Discover it Secured Credit Card Review
The Discover it Secured Credit Card shines with no annual fee and cash back potential. Cashback Match™ doubles all your cash back earned in the first year! Enjoy 2% cash back on gas and restaurants (up to $1,000 quarterly) and 1% on everything else. Responsible use can even lead to a full refund of your security deposit.
Discover it Secured Credit Card Review
The Discover It Secured Credit Card is an excellent choice for establishing credit. With no annual fee and the ability to earn cash back, this card offers unique benefits compared to other secured cards. Thanks to the Cashback MatchTM program, all cashback acquired in the first year will be matched by Discover.
Plus, with 2% cash back on gas station and restaurant purchases (up to $1,000 per quarter) and 1% on all other purchases, responsible card usage can lead to both credit building and a full refund of the security deposit. So, it can be concluded that this card is an excellent option for those looking to establish credit while also earning rewards.
Additionally, responsible card usage can increase credit scores and potentially result in a refund on the initial security deposit. Discover its Secured Credit Card review and talk about its benefits, features, all kinds of rates and fees, and comparisons with other similar credit cards.
Let’s start with quick highlights!
Quick highlights
- Earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, with no minimum spending or maximum rewards.
- 0% intro APR on purchases for six months, followed by a standard variable purchase APR of 18.24%–27.24%.
- Unlimited 1% cash back on all other purchases
- Redeem rewards for cash at any time.
- No credit score is required to apply.
- There is no annual fee, and you build your credit with responsible use.
- Automatic Unlimited Cashback Match for all new card members, doubling the cash back earned in the first year
Discover it: Secured Credit Card Rewards.
- Rewards Rate: Earn cash back on purchases with the Discover It Secured Credit Card. Get 2% cash back at gas stations and restaurants on up to $1,000 in combined quarterly purchases automatically. Plus, earn unlimited 1% cash back on all other purchases.
- Unlimited Cashback Match: At the end of your first year, you automatically get an endless dollar-for-dollar match of your cash back. There is no limit to how much we’ll match.
- Actual Credit Card: The Discover It® Secured Card is a real credit card that can help you build or rebuild your credit with responsible use.
- Refundable Deposit: A refundable security deposit is required to secure your credit line. Your credit line will equal your deposit amount, starting at $200. You can choose the deposit amount up to the approved credit line.
- FICO® Credit Score for Free: Your credit scorecard will not impact your FICO score. Keep track of your credit score and monitor changes with ease. Get your free FICO credit score when you sign up for the Discover It Secured Credit Card.
- Rewards Redemption: The rewards earned with the Discover It Secured Credit Card can be redeemed within 18 months.
Rates and Fee
- Average Cost Of Membership Per Year: $3,600 annual spend
- Cash Back Rewards: $0 + $61 in cash back rewards
- Credit Score Required: Excellent
- Security Deposit Required: $200-$2,500
- Initial Credit Limit: $200-$2,500 (equal to your deposit)
- Regular APR: 24% Variable APR
- Annual Fee: No Annual Fee
- Balance transfer fee: 3% intro balance transfer fee (up to 5% fee on future balance transfers)
- Foreign transaction fee: 0%
- Cash advance APR: 99% Variable APR
- Cash advance fee: $10 or 5% (whichever is greater)
- Late payment fee: Up to $41 (waived for first late payment)
- Penalty APR: None
- Returned payment fee: Up to $41
Discover it: secured credit card benefits.
- Protect Your Online Privacy: With the Discover It Secured Credit Card, you can easily remove your personal information from select people-search websites that may sell your data. This service is completely free and can be activated through the Discover app.
- Control Your Account with Freeze it: Whether you’ve lost your card or suspect fraudulent activity, the Freeze it® on/off switch on our mobile app and website allows you to prevent new purchases, cash advances, and balance transfers within seconds.
- $0 Fraud Liability Guarantee: Rest easy knowing that you are never responsible for unauthorized purchases with your Discover Card.
- Fast and Easy Contactless Payments: Tap to pay with your Discover Card for a quick and convenient way to make purchases.
- Exceptional Customer Service: With 100% U.S.-based customer service, you can speak to a natural person from our team anytime for assistance.
- Wide Acceptance: Discover is accepted by 99% of businesses nationwide that accept credit cards, giving you peace of mind wherever you go.
Rewards Redemption
The rewards earned with the Discover It Secured Credit Card never expire, giving cardholders peace of mind and flexibility when redeeming their rewards. If a cardholder’s account is closed or has not been used within 18 months, we reserve the right to determine how the rewards balance will be disbursed.
Discover it Secured Credit Card Features
Essentials
- No Annual Fee: With the Discover it® Secured Credit Card, you won’t have to worry about any annual fees.
- Refundable Security Deposit: To start with this credit card, you must provide a refundable security deposit of $8. This will serve as collateral and determine your credit limit.
- Automatic Reviews: After seven months of using the Discover It Secured Credit Card, the issuer will automatically review your account to see if you can transition to an unsecured line of credit. If approved, your security deposit will be returned to you. Even so, other issuers may have different review periods, so check their websites for more information.
- Reports to All Three Major Credit Bureaus: By using the Discover It Secured Credit Card responsibly, you can improve your credit score as this card reports to all three major credit bureaus: Experian, Equifax, and Transunion.
Security
- Protect your personal information with free recurring help, removing it from select people-search sites that could sell your data. Easily activate this service through the mobile app.
- Never worry about unauthorized purchases with $0 fraud liability on your credit card.
- Take control of your account by freezing it in seconds to prevent new purchases. The on/off switch is available through the mobile app and website.
- Stay informed of any potential fraud by activating free alerts for credit pulls or new accounts appearing on your credit report.
- Keep a close eye on your Social Security number with free alerts that notify you if it appears on any Dark Web sites.
- Enjoy peace of mind with free overnight shipping for card replacement to any U.S. street address at your request.
Value
- Paying your credit card bill late will keep your annual percentage rate (APR) the same.
- Enjoy the benefit of not being charged a late fee for your first late payment. This can help you avoid additional costs and expenses, allowing you to stay on top of your finances.
Service
- Discover it Secured Credit Card: Your Path to Building a Strong Credit Score
- Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries, and more
- 100% U.S.-based customer service is available at any time.
Application and approval.
Based on Discover It’s secured credit card application data; applicants without a credit score may qualify. Yet, some other criteria must be met to be approved. Keep reading to learn more about this credit card application and approval process.
Requirements for Application
To be considered for a Discover It Secured credit card, you must meet the following criteria:
- And you must be at least 18 years old
- You must have a Social Security number (SSN)
- All of You must have a US address
Customer Service/Phone Number
- Credit card fraud: 1-800-347-2683
- Fraud investigation:1-800-347-7466
- Cardholder services:1-866-240-7938
- Official Website: Discover
Conclusion
The Discover It Secured Credit Card offers a unique benefit that other secured cards don’t have: a cash-back program. With this card, you can earn 2% cash back on purchases at gas stations and restaurants (up to $1,000 in combined purchases per quarter) and 1% unlimited cash back on all other purchases. So if you use the card responsibly by paying off your monthly statement on time and in full, you can build your credit and receive a full refund on your deposit.
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What are the benefits of the card?
The Discover it® Secured Credit Card offers 2% cash back at restaurants and gas stations, up to $1,000 in combined purchases per quarter, and 1% cash back on all other purchases.
How does the deposit work?
The security deposit serves as collateral for the credit line. This means the deposit secures the cardholder’s purchases up to their credit limit. However, the cardholder is still required to make the minimum monthly payment.
Can the deposit be increased?
Cardholders can increase their credit limit by increasing their security deposit amount. This can help them manage their spending and improve their credit score. This can lead to more financial flexibility and opportunities for the cardholder.
What is a secured credit card?
A secured credit card is a type of credit card that requires a cash security deposit when you open the account. This deposit acts as collateral for the credit limit and helps to minimize risk for the credit card company.
Why would someone choose a secured credit card?
People may choose a secured credit card if they have a limited or poor credit history, as it can help them build or rebuild their credit. It may also be a good option for someone who wants to practice responsible credit habits without the risk of overspending.
Specification: Discover it Secured Credit Card Review
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