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Best Credit Card

Discover it® Secured

WHY WE CHOSE THIS CARD

If you’re a first-time borrower or rebuilding a bad credit profile, finding a top-notch secured card can be tough. Thankfully, this is it. You’ll earn some decent cash back on routine purchases, and at the end of your first year, your earnings will be doubled. You won’t pay an annual fee (many secured cards charge one), and Discover will even waive your first late fee. Plus, after eight months, Discover will begin reviewing your account for a possible upgrade to an unsecured card.

Pros

  • Ability to earn cash-back rewards while building credit
  • Responsible use can lead to automatic unsecured card upgrade
  • No foreign transaction fee
  • Cash-back match as a first year bonus

Cons

  • Low cap on highest rewards earning rate
  • Mediocre maximum credit limit compared to other secured cards

HIGHLIGHTS

  • No annual fee, earn cash back, and build your credit with responsible use.
  • It’s a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can’t help you build a credit history.
  • Automatic reviews starting at 8 months to see if Discover can transition you to an unsecured line of credit and return your deposit.
  • Get 100% U.S.-based customer service and get your free Credit Scorecard with your FICO Credit Score.

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