With Discover, there is a straightforward rewards structure. You receive 2% cash back on gas and dining, up to $1,000 quarterly, with unlimited 1% cash back on all of your other purchases. Discover also offers a special introductory rewards rate that gives cardholders automatic 2x Cashback Match for the first year of having the card. You can redeem for cash at any time or use your rewards directly at Amazon.com or PayPal. Either way, your cash back never expires. Plus, there is no annual fee.
The Discover it Secured card comes with extra protection, including Discover's zero fraud liability guarantee, free Social Security number alerts, and a free annual FICO credit score.
Your credit line matches the amount of cash you put down, with your refundable security deposit starting at $200. Cardholders can get their deposit back after upgrading to an unsecured card after 6 consecutive on-time payments and 6 months of good status.
There is an easy online pre-approval process that has no impact on your credit. You can also apply online. If approved, Discover will regularly review your account after eight months to identify areas for growth.
Low starting balance
Required minimum security deposit
Maximum $2,500 credit limit
$1,000 spending cap before rewards fall to 1%