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Discover it® Secured Credit Card

Credit needed
All new and rebuilding
APR
Variable APR of 22.99%
Annual Fee
$0

Card Summary

For individuals with poor credit or new credit, the Discover it Secured credit card is an excellent rewards credit card.

Cardholders who have the Discover it Secured credit card can get 2% cash back at gas stations or restaurants for purchases up to $1,000 each quarter, and 1% cashback rewards on any other purchases.

The Discover it Secured Credit Card Card offers a dollar for dollar match to new cardholders. This cashback is earned after the first year.

Review of Discover It Secured Credit Cards: The card is a great way to improve your credit score and earn cash back rewards.

Card Summary - Cons

Rates and fees

Issuer Name
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Penalty APR
N/A
Credit Needed
All new and rebuilding
Balance Transfer Fee
3% Intro Balance Transfer Fee, up to 5.5% on subsequent balance transfers.
Annual Fee
$0
Cash Advance Fee
N/A
APR
Variable APR of 22.99%
Foreign Transaction Fee
None
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The Best Features

Discover begins a seven-month review of cardholders with Discover it Secured Credit Cards to assess if they are eligible for an unsecured card.

Cashback match: Discover provides a dollar-for-dollar cash back match to all Discover it Secured Credit card credit cardholders. The match is valid for the card's first year.

Additional benefits by Discover: Cardholders can freeze Discover it Secured credit cards if they are lost or stolen. They also have free access to FICO credit scores and zero-dollar fraud protection via Discover.

For card replacements anywhere within the U.S., users get overnight free shipping.

Rewards from the bonus categories: Cardholders with Discover it Secured Credit Card receive 2% cashback at gas stations or restaurants for purchases up to $1,000 each quarter. After that, you get 1% cashback on any other purchases.

Redemption Options: Cardholders with the Discover it Secured Credit Card can redeem their earned cash back rewards to make a cash deposit in a bank account or as a statement credit. They may also be able to use their credit for a Amazon.com purchase for a $5 gift card, or as a donation.

Rewards

Sign up bonus

APR Requirements

Drawbacks

Deposit security: The Discover it Secured credit card requires a deposit to secure it.

Highlights

There is no annual fee, you can earn cash back and improve your credit score through responsible usage. Your secured credit card will help you build credit with all three credit bureaus. Prepaid and debit cards are generally not able to do this.

A refundable deposit of $200 is required to establish credit lines. When submitting your deposit, you must provide bank information. Automated reviews start at 7 months. We will review your account to determine if you are eligible for an unsecured credit line and refund any deposit.

Gas Stations and Restaurants offer a 2% cashback on purchases up to $1,000 each quarter. You can also earn unlimited cashback on any other purchase - all you have to do is click. Nearly 99% of all credit card shops accept Discover.

Receive 100% U.S. based customer support and your credit scorecard free with your FICO credit score.

INTRO OFFER - Unlimited Cashback Match, only at Discover All the cash you earn in the first year will be automatically matched by Discover. No minimum spend or maximum reward. Only a dollar for every dollar match.

Benefits

Comparative Analysis with Other Cards

The Discover It Secured Credit Card vs. Capital One Platinum Secured credit card

Rewards: Cardholders with the Discover it Secured credit card earn 2% on every dollar spent at restaurants and gas stations, up to $1,000 per quarter. All other purchases earn 1% cashback with no limit. Rewards are not available to Capital One Platinum Secured credit card holders.

Sign up bonus: New cardholders of Discover it Secured credit cards receive an instant dollar-for-dollar match to the cash you earn at the end your first year. There is no limit. Sign-up bonuses are not available to Capital One Platinum Secured credit card holders.

Benefits: All Discover It Secured Credit Card cardholders have online access to their FICO credit scores. They also get zero-dollar fraud liability protection, 100% U.S. customer service and zero-dollar loss prevention. Capital One Platinum Secured credit card cardholders can access emergency card services and fraud coverage, as well as Mastercard identity theft protection.

The Discover It Secured Credit Card vs. SDFCU Savings Secured Platinum Visa Card

Reward: Cardholders of the Discover It Secured Credit card earn 2% cashback for each dollar they spend at restaurants and gas stations. Other purchases receive 1% cashback with no limits. SDFCU Savings Visa Platinum Card Holders earn 1 point for every dollar spent on the card, without any limits.

Sign up bonus: Discover it Secured credit card offers an instant dollar-for-dollar match to the cash earned after the first year of being a cardholder. SDFCU Savings Visa Platinum Card holders are not eligible for a sign up bonus.

Benefits: Cardholders with the Discover it Secured Credit Card can access their FICO credit score online. They also have zero-dollar fraud protection. Customer service is 100% U.S. based.

SDFCU Savings Visa Platinum Card Holders have card-based insurance that covers life and disability, as well as a grace period of 25 days for purchases. They also get a complimentary year-end summary if at least 100 transactions were made during the year.

Redeeming Rewards

Maximizing Rewards

Annual Fees

Conclusion

Do You Need the Discover It Secured Credit card?

If you are:

You are looking to improve or repair your credit score and you can make the deposit.
You would like cashback on all your purchases.
You don't need to pay an annual charge.
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