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Discover Secured Card Best Secured Credit Card Review - YouTube

Channel: CreditFast

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find out why in this video I think that

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the discover it scared card is the best

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credit card to build credit with

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[Music]

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so for the record on this day taping

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this video my top recommendation for the

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best credit card to build credit

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hands-down is the discovery it's secured

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card and in this video I'm going to go

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into exactly why I feel that way I'm

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going to tell you everything I like

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about the card and then I will also go

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into some of the drawbacks with the

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discover its secured card the best thing

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about the discover is secured card that

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it ends up being a completely No Fee

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credit card yes it is a secured card so

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you're going to have to make a deposit

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when you open an account but that

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deposit will be refunded to you if you

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pay your payments on time in addition

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there is no annual fee for this card for

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as long as you have it you will never be

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charged an annual fee and you earn cash

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back rewards this is a fantastic

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opportunity to build credit and to have

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pretty much the best deal in credit

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cards for people in this category of

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less than perfect credit or no credit

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I'm gonna go a lot deeper into the

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benefits and drawbacks of the discover

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it's secured card but before I do that I

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want to mention this helps me a great

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deal on YouTube much appreciated if you

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do please hit that like button and

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subscribe and hit that Bell notification

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if you want to see more videos just like

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this one seriously you guys your

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comments are awesome I mean you really

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make the channel I mean they are very

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entertaining especially with the credit

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one video that I did a few months ago

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everybody had an opinion on it and you

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either felt like this warrior felt like

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this either way it was great

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conversation there and anybody who

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wanted or was thinking of applying for

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that credit card has a really good idea

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if it would work for them and I put the

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link

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to that video in the description below

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and you can check that out later in I

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also put other related videos in the

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description below you're probably

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interested if you're watching this video

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with credit cards that can help you

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build credit and if you need to find

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more information you can find it in the

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description below I'm sure you're asking

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yourself what do you need to apply for

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this credit card I'm so glad you asked

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smart questions because I put up a chart

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for you

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okay so if you're wondering how this all

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works I'm telling you it is so simple it

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is so simple that I'm just going to show

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you this screen over here and you can

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see for yourself

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really how simple it is and all that you

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need to do I'm going to give you some

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important information I have heard that

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if you're in the process of going

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through a bankruptcy you should wait

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until you're completely over with it

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before you apply for the discover it

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secured card but if you're not you

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should give it a shot unfortunately

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we're talking about things I don't like

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about this card and I told you I would

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tell you I don't like the fact that they

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do a hard credit inquiry when you apply

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so you will see that on your credit

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report if you apply for this credit card

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but I think that negative outweighs the

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vast amount of benefits you have with

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this card so you should give it a try

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but remember if you are going through a

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bankruptcy wait some time afterwards

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before you apply I have also heard that

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acceptance is not guaranteed not

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everyone gets approved for this credit

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card if you yourself have gone through

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the process please let everyone know in

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the comment section below

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how easy it was to get this credit card

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whether or not you got approved for it

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or not it helps everyone out here and it

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is much appreciated so to help you guys

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out even more I'm going to show you two

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comparison charts now one comes from

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discovered directly and the other one

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comes from a review i did on secured

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credit cards you might want to pause the

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video if you want to compare the

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benefits and drawbacks of each secured

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credit card offer more closely they show

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some of the same secured cards I placed

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a link to the video that I did on

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secured credit cards below this video if

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you're interested check it out later

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in the credit fast review article of the

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discover secured card listed r11 pros

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and five cons of having the secured

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credit card if you want to know what

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they are I left the link to the article

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in the description below this video also

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remember if you are looking for more

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information on building your credit

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credit fast calm on my homepage I always

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put something on there to help people

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build their credit it changes I change

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the website regularly but I always

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include something for building credit

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okay so if you are interested in a

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particular credit card just type the

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name of the credit card in the search

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box chances are that review has already

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been done there are over 350 articles on

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credit fast calm besides my website you

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can also go to the discover website

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itself they have a discover education

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area and they have different articles

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you can read to help you build your

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credit so more on what I don't like

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about this card it does have a high

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interest rate but that should not

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surprise any of you out there these

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cards will always have high interest

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rates but this one is kind of higher

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than average

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so my advice there is do not carry

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balances do not revolve the balance on

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this credit card because you will be

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paying a lot of interest for it

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so make your payments in full and you

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can avoid all that interest entirely one

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thing I don't like about this card is

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that the credit limit is really low and

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it is in fact understandable it is a

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secured card and they're giving you a

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low entry point of $200 and that's why

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it works for a lot of people a $200

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security deposit is a lot easier to

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handle than a 500 dollar security

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deposit that other credit card companies

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require so if you're good with the fact

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that you're going to have a low credit

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limit unless you decide to put a larger

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security deposit then you need to be

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very careful about how much

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end up spending on this card each month

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you probably want to use about 20% of

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your credit line each and every month

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that'll help raise your credit score

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faster that's the comment advice I give

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don't use more than 20% of any of your

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credit lines however I'm going to tell

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you something a little bit different

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than what I normally tell you and the

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reason is that there is a bonus the

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first year of being a discovered

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customer they will double your rewards

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so you end up earning more cash back

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reward your for first year if you only

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have a 200 dollar credit limit you will

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earn virtually no rewards if you only

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use 20% of your credit limit so I think

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in this particular case I would probably

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even go as high as 80% because it's a

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good way of earning cash back rewards it

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will be a slower way of building credit

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I know my whole thing I do here I say

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credit fast it will be credit slower but

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it's going to be such a very slight

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difference that you're going to benefit

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a lot with the cash back rewards the

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first year by doubling and another thing

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if you have this card for a while at

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least more than six months please let

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people know

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please let people know how fast they are

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with credit line increases a lot of

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these cards like Capital One for example

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they will give you a generous credit

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line increase after six months if you

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have on-time payment history I don't

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know if that is true the discover its

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secured card if you know it to be true

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or not let us know in the comments I

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have a tip it doesn't come from me it

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comes from Dwayne and his channel how to

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build credit TV and he did two really

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good videos on the discover it security

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card and I have linked those videos in

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my description below you definitely need

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to check out he goes over a lot of

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things

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his tip is that there are to discover it

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cash back reward systems basically and

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you get the one here that has lower cash

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back and you can see these terms right

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here if that is something you're happy

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with great but there is another discover

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it secured hard that I love and that's

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where you earn five percent back on

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special categories and then one percent

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cash back on everything else that might

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be a better fit for you and in his video

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he explains that you can do a product

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change by simply calling discover so I

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definitely wanted to let you know about

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it I want to give credit where credit is

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due because that is a great tip I did

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not know about that so I'm sure just

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like with the credit one video there are

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going to be a lot of interesting

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comments and of course I have linked

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that credit one review video right here

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and if you want to check it out and all

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the fun comments do that right there and

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if I make myself smaller here are some

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