Discover it Secured Credit Card Review

Discover it Secured Credit Card

Reviewed by Credit Carrots (2019)

discover secured credit card

TL;DR: We absolutely love this card! When you consider the cash back rewards and no annual fee, this becomes one of the best secured credit card available. We just wish that Discover was accepted more widely internationally.

Discover it Secured

A great credit card to build or rebuild your credit.

Annual Fee

The Discover it Secured credit card has an annual fee of $0.

Security Deposit

$200 to $2500

Top Additional Perks

  • 1%-2% Cash Back
  • Cash Back Matching
  • Free Credit Score

Introduction

What the Discover it Secured Credit Card is all about

Secured credit cards are designed for people who the banks consider to be the riskiest borrowers based on their credit score.

Unlike a prepaid card, a secured credit card reports to the major credit bureaus. This gives you the opportunity to build your credit with responsible use.

Surprisingly, this secured credit card actually gives you cash back!

We absolutely love this card. When you consider the cash back rewards and no annual fee, this becomes one of the best secured credit card available. We just wish that Discover was accepted more widely internationally.

Security Deposit Requirements

What are the Discover it Secured Credit Card security deposit options

This secured credit card requires a $200 to $2500 refundable deposit based on your credit score.

The minimum security deposit  required to open an account is $200, and your security deposit must equal your credit limit. The maximum credit limit (up to $2500) is determined by Discover based on your income and ability to pay.

After eight months, Discover will automatically review your accounts on a monthly basis to see if your account can be upgraded to a non-secured version. If you do get upgraded, then your security deposit is refunded.

Additional Benefits and Features

What else does the Discover it Secured Credit Card get you?

The Discover it Secured credit card offers some amazing cash back benefits that are better than some cash back credit cards with annuals fees.

Our favorite benefits include:

  • 1% to 2% cash back on purchases. You get to earn a 2% cash back on your first $1000 in combined gas and restaurant purchases every quarter. Your cash back rewards drop down to 1% once you’re over the $1000 cap or if you are spending on categories outside of gas and restaurants.
  • Cash back matching bonus.This bonus is pretty unbelievable. After owning the card for twelve consecutive billing periods, Discover will match all of the cash back rewards you’ve earned – effectively doubling your cash back earn rate.
  • Credit score monitoring. By owning the Discover it secured, you will see up to a year of recent FICO credit scores online. The data used for the credit score you’re provided with all come from TransUnion.

For a full list of the Discover it Secured credit card benefits click here.