The Discover it Secured Credit Card is a popular option for individuals looking to build or rebuild their credit.
Unlike many secured cards, this card offers cash back on every purchase, and it features a competitive rewards program that helps cardholders earn while establishing a positive credit history.
With no annual fee and the opportunity for automatic credit line increases, the Discover it Secured Credit Card provides a solid foundation for credit growth.
About Discover Financial Services
Discover Financial Services is one of the largest and most well-known financial services companies in the United States.
With a history dating back to 1985, Discover offers a wide range of credit products, including credit cards, personal loans, and savings accounts.
The Discover it® Secured Credit Card reflects the company’s commitment to providing accessible and beneficial financial solutions, particularly for individuals looking to improve their credit scores.
Who Is This Card For?
The Discover it® Secured Credit Card is designed for:
- Individuals with Limited or Poor Credit: This card is ideal for those looking to establish or rebuild their credit score.
- First-Time Credit Card Users: If you’re new to credit cards, this secured card offers a simple and straightforward way to start building a positive credit history.
- Consumers Seeking Cashback Rewards: The card is perfect for people who want to earn rewards while building credit, with cashback on every purchase.
This card is an excellent choice for individuals who are starting their credit journey or those who have been rebuilding their credit after past financial challenges.
Advantages of the Discover it Secured Credit Card
The Discover it® Secured Credit Card offers several notable advantages:
- Cashback on Purchases: Earn 2% cash back on up to $1,000 in combined purchases at restaurants and gas stations each quarter (1% after that) and 1% on all other purchases.
- No Annual Fee: There is no annual fee, making it a cost-effective option for those just starting to build their credit.
- Automatic Credit Line Increase: Discover periodically reviews your account, and you may receive a credit line increase without needing to deposit more funds.
- Reports to All Three Major Credit Bureaus: Discover reports your activity to the three major credit bureaus—Experian, TransUnion, and Equifax—helping you build your credit history.
- Secure Your Credit Line: The amount you deposit (starting at $200) is your credit line, which is fully refundable when you close your account in good standing.
- Fraud Protection: Discover provides 24/7 fraud monitoring and a $0 fraud liability guarantee, ensuring peace of mind for cardholders.
Additional Benefits
In addition to the cashback rewards, the Discover it® Secured Credit Card also includes:
- Free FICO® Credit Score: Access your FICO® credit score for free each month, helping you track your progress as you build or rebuild your credit.
- No Foreign Transaction Fees: This card doesn’t charge foreign transaction fees, making it a good option for international travel.
- Mobile App Management: Manage your account easily with the Discover mobile app, where you can track your spending, make payments, and view your credit score.
- Generous Cashback Match: For new cardholders, Discover will match all the cash back you’ve earned at the end of your first year, which can significantly boost your rewards.
Why Choose the Discover it® Secured Credit Card?
The Discover it Secured Credit Card stands out from other secured cards thanks to its strong rewards program, lack of an annual fee, and commitment to helping users build credit.
With the potential for automatic credit line increases and the ability to earn cash back on everyday purchases, it offers excellent value for those looking to establish a positive credit history while earning rewards.
Is This Card Right for You?
The Discover it Secured Credit Card is ideal if:
- You are looking to build or rebuild your credit.
- You want to earn cashback rewards while establishing your credit.
- You need a secured card with no annual fee.
- You are seeking a secured card with the potential for credit line increases over time.
How to Use the Discover it Secured Credit Card Effectively
To get the most out of your Discover it Secured Credit Card:
- Pay On Time: Always make your payments on time to avoid late fees and to build a positive credit history.
- Keep Utilization Low: Try to keep your credit utilization ratio below 30% of your total credit limit to help boost your credit score.
- Track Your Progress: Use the free FICO® credit score to monitor your credit progress and ensure that your efforts are paying off.
- Maximize Rewards: Take advantage of the 2% cashback on gas and restaurant purchases by using the card for these expenses each quarter.
Fees and charges
None;
● Introductory APR: 27,24%;
● Balance Transfer Fee: 3% fee on balance transfers in the first 90 days; afterward, 5%;
● Cash Advance: 29,24% , variable according to the basic interest rate.
Expert review
The Discover it Secured Credit Card is an excellent choice for building or rebuilding credit while earning rewards.
It offers 2% cashback at gas stations and restaurants (up to $1,000 per quarter) and 1% on other purchases, with all cashback matched in the first year.
The card has no annual fee and reports to all three major credit bureaus, supporting credit improvement.
A refundable security deposit sets the credit limit, offering flexibility.
While it lacks premium perks, its combination of rewards and credit-building features makes it a top secured card option.
You will remain on this site
+Positive points
- Cashback rewards: Earn 2% cashback at gas stations and restaurants (up to $1,000 per quarter) and 1% on all other purchases.
- First-year cashback match: Discover matches all cashback earned during the first year, maximizing your rewards.
- No annual fee: Offers affordability without additional yearly costs.
- Credit-building support: Reports to all three major credit bureaus, helping improve your credit score.
- Refundable security deposit: Your deposit sets the credit limit and is refundable if the account is closed in good standing.
- Negative points
- Upfront deposit required: Requires an initial deposit, which may not suit everyone.
- No premium perks: Lacks benefits like travel insurance or purchase protections.
- Category spending cap: The 2% cashback is limited to $1,000 in combined purchases per quarter for gas and restaurants.
