Credit Cards

Discover it Secured Credit Card 2022 Review – Forbes Advisor

5,0 · Rezension von Chauncey Crail
51

Discover it® Secured Credit Card vs. Bank of America® Customized Cash Rewards Secured Credit Card*

The Bank of America® Customized Cash Rewards Secured Credit Card earns 3% cash back in your category of choice: gas, online shopping, dining, travel, drug stores or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; unlimited cash back on all other purchases. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. Like Discover, Bank of America periodically reviews the credit status of its cardholders to evaluate whether or not the secured status can be lifted from the card. The standard rate APR is 26.24% variable APR on purchases and balance transfers. Balance transfer fee of either $10 or 5% of the amount of each transaction, whichever is greater applies.

When leveraged correctly, the Bank of America® Customized Cash Rewards Secured Credit Card* offers reward potential beyond that of the Discover it® Secured Credit Card. With a higher cap on purchases eligible for bonus rewards and a higher reward rate, the card competes well with many unsecured cards. The Discover it® Secured Credit Card will, however, give the Bank of America® Customized Cash Rewards Secured Credit Card* a run for its money when it comes to rewards earned in the first year.

Discover it® Secured Credit Card vs. U.S. Bank Cash+® Visa® Secured Card*

The U.S. Bank Cash+® Visa® Secured Card* offers a choose-your-own-category rewards adventure. The card earns 5% cash back on on the first $2,000 in combined eligible purchases each quarter in two categories of choice, 5% cash back on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center, 2% cash back on eligible purchases in choice of one everyday category (like gas stations, grocery stores and restaurants) and 1% cash back on all other eligible purchases. For those capable of paying close attention to spending and leveraging the rewards in a useful way, the card offers excellent reward potential. Whether or not the card’s rewards can compete with the Discover it® Secured Credit Card’s rewards will depend on individual spending habits and budgets—but while figuring it out for yourself, don’t forget about Discover’s reward bonus at the end of the first year of account ownership.

With similar convenience benefits, the Discover it Secured and the U.S. Bank Cash+® Visa® Secured Card* are well matched competitors. Which—if either—is right for you will depend on how rewarding or convenient the card can be to you.

Discover it® Secured Credit Card vs. Petal® 1 “No Annual Fee” Visa® Credit Card

The Petal® 1 “No Annual Fee” Visa® Credit Card, issued by WebBank, Member FDIC, isn’t a secured card, but it is designed for those with weaker credit, so it makes sense to compare it to the Discover it® Secured Credit Card. The Petal 1 card is unsecured, and bases approval on a combination of factors including your banking history and other financial metrics. The card offers credit limits between $300 and $5,000 and standard rate APRs of 22.24% – 31.74% variable APR.

The Petal 1 only earns cash back at select merchants. With the Discover it® Secured Credit Card, cash back is reliable and easy to earn. For some the Petal 1 may not be an option until credit improves. But for those who qualify, it’s worth considering the benefits of an unsecured card over a secured card.

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