About the Card
The Discover It® Secured Credit Card is an excellent option for individuals looking to build or rebuild credit.
Unlike many secured credit cards, this one offers cashback rewards, making it a valuable choice for those who want to earn while they spend.
With no annual fee and automatic reviews to determine eligibility for an upgrade to an unsecured card, it provides a pathway to better financial opportunities.
Who Should Consider This Card?
This card is ideal for individuals with limited or damaged credit who want to establish a positive credit history.
Since it requires a security deposit, it is best suited for those who can afford the initial investment.
Additionally, if you are looking for a secured card with rewards and potential upgrades, this is one of the best options available.
Key Benefits of the Card
Cashback Rewards: Earn 2% cash back at gas stations and restaurants (on up to $1,000 in combined purchases per quarter) and 1% unlimited cash back on all other purchases.
No Annual Fee: Unlike many secured credit cards, this one does not charge an annual fee, reducing costs.
Credit Building Opportunity: Reports to all three major credit bureaus, helping users improve their credit score with responsible use.
Automatic Review for Unsecured Upgrade: Discover reviews accounts after seven months to determine if the cardholder qualifies for an upgrade to an unsecured credit card.
Cashback Match: At the end of the first year, Discover will match all the cashback earned, effectively doubling rewards.
Additional Features and Protections
Free FICO® Score Access: Cardholders can monitor their credit score progress with free FICO® score tracking.
Zero Liability Protection: Protects against unauthorized transactions for added security.
U.S.-Based Customer Service: Offers 24/7 customer support with highly rated service.
Flexible Payment Options: Allows online, mobile, and automatic payments to help manage finances.
Fees and Interest Rates
Security Deposit: A refundable security deposit of at least $200 is required to open the account.
APR: The variable APR may be high for those who carry a balance.
No Foreign Transaction Fees: Ideal for international purchases without extra charges.
Late Payment Fee: First-time late payments are waived, but subsequent late payments will incur a fee.
Is the Credit Card Worth It?
The Discover It® Secured Credit Card stands out among secured credit cards due to its rewards program, no annual fee, and upgrade potential.
It is an excellent tool for building credit responsibly, provided the cardholder can pay their balance in full each month to avoid interest charges.
For individuals seeking a secured card that offers more than just credit-building opportunities, this card is a top-tier choice.
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 one of the best secured credit cards available, offering a rare combination of cashback rewards and no annual fee.
Its ability to report to all three major credit bureaus makes it an excellent tool for building or rebuilding credit.
Additionally, Discover provides an automatic review after seven months for a potential upgrade to an unsecured card.
While a security deposit is required, the benefits far outweigh the costs, making this a standout choice in the secured card market.
You will remain on this site
+Pros
- Cashback Rewards: Earn 2% cash back at gas stations and restaurants (on up to $1,000 in combined purchases per quarter) and 1% unlimited cash back on all other purchases.
- No Annual Fee: Unlike many secured credit cards, there is no annual fee, making it a cost-effective option.
- Credit Building: Reports to all three major credit bureaus, helping cardholders establish or rebuild their credit.
- Automatic Upgrade Review: Discover reviews accounts after seven months to determine eligibility for an unsecured upgrade.
- Cashback Match: At the end of the first year, Discover will match all cashback earned, effectively doubling rewards.
- Cons
- Security Deposit Required: A refundable deposit of at least $200 is necessary to open the account.
- High APR: If carrying a balance, the interest rate can be costly.
- Limited High-Tier Rewards: Unlike premium rewards cards, this card does not offer elevated cashback on a wide range of categories.
