Discover it® Secured Credit Card

Welcome Bonus

N/A

N/A

Annual Fee

$0

Annual Rewards

Earn 2% Cash Back

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Rewards on Approval

N/A

Interest rates

Purchase Rates

27.74%

Cash Advance Rates

N/A

Balance Transfer Rates

10.99%

Table of Contents

Discover it® Secured Credit Card

The Discover it® Secured Credit Card is a secured credit card that helps individuals with limited or poor credit build or rebuild their credit history while earning cash back rewards on purchases.

Pros

  1. Opportunity to build or improve credit: The card reports to all three major credit bureaus, so using it responsibly can help build or improve your credit.
  2. Cashback rewards: The card offers cashback rewards on purchases, including 2% at gas stations and restaurants.
  3. No annual fee: The card has no annual fee, which can save you money.
  4. Free FICO credit score monitoring: You can monitor your credit score for free through Discover's online platform.
  5. Fraud protection: Discover offers protection against unauthorized purchases, which can provide peace of mind.

Cons

  1. Security deposit required: To get the card, you will need to provide a security deposit, which may be a barrier for some consumers.
  2. Lower credit limit: Your credit limit will be determined by the amount of your security deposit, which may be lower than what you need.
  3. High interest rates: The card has a relatively high interest rate, which means that carrying a balance can be expensive.
  4. Limited acceptance: Discover cards may not be as widely accepted as Visa or Mastercard, which may limit where you can use the card.
  5. No guaranteed upgrade: While Discover may offer upgrades to unsecured cards, there is no guarantee that you will be eligible for an upgrade.

Details & Eligibility

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  • $0
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  • N/A
  • No
  • 27.74%
  • N/A
  • 27.74%
  • N/A
  • 10.99%
  • N/A

About Discover it® Secured Credit Card

The Discover it® Secured Credit Card is a credit card that’s designed to help people with no or limited credit history build their credit score. It’s a secured credit card, which means that the cardholder is required to make a security deposit in order to open an account. Here’s some information about the Discover it® Secured Credit Card: Features:
  • Requires a security deposit of at least $200, which becomes the credit limit on the card.
  • Offers cash back rewards: 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and 1% cash back on all other purchases.
  • Rewards are matched at the end of the first year.
  • No annual fee.
  • Reports to all three major credit bureaus to help establish credit history.
  • Includes a free FICO credit score on monthly statements.
  • Offers an opportunity to upgrade to an unsecured credit card after making on-time payments for at least 8 months.
Benefits:
  • Helps to establish and build credit history.
  • Offers cash back rewards on everyday purchases.
  • No annual fee means more money for other expenses.
  • Free FICO credit score helps cardholders keep track of their credit progress.
  • Opportunity to upgrade to an unsecured credit card may lead to a higher credit limit and lower security deposit.
Drawbacks:
  • Requires a security deposit, which may be difficult for some people to come up with.
  • Limited credit limit may make it difficult to make larger purchases.
  • High APR means carrying a balance can be expensive.
Overall, the Discover it® Secured Credit Card is a good option for people who are looking to build their credit score but don’t have a strong credit history. The cash back rewards and opportunity to upgrade to an unsecured credit card are additional benefits that make this card an attractive option. However, the high APR and security deposit requirement may be drawbacks for some users.

Why choose Discover it® Secured Credit Card

Are you looking to build your credit history but struggling to get approved for a traditional credit card? Look no further than the Discover it® Secured Credit Card! This card is designed specifically for people who are new to credit or have had some credit difficulties in the past. Here are some reasons why you should choose the Discover it® Secured Credit Card:
  1. Establish or Rebuild Your Credit: By making on-time payments and keeping your credit utilization low, you can improve your credit score and establish a positive credit history.
  2. Cash Back Rewards: The Discover it® Secured Credit Card offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and 1% cash back on all other purchases. Plus, Discover matches all the cash back earned in the first year.
  3. No Annual Fee: Unlike some other credit cards, the Discover it® Secured Credit Card does not charge an annual fee. This means you can use the card without worrying about extra costs.
  4. Free FICO Credit Score: Discover provides a free FICO credit score on your monthly statements so you can monitor your credit progress and work towards your credit goals.
  5. Opportunity to Upgrade: After making on-time payments for at least 8 months, Discover may offer you an opportunity to upgrade to an unsecured credit card. This could mean a higher credit limit and the return of your security deposit.
Overall, the Discover it® Secured Credit Card is a great option for anyone who wants to build or improve their credit score. With cash back rewards, no annual fee

How to apply for Discover it® Secured Credit Card

You can apply for the Discover it® Secured Credit Card online by following these steps:
  1. Go to the Discover website and navigate to the Discover it® Secured Credit Card page.
  2. Click on the “Apply Now” button to start the application process.
  3. Fill out the application form with your personal information, including your name, address, and Social Security number.
  4. Enter your employment and income details.
  5. Choose the amount of your security deposit, which will determine your credit limit.
  6. Review the terms and conditions of the card, and click “Submit” to complete your application.
Once you have submitted your application, Discover will review your credit history and other factors to determine whether you are eligible for the card. If you are approved, you will need to make the security deposit to activate your card. If you are not approved, Discover may offer you a different card or suggest steps you can take to improve your credit history.

What are my approval odds for Discover it® Secured Credit Card

The approval odds for the Discover it® Secured Credit Card are generally good, as it is designed specifically for people with limited or poor credit. Since the card requires a security deposit, which serves as collateral for your credit limit, the lender takes on less risk in approving you for the card. However, your approval odds will depend on several factors, including your credit history, income, and ability to make the required security deposit. If you have a history of missed or late payments, a high amount of debt, or a low income, your approval odds may be lower. To increase your chances of approval, you should work on improving your credit score, paying off debts, and making sure you can afford the security deposit.

FAQs about Discover it® Secured Credit Card

Here are some frequently asked questions about the Discover it® Secured Credit Card:
  1. What is a secured credit card? – A secured credit card requires a security deposit that becomes the credit line for your account. It can help build or improve your credit if used responsibly.
  2. How much is the security deposit for the Discover it® Secured Credit Card? – The minimum security deposit is $200, and the maximum is $2,500. The amount you deposit will determine your credit limit.
  3. Does the Discover it® Secured Credit Card have an annual fee? – No, there is no annual fee for this card.
  4. Does the Discover it® Secured Credit Card offer rewards? – Yes, the Discover it® Secured Credit Card offers cashback rewards on purchases. You can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and 1% cash back on all other purchases.
  5. Can I upgrade to an unsecured Discover credit card? – Discover reviews your account periodically to determine whether you qualify for an unsecured credit card. If you meet their criteria, they may offer you an upgrade to an unsecured card.
  6. Can I get my security deposit back? – Yes, if you close your account, Discover will refund your security deposit as long as you have paid your balance in full and have no outstanding fees or charges. You may also be eligible for a refund if you are upgraded to an unsecured card.
  7. Does the Discover it® Secured Credit Card offer any additional benefits? – Yes, the Discover it® Secured Credit Card offers benefits such as free FICO credit score monitoring, fraud protection, and customer service available 24/7.
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