When it comes to financial stability, a secured credit card can help you reach your fiscal goals by building your credit score in a safe way. Secured cards are often a good option for people with lower credit scores, since the security deposit you’re required to put down to open it is used to cover any unpaid balances left on the card. Plus, since most secured credit cards report to the major credit bureaus, the more you can prove your financial responsibility using them, the greater impact they will have on your overall credit.

Applying for a secured card, like the Discover it Secured credit card, is similar to the application process for traditional cards, with one small difference. You fill out an application with your basic financial information and permission to perform a credit check, but your bank account and routing number are also required in order to make your refundable security deposit. Depending on the card, you might be able to decide how much of a security deposit you’ll put down based on the ultimate line of credit you’d like for the card.

Once approved, you can use your secured card just like a traditional credit card: You’ll make purchases up to your credit limit (equal to your security deposit), and receive a monthly statement for payment. Follow the path below to learn more about secured cards and how they may be able to help you start building credit and gain access to lower interest rates and other financial products that come along with a healthy credit history.

Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment, or financial advice and does not indicate the availability of any Discover product or service. It does not guarantee that Discover offers or endorses a product or service. For specific advice about your unique circumstances, you may wish to consult a qualified professional.