The Discover it® Secured Credit Card is an excellent tool to rebuild from bad credit, or to start building credit history if you have none. But if you don’t have $200 on hand for the security deposit, there are two other cards worth considering: the Capital One Platinum Secured Credit Card and the AvantCard Credit Card.
Capital One Platinum Secured Credit Card
With the Capital One Platinum Secured Credit Card, Capital One determines your minimum deposit after you apply. It could be $49, $99 or $200, all of which come with a $200 starting credit limit.
AvantCard Credit Card
The AvantCard Credit Card does not require a security deposit. This is a no-frills unsecured card designed for fair/limited/bad/poor credit. There is an annual fee, but it’s a reasonable $59. Just be aware the AvantCard Credit Card isn’t available to residents of Colorado, Iowa, Vermont, West Virginia or Wisconsin.
The Discover it® Secured Credit Card is the best choice of these three if you can afford $200 for the security deposit. It charges no annual fee and offers a cashback program and a guaranteed timeline as to when you’ll be considered for graduation to an unsecured card. However, the other two are good options for building credit if you’re looking for a card with a smaller deposit or no security deposit at all.