Managing personal financial affairs is both can be challenging and exciting, all starting with the baby steps before starting to face the real challenge. One effort in frugality is to use a secured credit card, but there are various secured credit cards out there. So, how to choose the right one? Through reviews like Discover secured credit card reviews, you can read testimonials from people who have already used that specific credit card.
Let us examine further about the advantages and disadvantages of secured credit cards issued by Discover through testimonials and reviews from various users.
General Secured Credit Card Understanding
It is stated in Discover secured credit card reviews that secured credit cards are the most appropriate way for those who have just decided to get a credit card. Through the “pay first, use later” feature, you can manage your expenses through how much credit card balance you pay at the end of the month.
According to Discover secured credit card reviews, secured credit cards can also help improve your credit score if you pay the deposit regularly every month. Many people use secured credit cards as a repayment method to their credit score.
What Makes Discover Secured Credit Card Different from Other?
Based on the various Discover secured credit card review, Discover also has one more selling points that they use to hook customers, i.e. the ability to provide some cashback over certain periods of time or transactions. Discover is in cooperation with various merchant points, especially gas station and restaurant to give you 2% initial cashback for every transaction. After you reach $1000 worth of cashback, the percentage will be decreased by 1%. Still, who would not miss a cheap gas and meals, right?
Other features promoted by Discover secured credit card reviews are free account reviews, free FICO credit score for your statement, and free annual fee. They are free combos that can help boost your credit score in no time. With the condition, you must make the deposit repayment in a timely manner, at least during the initial 8 months.
All you need to know is, Discover secured credit card has a fairly high-interest charge, about 23.99% with a maximum limit of $2500. If you cannot afford to pay the deposit in a timely manner, then gradually you will accumulate a lot of debt with an amount of interest that is not less. However, if you manage to pay a deposit regularly and your financial ability is stable, Discover will recommend you for an unsecured credit card with a limit of up to $2000. Many Discover secured credit card reviews think of this as graduating from your old habit to the new habit and credit card.
In conclusion, based on the Discover secured credit card reviews, this is the best credit card for you who are able to maintain expenditure and looking for a quick way to earn high credit score. Just do not forget to pay the deposit on time and never push it to the limit.