The Discover it Secured card is easily the best secured credit card on the market, it offers the following:
- No annual or application fee
- Card earns at the following rates:
- 2% cash back at restaurants or gas stations (up to $1,000 in combined purchases each quarter)
- 1% cash back on all other purchases
- At the end of your first year they’ll match all of the cash back you’ve earned
This might not sound that impressive if you used to looking at credit cards for people with good great, but trust me this is infinitely better than some of the secured credit cards with high annual fees and no rewards programs. One of the nice things about this card is that if you use it responsible then Discover will look at graduating you to an unsecured credit card (this means you also get your security deposit back).
Previously you had to wait twelve billing cycles for Discover to start looking to unsecured this card, but myFICO users have reported that you now only have to wait 7 months for Discover to start considering graduation. Keep in mind that this doesn’t gaurantee that you’ll get graduated to an unsecured card such as the Discover it or Discover it Miles, just that it is a possibility.
Hat tip to DDG for beating me to posting as well!
