Credit Cards (US)
Discover It® Secured Credit Card review: A card that rewards your spending!
If you want to build your credit score, but can't get approved for a traditional credit card, the Discover It® Secured Credit Card may be exactly what you need.
Discover It® Secured Credit Card: Build your credit while earning rewards!
Are you looking to build your credit, but having trouble getting approved for a traditional credit card? Read this Discover It® Secured Credit Card review to learn how this card might be the perfect option for you.
This card has no annual fee and the potential to earn rewards after making certain purchases.
It is an excellent way to start establishing and building your financial history — all while earning cash back along the way.
- Credit Score: To be eligible, you’ll need a score of 300-629
- Annual Fee: For this card, you won’t have to pay an annual fee.
- Intro offer: At the end of your first year, Discover will match all the cash back you’ve earned! With no minimum spending or maximum rewards.
- As a bonus for new cardholders, Discover offer
- Rewards: Rank up 2% cash back for your spending on gas stations and restaurants each quarter up to $1,000 in combined purchases. All other purchases earn 1%.
- APRs: For the first 6 months, there’s a 10.99% intro APR on Balance Transfers. Be aware that after that period, it’s a 26.74% Variable APR.
With its unique cash back rewards program and helpful customer service team at Discover, there’s never been an easier way to get on track regarding your financial well-being.
Read on for more information about what this excellent product offers!
Discover It® Secured Credit Card: What can you expect?
Discover It® Secured Credit Card is a great choice for those looking to reap the rewards while building their credit. With no annual fee, Discover It makes it affordable to access financial services.
Your security deposit determines your maximum credit limit; you can deposit anything from $200 to $2,500.
Discover’s Intro Offer will automatically match what you earned in cash back at the end of your first year.
The Discover It Secured Card also offers exclusive rewards, like 2% cash back on gas station and restaurant purchases with a cap of $1,000 each quarter and 1% back on all other purchases.
There’s an introductory APR on balance transfers for 6 months and then an ongoing APR of 26.74%.
Finally, Discover has waived their foreign transaction fees, so you can use your Discover It Secured Card anywhere without extra costs!
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Do the pros outweigh the cons?
To help you make an informed decision, we’ve listed the advantages and drawbacks of this credit card.
- There’s no annual fee
- Easy eligibility, even with limited/bad credit
- This card offer rewards
- There’s a bonus offer for new cardholders
- The card requires a minimum deposit to apply
- There is a high APR
What are the eligibility requirements?
Discover It® Secured Credit Card is an excellent choice for those trying to build or repair their credit.
Although Discover doesn’t require a minimum credit score to become eligible, they recommend a score between 300-629 on the FICO® scoring system.
You’ll also need to provide a refundable security deposit of at least $200, so your deposit amount will equal your line of credit.
Learn how to request the Discover It® Secured Credit Card
If, after reading this Discover It® Secured Credit Card review, you’re interested in building up or starting fresh with credit, applying for it it’s super simple. Check out our link below.
About the author / Vinicius Barbosa
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