The Discover It Secured credit card is an excellent choice for those who want to accumulate cashback while establishing a good credit history. Issued under the Mastercard network, you can use it anywhere in the world, and you don’t have to pay an annual fee.
As you can see, there are many advantages to this card, which requires a security deposit for approval. Due to this fact, it can be approved even for those who do not have a good credit score, with reduced bureaucracy.
Stay with us to discover much more about this payment method, which has been winning over countless consumers who seek a convenient and advantageous way to build their credit safely.
About the Issuer
Discover is one of the largest financial services companies in the United States, known for its strong presence in the credit card market. Discover stands out for its commitment to consumer security and for offering products that help its customers improve their financial health.
The Discover It Secured is a clear example of this mission, providing an accessible way to build credit. The Discover It Secured credit card is issued directly by Discover, ensuring that all transactions are protected by cutting-edge technologies.
Additionally, the company offers a range of tools for credit monitoring and identity theft protection, ensuring that its customers are always protected.
Benefits
Cashback on Purchases: The card offers 2% cashback on purchases made at gas stations and restaurants, up to a maximum of $1,000 per quarter. Additionally, you earn 1% cashback on all other purchases, with no limit.
Cashback Match in the First Year: At the end of the first year, Discover matches all the cashback you’ve accumulated. For example, if you earned $150 in cashback during the first year, Discover will add another $150 to your account.
No Annual Fee: Unlike many cards, the Discover It Secured does not charge an annual fee, meaning direct savings for the user.
Refundable Security Deposit: The card requires a security deposit ranging from $200 to $2,500, which acts as the credit limit. This deposit is fully refundable after eight months of responsible use, when Discover reviews your account for a possible transition to an unsecured card.
Free Access to FICO Score: The Discover It Secured offers free access to your FICO Score, allowing you to monitor your credit progress over time. This information is available on your monthly statement and through the mobile app.
Security Tools: Discover offers various security tools, such as Freeze it®, which allows you to temporarily freeze the card in case of loss or theft, and fraud protection, ensuring that you won’t be held responsible for unauthorized transactions.
Discover It Secured Credit Card – Fees and commissions
The Discover It Secured credit card is known for its transparent fees. There’s no annual fee, and the annual percentage rate (APR) is 28.24%. However, there is a balance transfer fee of 5% and a cash advance fee of 5% or $10 of the amount, whichever is greater.
It’s important to remember that fees can be changed by the credit card issuer, so we recommend that you check the current conditions directly on the official Discover website.
Card limit
The credit limit of the Discover It Secured is determined by the amount of your security deposit, which can range from $100 to $2,500. This limit can increase as you responsibly use the card.
After eight months, Discover automatically reviews your account to consider transitioning to an unsecured credit card, returning your deposit.
Positive points
- Cashback Match:The possibility of doubling the cashback in the first year is a major attraction.
- No Annual Fee:Ideal for those looking to save while building credit.
- Security:Discover offers a range of tools for credit monitoring and protection.
Negative points
- Security Deposit:The need for an initial deposit can be a hurdle.
- Credit Limit:The credit limit based on the deposit might be low for some users.
- Cash Advance Fees:Cash advance fees can be high.
How to apply for Discover It Secured Credit Card
Applying for the Discover It Secured is simple:
- Go to the official Discover website;
- Click “Apply Now” in the Discover It Secured section;
- Fill out the form with all the requested information;
- Choose the amount of your security deposit;
- Submit the application and wait for approval;
- Once approved, the card will be issued and sent to you;
- Upon receiving it, simply unlock it and start using it.
How to contact Discover
For any questions or support, you can contact Discover through the following channels:
- Phone: 1-800-DISCOVER (1-800-347-2683)
- Online Chat: Available on Discover’s official website
The Discover It Secured credit card is an excellent option for those who want to build credit safely. Don’t waste time, apply for yours today, and start paving the way for a stronger credit while accumulating cashback!
