Compare it to the Discover it® Secured Credit Card
If you’d prefer to avoid a plethora of set-up and maintenance fees that can quickly add up to what you’d pay with a security deposit for a secured card, you may want to consider the Discover it® Secured Credit Card.
The card requires a minimum security deposit of $200 to open your account, and your credit limit will be determined by your income and ability to pay (up to $2,500). Then, starting at eight months, Discover will automatically review your account to see if you qualify to receive your security deposit back and convert to an unsecured card.
The Discover it® Secured Credit Card also comes with a $0 annual fee and waives your first late payment fee.
Unlike typical secured credit cards, the Discover it® Secured Credit Card offers rewards on every purchase you make.
Cardholders earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, 1% unlimited cash back on all other purchases - automatically. Additionally, for new card members only, Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Keep in mind that it’s best to focus on demonstrating responsible card usage by paying your card balance in full and on time each month to build up your credit score.