The Discover it® Secured Credit Card is a great option if you are looking for a low-interest secured card. This article explains the interest rate to consider before applying.
If you’re interested in finding a good credit card with a low-interest rate, the Discover it secured credit card may be just what you’re looking for. This discover it secured card interest rate (APR) is10.99%, which is lower than many other secured cards on the market.
In this post, we’ll take a closer look at the interest rate for the Discover it secured credit card and how it compares to other cards.
What is the interest rate for the Discover it secured credit card?
The Discover it Secured Credit Card has an APR for purchases of 25.99%, and a lower intro APR for balance transfers of 10.99% for the first six months.
However, be aware that the APR for cash advances is slightly higher at 27.99%. As always, try to pay off your balance in full each month to avoid paying interest on purchases – just make sure to do so before the due date, which is at least 25 days after the close of each billing period.
All in all, the Discover it Secured Credit Card offers competitive rates and could be a great option for someone looking to build or improve their credit.
Below Table explains the interest rate for a different type of transaction.
|Types of Transaction||Interest Rate|
|Regular Annual Percentage Rate (APR) for Purchases||25.99%|
|APR for Balance Transfers||You will receive a 10.99% intro APR for 6 months from the date of your first transfer, as long as the transfers post to your account by February 10, 2023.
After the intro APR expires, your APR will be 25.99%
|APR for Cash Advances||27.99%|
|Penalty APR and When It Applies||None|
What is the minimum interest charge?
The minimum interest charge is the lowest amount of interest that you will be charged on your account balance for that billing period. The current minimum interest charge for the Discover it secured credit card is $.50.
How can I avoid paying interest on my purchases?
If you do not want to accrue any interest charges on your account, be sure to pay off your balance in full before the due date. The due date is at least 25 days after the close of each billing period.
The Discover it secured credit card has a current APR of 25.99%. This rate may change based on the Prime Rate throughout the year. The minimum interest charge is $.50 and you can avoid paying interest charges on your account balance by making sure to pay it off in full before your due date.
Do you have any experience with the Discover it secured credit card? Let us know in the comments below.