Discover secured credit card reviews

Those wishing to develop credit might benefit from the Discover it® Secured Credit Card. If authorized, cardholders pay a security deposit in the amount wanted up to a specific credit limit. Then, they can spend up to that amount on the Discover it® Secured Credit Card while receiving cash back on their purchases.

Each quarter, the card gets 2% cashback at gas stations and restaurants on up to $1,000 in combined transactions. In addition, you receive an unlimited 1% cashback on any other transactions. Discover’s limitless Cashback Match will match all cash back earned in the first year at the end of your first year as a cardholder. After seven months, account holders will be automatically reviewed for deposit return and transitioned to an interest-bearing account.

What is the Discover it Secured card?

A secured card functions similarly to a standard credit card, except it, needs a security deposit as collateral. This deposit determines your credit limit. The purpose of secured cards is to help consumers establish or restore their credit.

Discover it Secured Card Overview

Consider the Discover it Secured card if you’re searching for a secured credit card to help you create excellent credit habits and improve your credit score. It has no annual charge and provides superior cashback returns as well as an attractive incentive for new card members. In addition, after seven months as a cardholder, you may be automatically transferred to an unsecured card. However, like with other unsecured cards, you must put money into a bank account to protect the card.

Pros and Cons of the Discover Secured Credit Card

 Pros

• Excellent rewards for a secured credit card.
• A generous incentive awaits new cardholders.
• Converts automatically to an unsecured card
• No Annual Fee 
• Earn Rewards 
• New Cardholder Bonus offer 

Cons

• APR is higher than on some other secured cards.
• The maximum credit limit is relatively low.

How to Apply for the Discover it Secured Card?

You may apply for the Discover it Secured Credit Card online or by mail Applying online is the best approach to get a quick application procedure and a rapid answer. You can simply visit the website and fill up the application form and apply online, as you will get a faster reply when you apply online for the credit card.  

• Navigate to the Discover website and click the Apply Now button.
• Fill in your name and contact details on the application form. Then press the Next button.
• Continue by providing financial information such as your job status, total yearly gross income, total assets, and monthly rent or mortgage payment on the application form.
• Fill out the form providing details such as your Social Security number and mother’s maiden name. Then, press the Next button. Examine and submit your application.

Discover Secured credit card limit

You must deposit a minimum of $200. This amount determines your credit limit. You can make deposits of up to $2,500. For example, discover needs a minimum deposit of $200 to start a secured credit card account, but if accepted, you can pick a bigger deposit sum of up to $2,500. When utilizing a secured credit card to develop a credit history, you’ll need a credit limit that allows you to make regular purchases and pay your bill on time effortlessly.

Discover Secured Card Reviews

Can the Discover Secured Card Help Rebuild or Reestablish Credit?

Using your Discover it® Secured credit card properly and paying your other loans on time can help you develop credit. Make sure you pay at least the minimum monthly amount on time. It may also assist you in repaying current credit card debt and disputing inaccuracies on your credit report. Apply for a Discover it® Secured card today to grow your credit through responsible use.

FAQs

How hard is it to get Discover it secured?

Discover it Secured card may decline your application depending on your credit history and the information you provide on your application. For example, pending bankruptcies, tax liens, or a high level of debt compared to your income are all common factors. In addition, discover it Secured requires a security deposit to start the account. Thus your application will be declined if you do not put up the required $200 deposit.

Is the Discover it Secured Credit Card Good?

The Discover it® Secured Credit Card is one of the greatest alternatives on the market for customers looking to enhance their credit ratings. With just a $200 deposit, you may begin developing your credit history, and you can earn your money back in as little as seven months if you use your credit responsibly. You also receive the advantage of a fantastic rewards program.

Is Discover it Secured credit card a real credit card?

A secured credit card is a credit card for which the user must put down a refundable security deposit, which the card’s issuer keeps as collateral until the account is closed.
Secured credit cards are the most common form of credit card, and they often have minimal annual fees. A secured credit card, like a “regular credit card,” can help you develop or rebuild your credit.

The possibility to borrow money is often not available with a secured credit card. However, the majority of secured credit cards are fully secured, which means that your spending limit will be the same as your deposit amount.

Does the Discover it Secured card earn rewards?

Yes. You’ll get 2% cash back at gas stations and restaurants on up to $1,000 in combined spending each quarter and 1% cashback on everything else. The card is also eligible for Discover’s flagship program “match” offer for new cards, as described by the issuer: “INTRO OFFER: Unlimited Cashback Match – exclusively from Discover.” Discover will automatically match all cash back you’ve earned at the end of your first year! There are no minimum or maximum expenditure requirements. It’s only a dollar-for-dollar match.“

Conclusion

The Discover it Secured card is one of the most affordable cards for people who cannot obtain a conventional credit card and are looking to develop or restore their credit. It is fundamentally unique in that it offers benefits that would be commendable or better in a non-secured card: 2% cashback on petrol and restaurant expenditures, subject to a $1,000 quarterly maximum, and 1% cashback on all other purchases, without a cap. The card also has no yearly charge.

It also makes the transfer to an unsecured, standard credit card quite simple. After seven months, the bank evaluates the protected account, and automatically makes the cardholder eligible for an unsecured card. The bank may automatically upgrade to card like the Discover it Chrome in case of timely payments.

Transferring balances from high-interest credit cards to this one is also a possibility. While this does not result in a 0% APR term, as other unsecured cards offer, it qualifies the cardholder to carry the debt at 10.99 percent APR for six months. It may be as low as half of what they’re paying with another card, especially if they have a less-than-perfect credit record.

You might also do worse than bring this card with you on vacation overseas, or use it to make online purchases from foreign sellers who will need to convert dollars to their own currencies. The card features no international transaction cost, which is a less-than-universal benefit even for unsecured cards, and points accumulate on overseas purchases.