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- No credit score required to apply.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
- INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.µ $comm_100 = "yes"; ?>
The Discover it® Secured Credit Card stands out among other secured credit cards. It has no annual fee, earns cash back, has a welcome offer, and allows you to graduate to an unsecured credit card. A rare secured credit card can offer all these benefits combined together.
There is no minimum credit score requirement to be eligible for the Discover it Secured card. The only general requirement is not to have an active bankruptcy. It's rather easy to qualify for the card but be ready to have your credit checked and keep in mind that the approval is never guaranteed.
The Discover it® Secured Credit Card has $0 annual fee. Taking that it's a secured credit card and you have to pay a security deposit, $0 annual fee makes this card a lucrative offer.
You won't have to deal with foreign transaction fees, penalty APR or a fee on your first late payment (up to $41 after that) either. However, the interest on the card is not very attractive: the ongoing APR on purchases is 28.24% Variable APR. We would not recommend carrying a balance on the card, even with no annual fee.
The card requires a security deposit of at least $200, but when you upgrade to a regular card or close the account in good standing, you will get your deposit back. Luckily, with the Discover it Secured card, you will know when you might be able to upgrade to an unsecured credit account and get your deposit back. Starting at 7 months, Discover will be performing automatic reviews to see if they can upgrade your account from a secured credit card to an unsecured account.
Cash back rewards
The Discover it® Secured Credit Card is a secured card with rewards, cash back rewards to be exact. With this card, you will earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, automatically. There's no need to register or activate to earn 2% cash back in categories. All other purchases will always earn unlimited 1% cash back.
In addition to everyday rewards, as a new cardmember, you get an unlimited dollar-for-dollar match of all the cash back you earn at the end of your first year, automatically and without limits. That means, if you earn $100 in cash back over the first year, Discover will give you another $100, which will make $200 for the first year of your cardmembership. Just keep in mind that Discover Cashback Match is only for the first year, so make sure you maximize your cash back rewards.
There are several ways to redeem rewards you earn with your Discover it® Secured Credit Card. You can redeem your Discover cash back for:
- Cash: you can redeem your rewards in any amount and at any time for cash deposited to your account.
- Gift cards: log in to your Discover account to get gift cards starting at only $5. Plus, you'll get an added bonus on every card.
- Charity: if you want to make your rewards meaningful, you can donate your rewards to a charitable cause.
Your cash back rewards never expire and you can redeem any amount, any time. You don't have to wait for your Match reward. If you redeem your rewards before Cashback Match ending, your rewards will still be matched.
Upgrade to an unsecured account
When you apply for the Discover it® Secured Credit Card, you need to provide a refundable security deposit between $200 and up to $2,500. Your credit limit will equal your deposit amount. You can choose the deposit amount up to the approved credit line, but the minimum deposit is always $200.
If you do not use your deposit and always pay credit card bill on time, you have a chance to get your deposit back. Discover will start reviewing your account after 7 months to see if you qualify to upgrade to an unsecured card and get your deposit back. You do not need to request anything - all reviews are automatic. Just make sure you pay at least the minimum amount due on time to qualify for the upgrade. Once you upgrade to an unsecured account, you may also qualify for a credit limit increase.
When you are building or rebuilding credit, a secured credit card can be very helpful. The Discover it® Secured Credit Card is especially attractive because it has no annual fee, pays generous rewards, and offers smooth transition to an unsecured account. However, with all card benefits, you should also consider the interest rate, possible fees, and the deposit. If you can pay the $200 minimum deposit and have a habit of paying off the card balances or at least never late with your credit card payments, then the Discover it® Secured Credit Card should definitely be in your list of top secured credit cards.