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There are already dozens of secured credit cards for the credit-challenged: https://www.creditcards.com/secured/ https://www.creditcards.com/secured/ The 5% ba

There are already dozens of secured credit cards for the credit-challenged: https://www.creditcards.com/secured/ https://www.creditcards.com/secured/ The 5% back on Amazon.com purchases would give a slight edge to this new secured card.

r00fus 7y ago
Are there any other secured CCs which would have similar benefits? If you buy anything on Amazon, but don't have a CC this may be better than 1% back.
- lemcoe9 7y ago
  CreditCards.com does a great job comparing different cards, and if I was in a credit-challenged situation I would go for the Discover It Secured card, which offers 2% back on all purchases.
  - walrus01 7y ago
    The downside to that is that Discover is accepted at significantly fewer online vendors and retailers than Visa or Mastercard.
    - prostoalex 7y ago
      Futurama S1E06: Fry: "Do you take Visa?" Clerk: "Visa hasn't existed for five hundred years." Fry: "American Express?" Clerk: "Six hundred years." Fry: "Discover Card?" Clerk: "Hmm...sorry, we don't take Discover."
- dvtrn 7y ago
  In many cases you may be able to obtain a secured line of credit from one of your local credit unions if you’re the type who likes keeping your money local. They tend to be more amenable to helping their members with credit rebuilding goals. That was the path I took, but as with all things ymmv
- astura 7y ago
  Discover IT Secured is a great option. https://www.discover.com/credit-cards/secured/ https://www.discover.com/credit-cards/secured/ >Earn 2% Cash Back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases I hear it auto-converts to a regular, non-secured Discover IT after like six months or so.
- tedivm 7y ago
  This would only be worth it if you pay it off each month, as it has an insanely high interest rate of 28.24%- you can get a secured Discover card at 25.24% or 21.24% with Wells Fargo. You can do even better if you do with a credit union- DCU has secured cards around 13.75%.
deadmik3 7y ago
5% back on only Amazon with a $120 annual fee (prime) is not very good.
- ceejayoz 7y ago
  Sure, if you weren't otherwise gonna get Prime, you'd have to spend $2400/year to break even. If you're one of Amazon's millions of Prime subscribers, it's a no-brainer.
- entropea 7y ago
  Plus 28% APR, though I can't imagine holding a balance on a secured card.
  - fjsolwmv 7y ago
    Secured cards are held by irresponsible people who carry balances. Otherwise they would get unsecured cards.
    - entropea 7y ago
      Holding a balance does not mean you're irresponsible, it just means you will be paying interest.
- ng12 7y ago
  Most secured cards have no rewards and many have a yearly fee. If you have prime anyways it's an amazing deal.
- deleted 7y ago
  [deleted]
- bootlooped 7y ago
  The target demographic might overlap with the set of people who are candidates for discounted prime membership.

r00fus 7y ago

Are there any other secured CCs which would have similar benefits? If you buy anything on Amazon, but don't have a CC this may be better than 1% back.

lemcoe9 7y ago
CreditCards.com does a great job comparing different cards, and if I was in a credit-challenged situation I would go for the Discover It Secured card, which offers 2% back on all purchases.
- walrus01 7y ago
  The downside to that is that Discover is accepted at significantly fewer online vendors and retailers than Visa or Mastercard.
  - prostoalex 7y ago
    Futurama S1E06: Fry: "Do you take Visa?" Clerk: "Visa hasn't existed for five hundred years." Fry: "American Express?" Clerk: "Six hundred years." Fry: "Discover Card?" Clerk: "Hmm...sorry, we don't take Discover."
dvtrn 7y ago
In many cases you may be able to obtain a secured line of credit from one of your local credit unions if you’re the type who likes keeping your money local. They tend to be more amenable to helping their members with credit rebuilding goals. That was the path I took, but as with all things ymmv
astura 7y ago
Discover IT Secured is a great option. https://www.discover.com/credit-cards/secured/ https://www.discover.com/credit-cards/secured/ >Earn 2% Cash Back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases I hear it auto-converts to a regular, non-secured Discover IT after like six months or so.
tedivm 7y ago
This would only be worth it if you pay it off each month, as it has an insanely high interest rate of 28.24%- you can get a secured Discover card at 25.24% or 21.24% with Wells Fargo. You can do even better if you do with a credit union- DCU has secured cards around 13.75%.

deadmik3 7y ago

5% back on only Amazon with a $120 annual fee (prime) is not very good.

ceejayoz 7y ago
Sure, if you weren't otherwise gonna get Prime, you'd have to spend $2400/year to break even. If you're one of Amazon's millions of Prime subscribers, it's a no-brainer.
entropea 7y ago
Plus 28% APR, though I can't imagine holding a balance on a secured card.
- fjsolwmv 7y ago
  Secured cards are held by irresponsible people who carry balances. Otherwise they would get unsecured cards.
  - entropea 7y ago
    Holding a balance does not mean you're irresponsible, it just means you will be paying interest.
ng12 7y ago
Most secured cards have no rewards and many have a yearly fee. If you have prime anyways it's an amazing deal.
deleted 7y ago
[deleted]
bootlooped 7y ago
The target demographic might overlap with the set of people who are candidates for discounted prime membership.