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Using a credit card is not the only way to build your credit from scratch or bounce from a credit misstep, but it can often be the easiest option. There are several credit cards specifically designed to help consumers who find themselves in these situations, and there is no need to sacrifice their arms and legs. To be clear, some subprime credit cards include many fees, but they include the two cards we are going to talk about here. Petal®1 “No annual fee” Visa® credit card*and Find your IT® Secure Credit Card – Please do not carry the annual fee.
That said, it should be noted that both Petal 1 and DisciskIT® have advanced variable APR rates. 28.99-33.99% Variable Petal 1 and 27.24% Variation APR For DiscoverIT® Security Credit Cards – These cards are not ideal for cardholders who tend to do so Carry their balance.
Main details
| card | Petal®1 “No annual fee” Visa® credit card | Find your IT® Secure Credit Card |
|---|---|---|
| Welcome bonus | n/a | Cashback Match: Discovery matches all cashbacks you earned in your first year as a cardholder |
| Remuneration rate | n/a |
|
| Intro April | n/a | n/a |
| Annual fees | $0 | $0 |
| Foreign transaction fees | n/a | n/a |
Petal 1 vs DiscoverIT® Security Highlights
Which cards make the most money?
DiscoverIT® Secure Credit Cards include traditional items Cashback Rewards ProgramPetal 1, on the other hand, only includes a limited merchant offer program. This means DiscoverIT® security credit cards earn more rewards to the average consumer.
Petal 1 vs. Discover IT® Security Credit Card Expense Example
DiscoverIT® Secure Cards provide:
- 2% cashback at gas stations and restaurants (up to $1,000 per quarter purchases, then 1%)
- 1% on all other purchases
Let’s see how much you earn if you reach your spending cap quarterly and maximize your rewards using your cards for other purchases. We can split it into $12,000 a year.
- I spent $4,000 at restaurants and gas stations ($1,000 per quarter)
- $8,000 for other purchases
| Expense Category | Total annual spending | Cashback | First year cashback match |
|---|---|---|---|
|
Restaurant and gas station |
$4,000 |
$80 |
$80 |
|
Other purchases |
$8,000 |
$80 |
$80 |
|
total |
$12,000 |
$160 |
$160 |
If you spend $12,000 a year and split it up at a restaurant or gas station ($1,000 a quarter), you’ll earn an additional $80 cashback for $8,000 on other purchases, in addition to $80 cashback. So I earned $160 in cashback per year, and thanks to the cashback match, my total cashback haul in my first year is $320.
Petal 1 features a limited cashback program to Select Merchants and cannot beat the cashback you earn from DiscoverIT® secure credit cards (in most cases). You may get solid cashback offers, but these offers are aimed at specific merchants and are inconsistent.
Why do you need to get petals?
Unlike DiscoverIT® Security Credit Cards, Petal 1 is traditional Unsecured credit card. If you don’t want to lower your minimum security deposit, and if you don’t care much about the DiscoverIT® Secure Credit Card cashback program, the Petal 1 is even more appealing. Additionally, Petal 1 does not require an established credit history, but you can consider your credit history (other than your credit score) to establish a credit effect. That being said, some cards from the petal family already have them Limited benefits have been downgraded – Remember it before choosing the right card for you.
Why do I need to get a DiscoverIT® security credit card?
About all the advantages of DiscoverIT® security credit cards, its main drawback lies in the name – it is Secure credit cards. This means you must have a security deposit (from a minimum of $200 to a maximum of $2,500) to open an account.
Regarding Credit build or rebuilda secure card It works the same way As an unsecured card. But earn a stable cashback and don’t worry about security deposits. The former may prefer DiscoverIT® Secure Credit Cards to Petal 1, as they offer traditional cashback programs and discover cashback matches.
Conclusion
Both Petal 1 “No Annual Fee” Visa Credit Cards and IT® Security Credit Cards are solid and low cost Cards for consumers considering building or restructuring credits. Both cards do not have an annual fee, so the cards you need to choose are the ones that are most important to you. If you are looking for cashback, choose TheDiscoverIT® Secure Credit Card. On the other hand, if you are interested in unsecured cards, choose Petal 1. However, don’t forget that using credit responsibly can result in a short pass from a secure card to an unsecured card using Discover as 7 months.
However, there are Petal 1 and DiscoverIT® security credit cards, Best credit cards for bad creditthey’re not the only ones. You should before you make a decision See other options To make sure you find the best one for you.
*Petal 1 Information “No Annual Fee” Visa Credit Cards are collected independently by bank rates. Card details have not been reviewed or approved by the issuer.
