Discover it® Secured Credit Card
Pros
- Rewarding Cash Back: This secured card offers an impressive cashback program, with 2% cash back on dining and gas (up to $1,000 in combined quarterly spending) and 1% on all other purchases.
- Upgrade Potential: Discover automatically reviews your account after seven months, providing an opportunity to upgrade to an unsecured card if you've managed your account responsibly.
- No Annual Fee: This card comes with no annual fee, making it an affordable choice for building or rebuilding credit.
Cons
- Initial Deposit Requirement: To open this card, you must make an initial deposit, and it must be funded from a bank account. This could be a barrier for those who are unbanked.
- Credit Limit Limitations: The card's credit limit ranges from $200 to $2,500. Some applicants may find these limits insufficient for their needs, especially if they require a higher credit limit.
The Discover it® Secured Credit Card stands out as the top choice among secured credit cards due to its attractive rewards program, absence of an annual fee, and the potential for account upgrades.
- No credit score required to apply.
- No annual fee, and you can earn cash back while building your credit history.
- Opportunity for an automatic transition to an unsecured line of credit after 7 months, with a refund of your security deposit.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, and 1% cash back on all other purchases.
- Additional features like data privacy protection and Dark Web monitoring to safeguard your personal information.