Discover it® Secured Credit Card

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Discover it Secured Credit Card

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  • Ability to earn cash back on every purchase
  • Discover will match all the cash back earned by the end of the first year
  • Get your FICO credit score for free


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  • No annual fee
  • Discover will match all the cash back earned by the end of the first year
  • Get your FICO credit score for free


The Discover it Secured Credit Card Summary

The Discover It Secured Credit Card is designed to help the cardholder get their finances back on track and to build up their credit history. By issuing this credit card, Discover will closely monitor the cardholders spending habits and whether they can pay their monthly bill on time. If the holder proves that they can handle this credit card responsibly, then Discover will begin to ease up on the monitoring features.


PROS:
  • Ability to earn cash back on every purchase
  • Discover will match all the cash back earned by the end of the first year
  • Get your FICO credit score for free

CONS:
  • Requires a security deposit
  • Discover cards are not widely accepted outside of the United States


Best Features

Although it is a secured credit card, The Discover it® Secured Credit Card does offer the user the capability to earn cash back rewards on every purchase. Currently, the rates offered are 2% cash back at restaurants and gas stations with a cap limit of $1,000 in combined purchases each quarter. Cardholders will also earn 1% cash back on all other purchases made with the credit card. An additional benefit is Discover will match all the money back that you have received after your first year with the credit card. Most secured credit cards will not offer this type of feature, or any cash back rewards program, making this an attractive credit card if you are looking to build up credit.

Discover understands that if you are applying for this credit card the most likely reason is that you need to build or re-establish good credit. That’s why they offer users the ability to build a credit history with the three major credit bureaus and offer free and easy to view FICO credit scores. Having these resources can really help an individual who is looking to someday open up an unsecured credit card with reward offerings that might fit better fit their needs


Drawbacks

Because it is a secured credit card the Discover It Secured card does require cardholders to submit a deposit. The minimum needed to put down is $200, but users can increase that amount to a limit they desire. It is important to note that whatever the amount is deposited will equal the amount up to the credit line that will be approved. It is a feature that most credit cards do not offer out there, but it is viewed as collateral by Discover based on the money you will borrow from them on the card. However, the deposit can be refunded and after eight months of proof that you can pay the bill on time Discover will review your account to see if you are able to transition to an unsecured credit card.


Overall Summary

The Discover it® Secured Credit Card is not like most other secured credit cards. Features, such as the required deposit, may put a damper on things but the ability to earn cash back rewards and have them all matched after the first year is a great offer for a secured credit card. These are perks that most companies who issue secured credit cards will not provide. If you are looking to build up credit then perhaps this credit card is worth checking out.


Who this card is best for

The Discover it Secured Credit Card a card that is best for someone who has a limited credit history and needs to build their credit up. Some of the features tied to the card may feel like Discover is going all “Big Brother” on you as the cardholder. It is important to understand that this card should be viewed as a stepping stone to establishing good enough credit to get you to that credit card you actually desire.


 

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