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Discover it® Secured
Earn 2% Cash Back on Gas and Restaurants
- 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
- 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: 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 Card Review
Building or rebuilding credit doesn’t happen overnight, but with the 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.
At the end of their first year, Discover will automatically match all the cash back earned, plus there is no annual fee to eat into the cash earned back. To apply for the Discover it® Secured card applicants must provide their social security number and a security deposit to serve as collateral from a bank account.
As with other secured credit cards, this security deposit will equal the cardholder’s available credit line, and monthly on-time payments will help build their credit. If the cardholder has been consistently making payments for 8 months they can have their security deposit returned to them, and they’ll still be able to enjoy the card’s benefits.
Enjoy Discover’s 100% US-Based Customer Service
Discover is well-known for their exceptional customer service. Discover It Secured cardholders receive access to the same award-winning, U.S.-base customer service as unsecured Discover customers.
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. Discover, on the other hand, views secured credit cards as a vital tool for many Americans, and as such 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 financial good practices, the Discover It Secured Card is an excellent option to consider.
Related Article: What Are the Best Secured Cards for Building Credit?