The Discover It Secured Credit Card is a great creditcard that rewards you for every purchase. With 1% unlimited cash back on all purchases, this card stands out from its competition. To avoid paying late fees, use the card with care. Do not exceed 30% of the credit limit.
Low credit limit
Although the Discover it secured credit card has a low credit limit you can still earn 1% cashback. A $200 security deposit is required and the maximum credit limit is $2,500. This card can be used to repair your credit and rebuild your history. You must pay a $200 security deposit to get started, but you can always get more when you decide to upgrade to a higher credit limit.
The $200 security deposit required to obtain this card is fairly standard for secured cards. Be aware of the balance transfer fee. Balance transfer fees for the first six-months of this card are completely free, but thereafter you'll have to pay 5 percent. Still, this is a good way to start building credit and avoid paying high finance charges.
There is no annual charge
The Discover it secured credit card doesn't have an annual charge and is perfect for those with bad credit. It also comes with rewards and a refund of the security deposit. Its variable APR is the downside. Before applying for this card, it is a good idea to have a look at your credit history.
The Discover it Security card requires a $200 deposit. This is about average when it comes down to secured cards. It has a balance transfer fee that is 3 percent in the first six monthly period and then rises to 5 percent after that. You may be able to get this card for very low credit. But it is worth taking the time to review all aspects of the card before applying.
Requires a $200 Security Deposit
If you are applying for a Discoverit Secured creditcard, you will need to deposit $200. The security deposit will be used to pay off any delinquent account balances. After seven years, the card will change to a traditional unsecured Discover creditcard. This card does no charge a foreign transaction cost. A $200 security deposit is required for this card. However, you can deposit lower amounts if your funds are less.
The Discover it Security Credit Card is an option if $200 is acceptable as a security deposit. The card has no annual fees and a cashback program. This allows you to use the card to earn rewards or improve your credit score. However, this card is not as well accepted as other credit or debit cards. This makes it more difficult to use the card at certain merchants and in foreign countries.
Regular See Terms APR
The interest rate for a loan is called the Regular See Terms APR. It is calculated using your credit score. Those with good credit get lower APRs than those with bad credit. Because lenders view poor credit as a loss source and not a benefit, they will offer lower APRs. But not all lenders offer this rate.
Savings accounts can also benefit from the APR. For example, an account with a 1% withdrawal fee would earn 8.9% per month after a year. Although it is not an accurate measure of the cost to borrow, the APR can help you estimate the amount of the loan. The Regular See Terms APR is important to understand if you are borrowing money for a major purchase.