Best Secured Credit Card Out There
After i read some of your comments here I wanted to share my Discover It Secured Credit Card experience with you and hope that would help and answer some of your questions.
When i have applied for the regular Discover It credit card i have been denied due to no history and a pop up screen suggested me to apply to a secured one and i have applied this unsecured credit card right away after i made a little research and see that it is one of the best unsecured credit cards on the market and it had also a graduation feature which not many secured credit cards. Basically as you may already read, they review your account (i think that happens automatically)after 6-7 months of use and if they see a responsible use they change your credit card to an unsecured one and return your deposit back in check.
After i applied to unsecured card i have been approved right away and it asked me how much credit limit i would want with a note saying i will need to deposit that same amount of money from a source in order to get that limit. I have started with $750 limit and transferred this money from my personal bank account. And after couple weeks i learned that this card can go up to $2500 limit max with more deposit and since this was going to be returned after it graduates to an unsecured one i have put more money down and raised my limit (At this point the choice is yours , you absolutely not need to raise your limit to the max. I did it to help my utilization and higher my credit limit which will also boosts my credit score increase during my 6 months usage before becoming an unsecured credit card.)
I have used my credit card for 6-7 months and I kept my balance at below 9-10% all the time and paid the entire balance right away before the due dates.
After 6-7 months i have received an email and a letter in the mail saying that my credit card has been graduated to an unsecured one with the same limit and they have also returned my $2500 deposit back in 3-4 business days.
Now i have requested another credit increase after my credit card graduated and i have been denied. When i called and asked the reason they told me they need some more history with my unsecured card. Oh and i also wanted to mention that i have switched my card benefits to regular Discover it one with 5% rotating category after i learned that is possible at any time meaning you don't need to wait your card to graduate for that feature.
So now i will use it some more and request a credit increase.
I also want you to know that before i got this card my wife got a Capital One Platinum secured credit card and she has no graduation option and they don't increase her limit also her card has almost no good benefits.
Just wanted you to know if you are planning to apply a capital one secured credit card compared to her card discover credit card is much better choice.