When you have poor or no credit, the Discover it Secured Card can give you a real credit card without the credit score that is required of most other cards. You are required to pay a security deposit of at least $200, but it is refundable.
As you make timely payments, they are reported to all three credit bureaus to help you build and improve your credit. After you have the card for seven months, Discover begins to regularly review your account to monitor your payments and any improvement in credit. Once your credit builds, you may be able to switch over to a traditional, unsecured credit card.
The benefits include 2% cash back on gas and dining, up to $1,000 per quarter. All other purchases earn you 1% cash back, plus you receive 2x the points at the end of the first year with Cashback Match. There is no annual fee, either, to help save you money.
- Great for poor credit
- No annual fee
- Excellent for credit-building