Best credit cards to check out for October 2021 – Forbes Advisor

If you’ve had credit problems, a credit card can help you rebuild your credit history and improve your credit score. At the same time, it is very difficult to qualify for a new card when you have serious credit problems. In these circumstances, the Discover it® secure credit card may be a reasonable option.

With a secure credit card you must submit a refundable security deposit once you are approved for the account. The amount of your security deposit then becomes the amount of your line of credit. For example, a $ 500 deposit becomes your $ 500 line of credit. You can deposit more or less depending on the size of the credit limit you need, subject to the limits imposed by the credit card issuer.

But once your secure card account is opened, it will work just like any other credit card. You must make a monthly payment and you will be charged interest if you choose to carry a balance. Your security deposit will only be used in the event of non-payment.

Discover will automatically review your account after eight months to determine if you qualify for an unsecured credit card. If they determine that you are using your credit responsibly, they will refund your deposit and convert your account to an unsecured card.

There is no shortage of secure credit cards. Most have an annual fee, and there are often other fees and penalties. Discover it® Secured Credit Card is different. There is no annual fee and no APR penalty. Even a late payment penalty, which is a staple with virtually all credit cards, is waived when you pay late for the first time. Standard late fees can go up to $ 40.

This card allows you to earn rewards just like the unsecured cards from Discover. You get 2% cash back on gas and restaurants up to $ 1,000 in combined purchases per quarter. All other purchases earn 1% cash back. And the Cashback Match bonus at the end of your first year also works on this card. This makes the Discover it® Secure Credit Card one of the most competitive secure credit cards available.


  • 2% cash back
  • Cash Back Match
  • Free access to your FICO score
  • No annual fee
  • No foreign transaction fees

The inconvenients

  • The 2% reward rate is capped with a base pay rate of 1%

Conclusion: For a secure credit card, this card is exceptional value. The combination of low fees and cash back rewards makes it one of the best secure credit cards available today.

About Lucille Thompson

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