There are several benefits to getting a Discover It Secured Card. These can include cash back or store discounts. But, what many don't know is that these cards are also accepted at many major retailers. Here is a look at the specifics about these cards.
Discover It Secured Cards are issued by Discover Credit Union and offer a variety of rewards. They also require a security deposit at the time you apply for the card. They are intended for those with bad or limited credit, which means a FICO score of below or above 660. You will have to make an initial deposit to receive this credit card, however there is generally no annual fee. You will pay interest on the balance you carry on your card for eight months and then have to pay the balance off. The good thing about a unsecured credit card is you don't have to worry about paying down payments.
A standard interest rate is seven percent. If you make no purchases during the first six months you are not charged any interest. This makes this type of card ideal for those who need a small amount of cash up front, such as college students. They also make great choices for those who like to shop online. With a secured card, you can purchase items at the retail location and then pay with your Discover It Secured card. This is a great way to purchase things you might not be able to buy at your local department store.
What makes a secured credit card different from an unsecured one is that if you make a regular purchase, say a dollar bill, and you fail to pay it back in full, you will have to make an initial deposit into your Discover It accounts. When you make your monthly deposit, you are making a commitment to pay back the money you owe. If you choose to go over your credit limit, then you must make another deposit to your account to add to the total amount due. If you do not pay your monthly balance by the due date, then you are required to add an additional fee. You will also be billed for any late fees if you fall behind. The good news is if you decide you cannot afford to pay your Discover It charges, then you can get a refund.
One of the best ways to use your Discover It security deposit is to start rebuilding your credit rating. If you make timely payments, you will raise your credit score and have access to more favorable terms on your loan. If you start to get a low balance transfer offer in place, then you can slowly work your way out of debt.
The security deposit that you receive can be used to purchase merchandise at major department stores and online. You can also use the funds for home improvement projects or even travel, depending on what you want to use your Discover It secured card for. The bottom line is that you need to know how much you have to pay on your Discover It card each month in order to qualify for maximum credit limit and interest savings.
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Discover card application status checks are quick, easy and free! The application status is updated every fifteen minutes for up to the minute status updates on your applications. If you have applied online, you will receive an e-mailed status update even if you apply by telephone or mail. Just click on the Apply Now ...