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One of the best secured cards on the market, the Discover it Secured offers benefits and rewards while helping you rebuild or establish your credit history.
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The information related to Discover it® Secured and Secured Mastercard® from Capital One have been collected by Credit Card Insider and have not been reviewed or provided by the issuer or provider of these products.
Secured cards require a security deposit when you’re approved for the account. They’re meant for people with limited or bad credit, meaning a FICO Credit Score of around 660 or below. You’ll need to make a deposit to get this card, but there is no annual fee after that.
This card is designed to help you improve or rebuild your credit, and it reports to all three of the major credit bureaus. So as long as you use it responsibly, you’ll be adding more positive activity to your credit reports.
The Discover it Secured is one of the better offers because it provides a lot of cash back compared to other secured cards. That’s especially true because Discover will double what you earn in your first year. You’ll get a few handy benefits from Discover, including the ability to check one of your FICO credit scores.
Is this card right to help you improve your credit? Read our comprehensive review to find out.
We gave the Discover it Secured 5 out of 5 Stars because it has favorable terms and provides a surprising amount of cash back. When it comes to cards for people with poor credit, this is a rare find.
This is a secured credit card, which means you’re going to need to put down a refundable security deposit when you’re approved. Your credit limit will be equal to the amount of your deposit.
A minimum deposit of $200 is required. Your maximum credit limit will be determined by your credit history, along with your income and ability to pay. The maximum security deposit and credit limit possible is $2,500.
You’ll receive your security deposit back when or if you close out the card. Discover will also check your account and credit in general every eight months for responsible behavior. If they like what they see, they may refund your security deposit.
The Discover it Secured earns 2% cash back on gas and restaurants, and 1% everywhere else. That alone makes it pretty rewarding as far as secured cards go, but to make it even better, Discover offers its Cashback Match for your first year.
That means during those 12 months, you’ll actually earn 4% and 2% respectively, making this card that much more rewarding.
|Introductory Bonus Offer|
The cash back you earn won’t expire, and you can earn an unlimited amount.
The fact that Discover will double what you earn is a great deal, meaning you’ll get 4% cash back at restaurants and on gas, and 2% cash back on all other purchases for that first year. The amount of cash back you can earn makes this one of the most rewarding secured credit cards available. Your bonus cash back will be awarded after the end of your first year with the card.
These are some of the better rewards you’ll find on any secured credit card. To see some other options without rewards, check out some alternative cards below.
Discover will always provide at least $1 for every $1 in cash back that you’ve earned, no matter how you redeem your rewards. Other card issuers have some options that are less rewarding than others, so this is a nice feature.
You’ll have five different options for redeeming your cash back:
The gift card option will offer a bonus on your redemptions of at least $5, so use it first whenever possible.
Statement credits and direct deposits are both easy ways to redeem your cash back. A statement credit will lower your card’s account balance, while a direct deposit will be sent to your bank account.
We recommend always using one of the first four options above, and avoiding number five. If you use your cash back for Amazon purchases you won’t earn any rewards, so it’s better to just pay with your card as usual.
|Purchase APR||Balance Transfer APR||Cash Advance APR||Minimum Security Deposit||Maximum Security Deposit|
|See Terms||See Terms for See Terms, then See Terms||See Terms||$200||$2,500|
|Annual Fee||Foreign Transaction Fee||Balance Transfer Fee||Cash Advance Fee|
|$0||None||See Terms||See Terms|
|Penalty APR||Late Fee||Returned Payment Fee|
|None||See Terms||See Terms|
There’s no annual fee to pay, just the security deposit as described above. You’ll get a balance transfer offer with this card, but we don’t recommend using it. Check out our picks for the best balance transfer credit cards if you’re looking to move a balance away from an account with high interest.
This card is pretty forgiving — there’s no penalty APR for paying late, and no fee for the first late payment. These are surprisingly good features to find on a secured card.
The Discover it® Secured is one of the best secured cards available today. While most secured cards tend to come with penalties for having poor credit, this card actually has a number of benefits with no real penalties.
The cash back program is actually very good, even compared to many non-secured cards. The fact that Discover will double the cash back you earn after a year really puts this card over the top when it comes to the rewards. But you won’t get much in the way of extra perks.
The regular purchase APR may seem high, but this is expected for secured credit cards. And, you can avoid paying interest if you simply pay off your entire balance every month by the due date. So the interest rate shouldn’t worry you too much.
This is one of the cards in its class, but there are many other options out there. Check out some alternatives to the Discover it Secured below.
You can apply for the Discover it Secured Card securely on Discover’s website. Discover will check your credit reports from the major bureaus, along with other financial information.
You’ll need to provide your bank account number and your bank’s routing number to finish the application. If approved, you’ll need to pay the required security deposit. If you don’t have a bank account, take a look at the OpenSky Secured Visa below.
If the Discover it Secured Card doesn’t seem like the best option for you, or if you just want to know about other secured cards out there, take a look at these alternatives we’ve compiled below.
The information related to Secured Mastercard® from Capital One has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
Do you use this card? How do you like it? Leave your own review of the Discover it Secured Credit Card below, we’d love to hear from you!
Brendan has been writing about personal finance for over eight years, and is now taking on the challenge of bringing high quality credit education to the masses. He makes sure that Credit Card Insider is covering the most important credit topics transparently and precisely, and that we have up-to-date reviews of credit cards so you can find cards that are right for you.
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