The Discover It Secured Credit Card is a great creditcard that rewards you for every purchase. This card stands out against its competition by offering 1% unlimited Cash Back on all purchases. To avoid late fees, you should responsibly use the card. You shouldn't exceed 30% of your credit limit.
Credit limit low
You can earn 1% cashback rewards with the Discover it Secured Card. However, your credit limit is very low. The maximum credit limit is $2,500 and there is a $200 security deposit required. This card is ideal for rebuilding your credit history and repairing your credit. The $200 security deposit must be paid before you can get your card. If you choose to increase your credit limit, you'll get more.
The $200 security deposit required to obtain this card is fairly standard for secured cards. However, you should consider the balance transfer fees. Balance transfer fees are waived for the first six months, but you will be charged 5% after that. 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 cards do not require an annual fee, and are great for people with poor credit. It also comes with rewards and a refund of the security deposit. This card's downside is the variable APR. If you have bad credit, you should consider this card first before applying.
The Discover it Secured credit card requires a $200 security fee. This is average for secured cards. The balance transfer fee is 3 percent for the first six month, and then it increases to 5 percent thereafter. It is a great option for those with poor credit. However, you should carefully read the terms and conditions before you apply.
Requires $200 security deposits
To apply for Discover it Secured credit cards, you'll need to pay a $200 deposit. The security deposit will be used for any outstanding account balances. After seven months, your card will be converted to a traditional unsecured Discover card. This card does not charge a foreign transaction fee. The minimum security deposit for this card is $200. If you have less cash to deposit, lower deposit amounts are available.
The Discover it Credit Card Secured may be right for you, if you're willing to make a $200 security deposit. It comes with a cashback program and no annual fee. You can also use it to get rewards and improve your credit rating. The card isn't as well-received as other credit cards. This makes it more difficult to use the card at certain merchants and in foreign countries.
Regular terms APR
The interest rate for a loan is called the Regular See Terms APR. It is based on your credit score. People with good credit have lower APRs than people with poor credit. Lenders view people with poor credit as a risk rather than a source of profit. But not all lenders offer this rate.
The APR can also be applied to savings accounts. A savings account that has a 1% withdrawal charge would earn 8.9% per monthly after one year. Although it is not an accurate measure of the cost to borrow, the APR can help you estimate the amount of the loan. To make an informed decision when borrowing money for large purchases, it is helpful to know the Regular See Terms Annual Percentage.