I think that the Discover it Secured credit card is one of, if not the best secured credit card currently on the market and they continue to improve it. Recently they confirmed that this card can graduate to a regular Discover it card after twelve months and they’ve just sent out secured messages to cardholders about another new positive change.
Starting May 13th, 2015 cardholders will be able to add additional funds to their security deposit which will automatically increase their credit limit. They are also adding a new page to your monthly summary which includes your Security Deposit Account balance and any changes that have been made to this balance. Here is the message they sent out to cardholders (thanks to michikade from myFICO forums):
This is great news for cardholders, often when people are first getting started on the road to rebuilding credit they don’t have a lot of spare money for their security deposits, if funds cannot be added then they are stuck with a small credit limit which can effect their FICO score (due to high utilization). This change is great as it allows cardholders to add funds whenever they can to increase their credit limit.
It’s good to see that Discover are committed to creating a secured credit card that doesn’t suck. My only gripe with their product at the moment is that it’s not possible to apply for this card directly, you have to apply for the regular Discover it and if you’re denied only some will be offered the chance of the secured Discover it. Hopefully this will eventually change and you’ll be able to apply for this product directly. Because frankly a no annual fee, no application fee secured credit card with a good rewards program and a free FICO score that graduates and can have funds added to the security deposit is a very attractive offering.
Hat tip to michikade from myFICO forums
