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Discover It Secured Credit Card

flavia rozinholli
June 15, 2024

With a range of exclusive benefits, the Discover It Secured stands out among secured credit cards, providing not only the opportunity to improve your credit score but also to earn rewards.

If you’re tired of searching for a credit card that offers real benefits without exorbitant fees, this might be the answer you’ve been waiting for. It offers a unique combination of cashback and credit monitoring that few competitors can match.

Want to know more about how this card can change your financial life? Continue reading to discover all the amazing details it has to offer!

About the Issuer

The Discover It Secured Card is issued by Discover, one of the largest and most reliable financial institutions in the United States. Known for its exceptional customer service and transparency, Discover stands out in the credit card market.

Discover offers a wide range of financial products, but the Discover It Secured is especially popular among those looking to build or improve their credit history while accumulating rewards.

With a customer-focused approach, the company strives to provide real value and continuous support to its users, who always find specialized assistance ready to help with any questions or issues.

Benefits

Cashback at Restaurants and Gas Stations: With the Discover It Secured Card, you earn 2% cashback on purchases made at restaurants and gas stations, up to a limit of $1,000 per quarter. This means you can save while spending on essential daily expenses.

Unlimited Cashback on All Other Purchases: Besides the 2% cashback, you also earn 1% unlimited cashback on all other purchases. No matter where you spend, you will always get a little back, helping to maximize your daily savings.

First-Year Cashback Match: Discover offers an incredible first-year bonus: they match all the cashback you earn. So, if you accumulate $150 in cashback in the first year, Discover will double that amount, totaling $300. It’s a great incentive for those just starting!

No Annual Fee: One of the best parts of the Discover It Secured Card is that it has no annual fee. This means you can enjoy all its benefits without worrying about an additional expense at the end of the year.

Free Credit Monitoring: Cardholders have free access to FICO credit monitoring, helping you track your credit score over time. It’s a valuable tool for anyone focused on improving their financial health.

Potential to Transition to an Unsecured Card: After seven months of responsible card use, Discover will automatically review your account to consider transitioning to an unsecured credit card. If approved, your security deposit will be refunded.

Discover It Secured – Fees and commissions

The Discover It Secured does not charge an annual fee, a significant differential compared to other secured credit cards. However, some fees and charges apply, including:

Balance Transfer Fee: 5% of the transferred amount after the introductory offer;
Cash Advance Fee: $10 or 5% of the advance amount, whichever is greater;
Late Fee: Up to $41 after the first occurrence, which is fee-free;
APR (Annual Percentage Rate): The variable APR for purchases is 28.24%, which is relatively high and should be considered when maintaining balances.

Card limit

The credit limit of the Discover It credit card Secured is determined by the amount of the security deposit, which ranges from $200 to $2,500. The deposit amount serves as collateral and sets the initial credit limit.

To increase the limit, you need to increase the deposit. This system ensures that spending is kept within a safe limit, helping build credit without the risk of excessive debt.

Once you become eligible for an unsecured card, the institution will refund the deposit amount, giving you even more financial freedom as you will have established a good credit history.

Positive points

NO ANNUAL FEE
No annual charge, making it economical.
CASH BACK
2% at restaurants and gas stations, 1% on all other purchases.
ACCESS TO FICO SCORE
Free monthly credit monitoring.

Negative points

SECURITY DEPOSIT
Requires a minimum initial deposit of $200.
HIGH APR
High-interest rate for carried balances.
BALANCE TRANSFER FEE
5% fee on transferred amounts.

How to apply for Discover It Secured

Visit the official Discover website and check out everything the card can offer on its page;
Click “Apply Now“;
Provide the requested information and click “Next”;
Continue filling in the blank fields;
Submit the form and see if you are pre-approved;
If positively answered, just proceed with the application;
Make the necessary security deposit after approval.

You will be redirected to the card website

How to contact Discover

If you want more information about the Discover It Secured or have any questions, just contact the bank:

Phone: 1-800-347-2683
ranch: Go to the nearest Discover branch

The Discover It Secured credit card is an excellent tool for those who want to build a solid credit history, offering significant benefits and a transparent fee structure. Take a step towards a healthy financial future full of advantages: apply for your card now!