Have you heard about Discover it® Secured or Discover it® Cash Back credit cards? Before getting a new credit card, it’s important to compare all the options available to your financial profile. You want to make sure it fits all your daily needs and that the pros outweigh the cons.

If, after doing your research, you find yourself wondering whether you should get a Discover it® Secured or Discover it® Cash Back card, this article will help with your decision.

Discover it® Secured

Discover it® Cash Back

If you’re looking for a credit card to help you rebuild or establish your credit history, the Discover it® Secured Credit Card is a solid alternative.

Unlike most secured cards, you won’t have to worry about monthly or annual fees. Plus, this is one of the few secured cards that offer cash back rewards on things you actually spend money on, like gas and restaurants.

The initial security deposit is a minimum of $200. That amount is refundable once you close your account in good standing. Plus, it’ll also work as your credit limit.

Discover makes automatic credit reviews after your 7th month as a member to see if you’re ready to upgrade to an unsecured card, thus returning your security deposit.

Responsible use and on-time payments will help you boost your score periodically since the issuer reports all payments to the three main credit bureaus in the country.

While the card has a relatively high variable APR, carrying a balance on a secured card should never be an option regardless. That is because you’d be basically paying interest on a loan to yourself. 

You can apply for this card even with a limited credit history. To encourage you to do so, Discover offers a pretty interesting welcome bonus! The bank will match all cash back you’ve earned during your first year.

If you’re still on the fence between the Discover it® Secured or Discover it® Cash Back cards, check some of the secured benefits below. 

The Discover it® Cash Back Card’s most attractive feature is its high rewards rate. With this card, you’ll get a 5% return on eligible – and quarterly – purchases up to $1,500.

The downside is that you need to activate those bonus categories each quarter to earn the highest return. Plus, once you reach the spending caps, the rate drops to a flat 1%.

The card also offers the standard Discover welcome bonus of dollar-for-dollar cash back match at the end of your first year, which is a solid intro offer.

You won’t have to pay for an annual fee and still get a lengthy 0% introductory APR for 15 months on purchases and balance transfers. After that period, the APR varies between 13.49% and 24.49%, and you’ll have to pay a 5% fee for balance transfers.

The application process is simple, and you can do it online, but you’ll need at least a good credit score to become eligible. Since this is not a secured card, you won’t have to put down a deposit. The bank determines your credit limit based on your creditworthiness.

To help you choose between the Discover it® Secured or Discover it® Cash Back, check out some of the Cash Back’s pros and cons below. 

Even though both Discover cards offer many benefits to their cardholders, they are not for the same public. You could get a secured card if you have a good credit score to help you manage your expenses.

However, if your score is less-than-perfect at the moment, you won’t be able to qualify for a Discover it® Cash Back card.

So “the right choice” is a relative term in this case. To figure out which card to choose between the Discover it® Secured or Discover it® Cash Back, you need to evaluate your current financial conditions.

If you need a little helping hand with your score, the secured option is your best bet. But if you already have a good or excellent score and want to take advantage of the high cash back rewards, the Discover it® Cash Back is the best option for you.

And if you are a student that’s just starting to build your score, Discover has an option for you as well. With the Discover it® Student Cash Back credit card, you’ll have the chance to build a strong rating while getting a series of exclusive benefits.

To learn more about this card, follow the link below and read our full review!