Discover it® Secured Credit Card

Advertiser Disclosure Editorial Disclosure

Last updated on November 11th, 2021

Discover it® Secured

Earn 2% Cash Back on Gas and Restaurants

Discover it® Secured
  • Regular Purchase APR 22.99% variable based on the Prime Rate
  • Balance Transfer APR 22.99% variable based on the Prime Rate
  • Cash Advance APR 24.99% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Poor , No Credit Required
  • Processing Network Discover
Best Benefits
  • 2% cash back at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases
  • Discover automatically matches all the cash back you've earned at the end of your first year
  • Easily view your FICO® Credit Score on monthly statements, mobile and online for free
  • Automatic account reviews begin after 8 months of use to see if cardholders can transition to an unsecured line of credit and have their deposit returned
  • No annual fee
Rates & Fees
  • Regular Purchase APR: 22.99% variable based on the Prime Rate
  • Intro Balance Transfer APR: 10.99% for 6 months from date of first transfer for transfers that post by June 10, 2020
  • Balance Transfer APR: 22.99% variable based on the Prime Rate
  • Balance Transfer Transaction Fee: 3% of the amount for each transfer that posts at the promotional rate. After that, 5% of the amount of each transfer
  • Cash Advance APR: 24.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  • Late Payment Penalty Fee: None the first time you pay late. After that, up to $40
  • Return Payment Penalty Fee: Up to $40
  • Minimum Deposit Required: $200

At a Glance

The Discover it® Secured card is ideal for cardholders hoping to build or rebuild their credit. Responsible use will not only raise their credit score, but it will also earn them 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter.

Ideal for Those Who:

  • Want to build or rebuild your credit with Discover
  • Want 2% cash back at gas stations and restaurants
  • Don’t think they should pay an annual fee to boost their credit score

Discover it® Secured Review

There is a huge assortment of secured credit cards on the market, but few matches up to the impressive Discover it® Secured Card. The card offers cash back, Discover’s Cashback Match, and more – all for no annual fee.

Earn Cash Back While Building Credit

Building or rebuilding credit doesn’t happen overnight but Discover it® Secured cardholders can raise their credit score and earn some cash back. They can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and they earn unlimited 1% cash back on all other purchases.

That up to 2% cash back is the same rewards rate as the unsecured Discover it® Chrome Gas & Restaurants. Being able to earn impressive rewards with a secured credit card is an excellent feature, especially when you consider that the Secured It Card also features the Discover Cashback Match after the first year. The Cashback Match from Discover provides a dollar-for-dollar match of all the cash back you earn in your first year, with no cap on the total amount earnable.

Modest Security Deposit

Secured credit cards differ from unsecured credit cards in that they require a security deposit. This cash deposit acts as the collateral for the account and the credit limit, making secured cards much easier to receive than other cards.

With Discover, the minimum security deposit is $200, and the maximum deposit is $2,500. This credit limit range is on par with many other secured credit cards but might be slightly lower than some other cards at the higher end.

Chance to Get Your Deposit Back

Discover also gives Discover it® Secured Cardholders the chance to reclaim their security deposit after just eight months. After eight months, Discover conducts automatically review the cardholder’s account and credit score to see if secured cardholders are eligible to switch to the unsecured Discover it® Chrome Gas & Restaurants and reclaim their security deposit.

Having the chance to switch to an unsecured version of the card is an excellent option – especially since switching allows users to contact a Discover customer service representative and change to the Discover It Cash Back or even Discover It Miles, if they so choose.

Build Credit with Responsible Use

Secured credit cards are an excellent way to establish credit for the first time or bounce back from a bad credit score. The Discover Secured Card is one example of a great credit card that can help you build credit with responsible use and graduate to good credit.

Responsible use with a secured card means paying your card statement every month and keeping overall credit use low. Payment history and credit utilization are the two biggest impactors of a person’s FICO credit score, meaning paying on time and keeping your credit use below 30% are the easiest – and fastest ways to graduate to an unsecured Discover credit card.

Other Card Features

Other notable features with the Discover it® Secured Card include:

  • Access to Discover’s 100% US-Based Customer Service
  • Regular reporting to the three major credit bureaus
  • No annual fee
  • No foreign transaction fees
  • Freeze It account lock
  • Free account alerts
  • Complimentary overnight card replacement service

Should You Apply for the Discover It Secured Card?

Secured cards may require a deposit but make no mistake: they are 100% real credit cards. You can use the Discover It anywhere Discover is accepted worldwide.

Secured credit cards typically charge you for the perceived honor of rebuilding your credit with an issuer. On the other hand, Discover views secured credit cards as a vital tool for many Americans and doesn’t charge an annual fee.

Not only that but Discover actually goes the extra mile and allows cardholders to rebuild their credit while they also offer rewards at the same time. The Secured Card earns the same 2% cash back on gas and restaurant purchases and 1% back on everything else as the Discover It Chrome Unsecured Card, which is a great feature.

If you want the opportunity to rebuild your credit score, earn rewards while doing so, and have the chance to get bumped up to unsecured credit card for displaying good financial practices, the Discover It Secured Card is an excellent option to consider.

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