Discover Launches New Secured Credit Card - Products News


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Products » Discover Launches New Secured Credit Card

Discover Launches New Secured Credit Card

The Discover it Secured credit card is the newest card in the Discover portfolio, designed to offer consumers a way to build their credit or rebuild it after having some sort of financial issue. With this card people get many of the same benefits that come along with the Discover it Card, including earning 2% cash back when they pull into gas stations or eat out – and 1% back on all other purchases.

A healthy credit score is important for everything from signing a lease or a mortgage to getting a loan for a car. “Discover wants to help consumers build their credit. Our experience shows that 99% of new Discover it Secured cardmembers who didn’t previously have a FICO® Credit Score received one on their Discover statements within nine months,” said Ryan Scully, Discover’s vice president of marketing.

How it works

For the first year of holding the Discover it Secured credit card people must provide a security deposit, which Discover holds as collateral. An individual’s credit line is based upon how much they deposit. For instance, a $1,000 deposit results in a $1,000 credit line.

Once the first year is up, Discover will review the individual’s account on a monthly basis to see if they can be moved to a non-secured account. Their decision is based upon how well the individual manages their credit cards and loans.

Discover sends reports to the three major credit bureaus for people using their Discover it Secured credit card, so that they build or rebuild their score across all three streams.

The benefits

With this card people get 2% cash back at restaurants and gas stations up to $1,000 each quarter, and they earn 1% cash back on all other purchases.

Their account also comes with free access to their credit score, so can keep track of how they are doing. They can access their score via their monthly statement or online each month.

There is no annual fee with this card, and it also comes along with $0 Fraud Liability, so if there is an issue with their card they are not responsible. If their card is lost or stolen they can use the Freeze It option to put their account on hold either via the Discover App or the website.



Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Citi Cardholders Save Over $2.5 Million With Price Rewind
Citi Cardholders Save Over $2.5 Million With Price Rewind

Posted: January 13, 2016

If you’re still having sticker shock thinking about how much you spent on gifts this holiday season, good news: there could be a way for you to get some of that money back. Continue reading
TD Bank New Cash Credit Card
TD Bank New Cash Credit Card

Posted: January 29, 2016

TD bank has launched the TD Cash Visa Signature Credit Card, offering 2% cash back when you eat out whether that's at Nobu, Starbucks, or MacDonald's. Continue reading
New Business Card from Amex
New Business Card from Amex

Posted: February 02, 2016

American Express OPEN now has a new card in their lineup – the SimplyCash Plus Business Credit Card, offering small businesses up to 5% cash back on key purchases. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants,, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit