Well, maybe you have heard about those services of secured credit cards. They do not give the opportunities for card holders to increase their credit limit even if they have been doing fine for the past months with on-time monthly payments. However, Discover is not one of them as you can have Discover secured card credit increase whenever an opportunity strikes and when all the conditions are met.
Being one of the best financial institutions that they ever been, Discover continue to improve the services, so it will met the expectation of the customers. Just in line with the previous paragraph, one of the ways that Discover choose to follow is by providing Discover secured card credit increase of credit limit service. If this is not for the sake of customers’ convenience, then you wouldn’t know what it is.
Discover It Secured Credit Card Credit Limit Increase
This impressive change of Discover is also supported by a particular fact. Long before the existence of discover secured card credit increase feature, the bank already announced that a secured credit card holder have the possibility to change their card into regular Discover card. It is after they have a good habit of credit for about 12 months into the use.
It was started from years ago, exactly on May 2015 that Discover confirmed the positive change that it made. Starting from then, any secured credit card holders are able to increase their limit. This Discover secured card credit increase of course can be done with additional fee to the prior security deposit that must be made accordingly.
This feature of discover secured card credit increase, without a doubt; ease people in using the particular secured credit card. It is because this kind of system will save them for some trouble in changing the card. Well, changing the card means you have to resubmit your document and all. Therefore, it is safe to say that adding some pennies to security deposit is way simpler to do.
In accordance to Discover secured card credit increase—which probably will encourage you to make a change for initial security deposit, Discover also adds a fresh column in the monthly summary of your account. This is the column in question. It will be about your balance of Security Deposit Account as well as any changes that you’ve made.
In addition, seeing many people want to rebuild their credit history from zero, they must not be in the condition of having abundance of money. Hence, it is very common for them to only have a penny to pay the minimum amount of security deposit. The regular policy of a secured credit card also will not allow any addition to the security deposit. It results the cardholders stuck with a small amount of credit limit. This is a not very pleasant situation as it can affect the credit score. Well, now you can see why Discover secured card credit increase is such an incredible feature of a secured credit card.