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If you have trouble getting a regular credit card because of bad credit, you might consider obtaining a secured card. These cards are also useful if you have not established credit. With a secured credit card, you must make a deposit against the credit limit of the card. You will then make payments each month on your card. Many companies offer secured credit cards. One of the more reputable companies that provide a secured credit card is Discover.

discover-secured-credit-card-reviewsDiscover It offers a secured credit card with no annual fee. With this card, a $200 deposit is required. Your credit limit will be the amount of your deposit. If your deposit is more than the required amount, you will have a larger credit limit.

The Discover secured credit card is a good way to build credit if you make payments each month. After the first year of membership, the company will look over your account to see if you might be eligible for a regular credit card. If approved for an unsecured card, you will receive a refund. You then might be able to receive an increase in your credit limit.

One of the best things about the Discover secured credit cards is that you are able to receive cash back. The card allows you to receive 2% cash back at gas stations and restaurants. For all other purchases, you will earn 1% cash back. With this card, you will have access to your FICO credit score. This allows you to monitor your progress, so you will know if your credit score is increasing.

discover-secured-credit-card-reviews-2To apply for the Discover secured credit card, you must be at least 18 years of age, and you must reside in the United States. You need to have a social security number, and you need to have a bank account in the country. Your account does not need to be overdrawn. After applying for the card, Discover will look at your credit history. You will receive an instant decision after applying for the card.

Secured credit cards usually have a higher APR than traditional cards. With Discover, you will receive a variable 23.24 APR, and balance transfers are available. Cash advances are permitted with the card. If you make a late payment, the fee is waived for the first time, and after that, it is $35.

The fact is that this is one of the best secured credit card available. Most secured cards do not offer rewards, so Discover is the exception. It is a good idea to try to pay off the balance each month. After a year, you could be eligible to obtain a traditional card.