Discover it secured Credit Card is a fantastic credit card that offers great rewards for every purchase. This card is unique because it offers unlimited cash back of 1% on all purchases. To avoid paying late fees, use the card with care. Do not exceed 30% of the credit limit.
Low credit limit
The Discover it secured Card has a low credit limit. However, you can still earn cashback rewards of 1%. The maximum credit limit is $2,500 and there is a $200 security deposit required. This card can be used for credit repair and history rebuilding. To get started, you will need to pay $200 in security. However, you can always upgrade to a higher credit limit to get more.
The $200 security deposit required to obtain this card is fairly standard for secured cards. The balance transfer fees are something you need to consider. Balance transfer fees will not be charged after six months. However, you will be charged 5 percent for each additional month. This is a great way for you to start building your credit and to avoid paying high finance fees.
No annual fees
The Discover it Secured credit card does not have an annual fee and is ideal for people with bad credit. You get rewards as well as a refund for your security deposit. The downside of this card is its high variable APR. If you have bad credit, you should consider this card first before applying.
The $200 security deposit required by the Discover it Secured Card is $200. This is the average amount for secured cards. It also has a balance transfer fee of 3 percent for the first six months and then increases to five percent afterward. 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 bond
To apply for Discover it Secured credit cards, you'll need to pay a $200 deposit. The security deposit will be used to pay off any delinquent account balances. After seven months, the card can be changed to a traditional Discover credit card. This card does NOT charge foreign transaction fees. The minimum security deposit for this card is $200. If you have less cash to deposit, lower deposit amounts are available.
The Discover it Secured credit card may be the right choice for you if you are willing to pay $200 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 hard to use it in certain countries and with certain merchants in the U.S.
Check out the APR Terms for Regular Customers
The interest rate for a loan is called the Regular See Terms APR. It is calculated on credit scores. People with excellent credit receive lower APRs that those with less credit. Lenders view people with poor credit as a risk rather than a source of profit. But not all lenders offer this rate.
Savings accounts can also benefit from the APR. A savings account that has a 1% withdrawal charge would earn 8.9% per monthly after one year. Although the APR does not give a complete picture of the cost of borrowing money, it can help you to estimate how much the loan will be. If you're borrowing money to make a big purchase, understanding the Regular See Terms APR can help you make an informed decision.