Should I accept Discover Secured Offer?

[Anonymous]

FWIW, I have the Discover IT secured card and love it. I especially enjoy the cash rewards.

Things to know:

1. It does unsecure after 12 months of proper care.

2. You cannot add money to your deposit so make sure you fund what you truly want your credit limit to be.

3. Cash back option at point of sale purchase at certain vendors (Walmart, Vons, Ralphs etc) that do not post as a cash back transaction.

[Anonymous]

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@thepanttherlady wrote:

FWIW, I have the Discover IT secured card and love it. I especially enjoy the cash rewards.

Things to know:

1. It does unsecure after 12 months of proper care.

2. You cannot add money to your deposit so make sure you fund what you truly want your credit limit to be.

3. Cash back option at point of sale purchase at certain vendors (Walmart, Vons, Ralphs etc) that do not post as a cash back transaction.

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Thanks for the insight on the card...is there a direct link out there to apply for the secured Discover IT card? If I applied for unsecured and I'm declined, is it typical to do a counter offer of a secured without having them do another HP?

Also...does the limit matter...I was thinking of doing $1000 secured if I don't qualify for unsecured. But I don't want to outlay $1000 for a whole year...do you think $500 would suffice for buiding purposes with PIF? Sorry if I'm hijacking...

[Anonymous]

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@Anonymous wrote:

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@thepanttherlady wrote:

FWIW, I have the Discover IT secured card and love it. I especially enjoy the cash rewards.

Things to know:

1. It does unsecure after 12 months of proper care.

2. You cannot add money to your deposit so make sure you fund what you truly want your credit limit to be.

3. Cash back option at point of sale purchase at certain vendors (Walmart, Vons, Ralphs etc) that do not post as a cash back transaction.

---

Thanks for the insight on the card...is there a direct link out there to apply for the secured Discover IT card? If I applied for unsecured and I'm declined, is it typical to do a counter offer of a secured without having them do another HP?

Also...does the limit matter...I was thinking of doing $1000 secured if I don't qualify for unsecured. But I don't want to outlay $1000 for a whole year...do you think $500 would suffice for buiding purposes with PIF? Sorry if I'm hijacking...

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$500 or even $300 would be sufficient.  The important thing is that you pay the bill on time and manage your CL.  

[Anonymous]

Bah...applied for Discover IT hoping to get offered the secured in place of unsecured. I was denied for the unsecured and told that the secured is in a test market and the system determines if to offer it and that they can't manually offer it....better luck next time... 

[Anonymous]

I have a Discover it Secured card. I love the 5% cashback deals. Im never on hold for customer service and they are always very friendly. Also there customer service is US based if thats important to you. They do graduate after 12 months. I started with $500 and it has helped my credit tremendously. And compared to every other secured card out there its #1 in my opinion. No annual fee,No foreign transaction fees,Transunion fico... If you decide to get another secured card I would say go for the Discover.

[Anonymous]

I just accepted my counter offer to get a secured Discover. I already have two prime cards unsecured with Capital, US Bank, and some Department store cards as well.
I'm also pretty excited because now you will be able to add more money to your security deposit starting in May!!! I started with $200 and will add more later.

[Anonymous]

until may 13th you cant add funds, but per discover email you will be able to up your limit in less than a month.

[Anonymous]

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@Anonymous wrote:
I just accepted my counter offer to get a secured Discover. I already have two prime cards unsecured with Capital, US Bank, and some Department store cards as well.
I'm also pretty excited because now you will be able to add more money to your security deposit starting in May!!! I started with $200 and will add more later.

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Do you by any chance remember what the high end they accept is? I want to say it's $3k but can't remember. I, too, want to up my limit before it unsecures in November. I'm currently at $1k but want it to unsecure at the maximum. TIA!

[Anonymous]

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@thepanttherlady wrote:

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@Anonymous wrote:
I just accepted my counter offer to get a secured Discover. I already have two prime cards unsecured with Capital, US Bank, and some Department store cards as well.
I'm also pretty excited because now you will be able to add more money to your security deposit starting in May!!! I started with $200 and will add more later.

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Do you by any chance remember what the high end they accept is? I want to say it's $3k but can't remember. I, too, want to up my limit before it unsecures in November. I'm currently at $1k but want it to unsecure at the maximum. TIA!

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3k seems to be what I remember as well but not 100 percent sure