers where the company will match the cash back you have earned up to the end of the first year of owning and using the card.
At 23.24%, the APR on the Discover it ® Secured Credit Card, however, is slightly higher than other secure credit cards, such as the Wells Fargo Secured Credit Card. As long as you pay off your balance each month (highly recommended for secured credit cards), this higher APR shouldn’t hurt you however.
Another quality perk of the Discover it ® Secured Credit Card is that every month you will receive your updated FICO ® Credit Score for free. Since searching for your credit score with other websites online can cost you money and even artificially lower your credit score, our Discover it ® Secured Credit Card review found this perk to be extremely beneficial.
It will allow you to easily track your credit score and know when you may be able to apply for an unsecured credit card from another company.
Lastly, the Discover it ® Secured Credit Card also will automatically review the progress on your card after a year. If you have used your Discover it ® Secured Credit Card responsibly, you will most likely be eligible for an upgrade to an unsecured credit card with a lower APR and a higher credit limit. Furthermore, you will have your initial credit deposit refunded.
How Secured Credit Cards from Wells Fargo or Discover Secured Credit Cards Can Help You Financially
This Wells Fargo Secured Credit Card review and Discover it ® Secured Credit Card review has attempted to highlight some of the pros and cons and benefits of two of the top secured credit cards on the market.
Whether you choose the Wells Fargo Secured Credit Card or the Discover it ® Secured Credit Card, you should be able to benefit from access to plastic payment, a decent credit limit, and the ability to begin rebuilding your credit score, which will reap you important financial benefits in the future.
Reasonable efforts have been made to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
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Wells Fargo Cash Wise Visa Credit Card: Simple Rewards With 0% APR
There’s a new 1.5% cash-back credit card on the block.
Wells Fargo recently introduced the Wells Fargo Cash Wise Visa® Card, which features flat-rate cash-back rewards and a lengthy 0% APR promotion. It’s the only credit card issued by the bank today that offers flat rewards over 1%.
“We wanted to make it straightforward and simple,” Judy Teeven, the head of general purpose credit cards at Wells Fargo, told NerdWallet. “Anytime we can bring something exciting and new to the market or can update a product to meet our customers’ needs, we’re happy to do it. We’re proud to do it.”
Wells Fargo is the latest of several major issuers to add a flat-rate cash-back credit card to its portfolio. In recent years, Capital One, Chase and Barclaycard each started issuing 1.5% cash-back cards, and Citi began issuing a flat-rate cash-back card with a higher rewards rate.
The Wells Fargo Cash Wise Visa® Card doesn’t come with the highest rewards rate but offers a long 0% APR period: 0% on Purchases and Balance Transfers for 12 months, and then the ongoing APR of 13.99% - 25.99% Variable APR. This makes it a strong choice for some.
- High Rewards Rate
- No Annual Fee
- 0% intro APR for 12 months on purchases and balance transfers
- 0% on Purchases and Balance Transfers for 12 months
- Earn a $200 cash rewards bonus after spending $1,000 in the first 3 months
- Earn unlimited 1.5% cash rewards on purchases
- Enjoy 1.8% cash rewards on qualified mobile wallet purchases, like Apple Pay® or Android Pay™, during the first 12 months from account opening
- No category restrictions or sign ups and cash rewards don't expire as long as your account remains open
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Cash Wise Visa® Card
- 0% Intro APR for 12 months on purchases and balance transfers, then a 13.99%-25.99% variable APR; balance transfer fees apply
- $0 Annual Fee
- Select "Apply Now" to learn more about the product features, terms, and conditions
Why the Wells Fargo Cash Wise Visa® Card is a good deal
The Wells Fargo Cash Wise Visa® Card’s 1.5% flat rewards rate is a big draw, especially for people who want to earn more rewards on everyday purchases. But in a crowded field, the card stands out as one of the better 1.5% cards because of its extra benefits. Here’s why it might be a good deal for you:
It has a long 0% APR period for purchases and balance transfers. The Wells Fargo Cash Wise Visa® Card’s 0% APR period is good for a 1.5% cash-back card — although the Chase Freedom Unlimited® offers a longer period at 0%. If you’re planning to make a big purchase and pay it off over a longer period, or if you’re paying off credit card debt, it’s a good choice.
The sign-up bonus is superior to other 1.5% cards. Wells Fargo describes the bonus this way: Earn a $200 cash rewards bonus after spending $1,000 in the first 3 months.
It’s easy to manage for existing Wells Fargo customers. If you have multiple Wells Fargo accounts, such as savings and checking accounts and a mortgage, the Wells Fargo Cash Wise Visa® Card gains a slight edge over similar 1.5% back credit cards.
“The convenience of being able to go to one site and see all those balances and that information, and see those due dates together — that’s a real differentiating feature for our customers,” Teeven says.
You can get automatic cell phone damage and theft coverage. If you pay your monthly cell phone bill with the Wells Fargo Cash Wise Visa® Card, you get up to $600 in protection for your phone against covered damage or theft (subject to a $25 deductible).
Its rewards can be redeemed for cash at Wells Fargo ATMs, if you have a Wells Fargo debit card. Wells Fargo is the only major issuer that lets cardholders redeem cash back earned on their credit cards at ATMs. You can redeem rewards this way in $20 increments. If you prefer straight cash as a reward — instead of, say, statement credits or checks — this feature might just give you one more reason to get the card.
Rewards can also be redeemed for merchandise, gift cards, travel, charitable donations, checks, direct deposit or statement credits. For checks, direct deposit and statement credits, redemptions start at $25.
The Wells Fargo Cash Wise Visa® Card is a good cash-back card, but it’s not the best choice for everyone. Here’s why: