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Discover it Secured Credit Card: Build Credit and Earn Rewards
The Discover it® Secured Credit Card is a strong choice for consumers seeking to build or rebuild their credit and earn rewards in the process. Unlike most secured credit cards, this one earns cashback rewards, a rare find in the world of credit-building tools. And with no annual fee and a simple upgrade path to an unsecured card, it’s built to help you meet your financial goals.
Perhaps its most attractive feature is the 2% cash back at gas stations and restaurants (up to $1,000 on combined purchases each quarter) and 1% cash back on all other purchases. And Discover will match all the cashback you’ve earned at the end of your first year, doubling your rewards. That’s a significant difference for a secured card, especially since most don’t offer rewards to begin with.
The card does require a security deposit, which can be refundable, and this deposit is based on your credit limit. This deposit is refundable when you upgrade to an unsecured card, making it a worry-free investment in your credit future. Plus, Discover offers free access to your FICO® Credit Score so that you can see how you’re doing.
For anyone who’s committed to a plan to improve their credit score while earning rewards, keep it simple with the Discover it® Secured Credit Card. You can think of it not only like a card, but as a financial tool to help put you in the driver’s seat of your credit journey.
The You’re up Credit Builders: top 4 reasons why it is a must-have: Discover it® Secured Credit Card
Cashback with Credit Establishment
Most secured cards don’t offer cashback rewards, but the Discover it® Secured Credit Card does. You’ll get 2% cash back at gas stations and restaurants (on up to to $1,000 spent in combined purchases per quarter) and 1% to all other purchases. At the end of your first cardholder year, Discover matches all the cashback you earn, doubling your rewards. That’s a rare perk for a secured card and a major reason it’s a top pick for savvy spenders.
No Annual Fee
While many secured cards charge hefty fees, the Discover it® Secured Credit Card has no annual fee. That means you can concentrate on building your credit without spending additional fees eating into your budget.
Path to an Unsecured Card
Discover routinely checks your account to see if you’re eligible for an upgrade to a regular unsecured card. As long as you manage your account responsibly, you could receive your security deposit back and move to a traditional credit card, all while keeping your rewards and benefits.
Access FICO® Credit Score For Free
Credit score monitoring is central to building credit. With this card, you can monitor your FICO® Credit Score for free in your monthly statements and online. This allows you to monitor your progress and remain motivated in your credit-building efforts.
Little Drawbacks of the Discover it® Secured Credit Card (And Why They Don’t Matter)
Requires a Security Deposit
As with all secured credit cards, the Discover it® Secured Credit Card requires a refundable security deposit to open your account. This deposit sets your credit limit, anywhere from 200to200to2,500. While that may sound like a negative, a secured credit card is actually a low-risk way to build credit, since you’ll get your deposit back by the time you upgrade to an unsecured card.
Not Widely Accepted Internationally
Do not offer international acceptance to Discover cards as you would with your Visa or Mastercard. And if you’re a frequent traveler out of the U.S., this could be a bit annoying. But, for the vast majority of travelers who use their card domestically, this won’t be a major concern. The good outweighs that limitation as the card’s rewards and credit-building upsides far exceed it.
How to Apply for the Discover it® Secured Credit Card: A Comprehensive Guide
The Discover it® Secured Credit Card has a simple online application process that makes it easy to get started building credit right away. This card is great for anyone new to credit or who wants to improve their credit history. To begin, you will be asked to enter some basic personal and financial information, such as your Social Security number and your income details.
The refundable security deposit is another major requirement that will decide your credit limit. After your application is approved and the deposit is processed, your card will arrive by mail in a few business days.
The whole procedure is easy to go through, done in a few mouse clicks online in under a few minutes. Are you ready to startup towards a better credit? Here’s how to apply.
How to Apply for Discover it® Secured Credit Card in 5 Easy Steps
Check Your Eligibility
Make sure you satisfy the minimum criteria, including being at least 18 years of age and having a valid Social Security number.
Gather Necessary Information
Gather your personal information such as where you live, how much money you make, and where you work.
Visit Discover’s Website
Visit the Discover it® Secured Credit Card application page and select “Apply Now.”
Complete the Application
Complete the online form with your personal and financial details. Choose an amount you want to deposit (somewhere between 200and200and2,500) to determine your credit limit.
Submit and Wait for Approval
Look over your application, apply, and wait for a decision from Discover. If approved, your card will arrive in the mail in 7-10 business days.
Why the Discover it® Secured Credit Card Is the Best Credit Building Tool
The Discover it® Secured Credit Card is more than a credit card; it’s a do-it-all, financial-building tool that helps you construct or reconstruct your credit, even while awarding you for your daily shopping. A unique combination of cashback rewards, no annual fee, and an easy upgrade path to an unsecured card make it one of the best credit-building cards on the market.
The most interesting thing about this card is its cash back programme. For a secured card, 2% cashback at gas stations and restaurants and 1% on all other purchases is unusual. And Discover’s Cashback Match™ program doubles all your rewards earned in your first year, so this is an offer you can’t miss.
Another huge benefit is the complimentary access to your own FICO® Credit Score, which allows you to track your credit progress and help keep you motivated. Cardholders can enjoy a simple to use website and mobile app to easily manage the account.
Although this card does come with a security deposit, it’s well worth the cost as it opens the door to increased credit opportunities and even qualification for an unsecured card in the future. It is risk free, and the deposit is 100% refundable.
The Discover it® Secured Credit Card is the right blend of rewards, affordability, and ability to help build credit. If you’re new to credit or aiming to boost your score, this card offers the tools and benefits you need to get ahead. Not so fast—don’t hesitate to begin your journey to healthier credit today!
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