Showing results for 
Search instead for 
Did you mean: 

Discover IT Secured

Not applicable

Discover IT Secured

Just launched an account at these forums to chronicle my credit journey, the most recent step of which was getting the Discover IT Secured card. I was given the option for anywhere from $200-$2500, put down $500 for the deposit. Pretty excited about the 2% cashback on gas & restaurants (both of which make up a huge chunk of my spending), and especially about the cashback match after a year. Compared to my Capital One Journey student card (1% cashback, but boosted to 1.25% when you pay on time, which I will always do) I should fare much better in terms of rewards.


The background info:


- I'm building credit from scratch as a young college student. I don't have any particular immediate need for credit, but a) I want to be prepared when the time comes, and b) I'm an obsessive compulsive freak (hence the screen name), especially about my finances. And I had already gone through everything I could to make sure I'm maximizing my savings accounts (have WAYYYY too many earning promotional interest rates on up to $X), so figured credit/cashback was the next thing to do to satisfy my obsessiveness. Only started working on credit in April of this year, so very new to this and a very thin file.


- So far my "file" includes:

    - A secured card from a local credit union with no rewards. $500 deposit/limit. Opened in April but closed just a couple weeks ago when I also closed my checking/savings with said credit union. Just got this because I knew I should start building credit and didn't have the werewithal to shop around for the "best" secured card.

    - Capital One Journey student rewards card. $300 limit, mentioned the cashback structure above (1% + .25%). Opened in mid-July. Basically got this because I read that it was easy to get and wanted to try to get something that was unsecured before I quit my job to go to school and thus wouldn't be able to get a card (I'm under 21, so CARD act issues...)

    - Now this Discover card, opened just a couple days ago. $500 deposit/limit. If my spending habits stay the same (though I am trying to cut my restaurant spending), the extra cashback over the Capital One card will easily outpace the interest I would've earned on the $500 deposit, even with the most massive of interest rates I've found.


Anyway, lots of helpful info here so thought I'd join up to chronicle my successes/possible failures.

Message 1 of 1
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.