5 critical action steps every first-time homebuyer must know
David Bach’s
arrow First-Time Homebuyer Challenge
Get Access Now Learn More

Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research determine where and how companies may appear. Learn more about how we make money.

Advertiser Disclosure

Money has partnered with CardRatings.com and ConsumersAdvocate.org, among other companies, for our coverage of credit card products. Money, CardRatings.com, and ConsumersAdvocate.org may receive a commission from card issuers. For example, Money receives a commission from Citi when you apply and are approved for a Citi product through the links on this site.

Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

By amondalek
September 19, 2016
Discover It Secured


Not all secured cards help you build credit by reporting your history to the three major credit bureaus: Experian, Equifax, and TransUnion—but the Discover It Secured does. It also offers a forgiving fee structure and a winning mix of rewards and other perks. You won’t get charged an annual fee, your first late penalty fee is waived, and you even earn some modest rewards, which are doubled after the first year. As with all Discover cards, you’ll get a year of free FICO scores. Another perk: Discover will review your status after 12 months to see if you can switch to an unsecured option.


To improve your FICO score, aim to spend only 20% to 30% of your credit limit. And note that if you carry a balance, you’ll face a high fee—so stick with a debit card if you just can’t handle any credit leeway.


Rewards: 2% cash back on gas and restaurants up to $1,000 each quarter, 1% back on everything else.
Annual fee: $0
APR: 23.2%
Penalty fee/penalty APR: $0 for first missed payment, then $37/none.

You May Like