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Discover It Secured cardholders have access to benefits that most secured credit cards don’t offer, like Social Security monitoring through Discover Identity Alerts and free monthly FICO credit score updates. Plus, Discover It Secured cards earn 1–2% cash rewards on purchases. Refundable security deposits range from $200–$2,500, and there’s no annual fee or minimum credit score required for approval.
Discover It Secured offers several benefits without an annual fee. Deposits don’t earn interest, but cardholders earn rewards on their purchases and get automatic credit reviews after 8 months.
- Refundable deposit
- Earn cash back
- No annual fee
- Payment verification times vary
- Deposit doesn’t earn interest
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Discover It Secured credit card review
Discover It Secured is one of the few secured credit cards that earn rewards. A minimum deposit of $200 is needed to be approved for a Discover It Secured card, but cardholders can deposit up to $2,500. Discover It Secured credit card activity is reported to all three major credit bureaus, and after eight months Discover will begin automatically reviewing your secured account to see if you’re eligible to graduate to an unsecured credit card.
Discover It Secured credit card benefits
Discover It Secured credit cards come with more benefits than most secured credit cards. Cardholders enjoy flexible payment options, free overnight card replacement and zero fraud liability protection.
- Cashback rewards: Cardholders get 2% cash back at gas stations and restaurants on the first $1,000 in combined purchases each quarter. All other purchases earn automatic and unlimited 1% cash back. Plus, Discover will match the cash back you’ve earned at the end of the first year. Cash back can be redeemed at any time for statement credits, through direct deposits or for gift cards at popular merchants and retailers.
- Free credit updates: Discover It Secured cardholders can access their FICO credit scores (updated monthly) for free. Plus, Discover reports credit activity to all three major credit bureaus, so you can track how your credit score improves over time.
- Automatic credit review: Discover automatically reviews Discover It Secured accounts after eight months of to see if the cardholder can “graduate” to an unsecured Discover card. Issuer credit reviews consider you Discover It Secured activity as well as your credit management and utilization across other loans and lines of credit.
Discover It Secured credit card rates and fees
Many secured credit card issuers charge a yearly or monthly fee for cardholder benefits, but Discover It Secure doesn’t require an annual fee or charge foreign transaction fees. With the Discover It card, late payments will not affect your APR and Discover will waive your first late payment fee. Subsequent late payments and returned payments will cost up to $39 each. Another avoidable charge is the 5% ($10 minimum) cash advance fee to withdraw money from an ATM.
|Cash advance fee||5% ($10 min.)|
|Foreign transaction fee||0%|
|Late payment fee||Up to $39 after first late payment|
|Returned payment fee||Up to $39|
How to apply for a Discover It Secured credit card
Discover It Secured credit cards are easy to apply for, but Remember, even with the initial security deposit, approvals are not guaranteed. Some applicants are declined based on income or debt factors, like a pending bankruptcy. Be aware that filing a Discover It Secured application will generate an inquiry on your credit report, which could negatively impact your score.
- Submit an application: You can fill out a Discover It Secured credit card application online. Applicants must provide their Social Security number, address, bank account and routing numbers. Discover It Secured credit card requirements state approved applicants must be at least 18 years old and have a U.S. bank account. Your income and creditworthiness will determine your maximum Discover It Secured credit limit. Those who have not established credit before can do so with their tax returns.
- Make your deposit: Part of the online application process is paying the minimum security deposit. Whatever amount you put down for your security deposit will be equal to your credit limit.
- Select your card design: Approved applicants can select from multiple Discover It Secured card designs (the card does not have the word “secured” on it). After your account is open for about a month, you can apply for a Discover Secured credit line increase.
- Receive your Discover It card: After you’re approved, Discover will send your secured card in the mail within 10 days.
Discover It Secured credit card FAQ
- Can Discover It Secured credit card graduate?
- Yes. After eight months, Discover will begin periodically reviewing your credit activity to determine if your credit profile has improved enough for you are ready to graduate to an unsecured credit card.
- How can I apply to increases my Discover It Secured credit line?
- To apply to increase your credit line, call Discover It Secured customer service after your account is open for at least 31 days. You will need to have your account information ready before you call.
- Can I get my Discover It Secured deposit back?
- There are two ways to get your Discover It Secured deposit back: If you close your account after paying your full balance or if Discover determines from your credit activity that you can qualify for an unsecured credit card.
- Do Discover It Secured deposits earn interest?
- No. Like most secured credit card accounts, Discover It Secured does not earn interest on the security deposit.
Is Discover It Secured credit card worth it?
If you’re serious about improving your credit profile through responsible use of a secured credit card, the Discover It secured card is a great option. Unlike other secured cards, this card lets you earn rewards plus it may be easier for you to graduate to an unsecured credit card after your credit profile improves.
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Worst Dispute Department!!!! I disputed a purchase 3 times but as of now, still not resolve. The company initially agreed to refund the charge and they sent me an email confirmation. I waited for 3 months but I did not get the refund so I disputed it via Discover. They told me I have to prove that I did not get the refund. How am I suppose to prove that? The refund should have been reverse in my credit card so why are they asking me. I email the company and they are not responding to may email anymore. Shouldn't Discover ask the company for proof of refund/payment? I've done chargeback before and I know that the merchant is responsible in providing the proof of payment and not the customer. I will dispute again for the 4 time. Worst experience ever.
I received bill in June and called as I hadnt used my card. They said they would look into it. Again in July. Now they say I incurred $120 in late fees. For a BJS charge in March. No record of call convenient. Said today I may have called the wrong place.
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They took my deposit then sent card a month ago. Let me use the card for a few small purchases Then let me sign up online for Mobile use. Next night I get a email Account closed. Never called. Said that they didn’t see my name on the account info that was sent in to verify identity. Again didn’t call. I could of sent it to them. Now 2 more months before they return my money. Only took 48 hours to take it from the account they could not verify.
I missed an auto payment on my credit card due to switching bank accounts. I picked an adjusted repayment plan that Discover offered. Discover still reported that I did not make payments to the credit bureaus because the repayment plan that they offered was below what was owed. I was unaware of this and thought everything was fine because I was making monthly payments that Discover set. My credit went down over 200 points in a 3 month period. It does not make sense to offer a repayment plan then stills report to the credit bureaus that I was not making payments.
I have had my Discover card going on Four years! I started with Credit limit of around 1,000. After years of having card and NEVER missing a payment they gave me credit increases. My credit limit was 3,500.. When I ran into hard times due to this covid I had to use more of my credit ... (on other cards to). Since I’ve use the credit given to me Discover lowered my credit limit (cause now I’m considered high risk). They took the $500 I had for available credit which now looks like I maxed my card!
If you know anything about credit when you have maxed cards your score drops dramatically!! I just built my credit for the past 5 years for Discover and another card to ruin it! I will never understand why give a credit limit then when you use it they punish you and take it back! I can see if I’ve missed a payment or something to give you a reason to believe I would not pay but after almost 4 years of never missing or being late on payments to lower my limit and RUIN my credit history is beyond me!
I received a letter in the mail from Discover. That an account was opened in my name and was closed pending verification. I have never dealt with Discover. Thankfully there was no monetary loss. I wouldn't use their services as they don't value privacy. Plus I don't want my credit score affected.
Do not expect to receive any protection from this company with your purchases. We used this card to make a very substantial equipment purchase for our new small business opening and were completely scammed and did not receive any equipment order. We disputed the transaction with Discover and supplied numerous documents and backup as well as very detailed explanations of what occurred and they ruled in the scam artist favor saying that they needed a document from the merchant stating we were due a refund to our card.
Why would a scammer tell them they scammed you and you should be refunded?! If that was the case they would just refund us and there would be no need for a dispute. Spoke to multiple supervisors and was essentially told If you sign an invoice it really doesn't matter if you receive the good. The merchant can say you did and their word is better than any proof you supply. BE AWARE. DISCOVER DOES NOT PROTECT THESE CUSTOMERS.
I've never owned a credit card. I am 50 years old and my credit has improved 100 points in the last year. Credit Karma suggested that I apply for Capital One and Discover it. I applied today and was approved for Capital One unsecured credit card but denied for a secured credit card with Discover it. I called and asked why. Was told too many hard inquiries. Asked how many. One being one year ago and two today. I would have never applied for Discover it if I would have known this. I figured that I had the deposit. Why would I be denied. No I am not happy about this. I will accept this and continue to work on my credit. However will never apply with them again!!!!
I am no longer invested or a customer of this company, the latter was not voluntary. I had 2 lines open with Discover and like many other reviews my account was cancelled after paying off my card. These guys were my largest credit lines so my credit utilization ratio is over 50 percent compared to the 6 percent before, and available credit dropped. This has impacted my credit score and for no reason other than they decided to drop a load of their customers after an Equifax review. I never missed a payment in 5 years. This is bad business and they are going downhill. Steer clear.
This is by far the worst credit card ever. I had this credit card since 2017 and never been late once. Had a 1900$ line of credit then one day I found out that it was reduced by 700$ and my new credit limit was 1200$. I called and was told that during a review they determine they needed to reduce my limit and they didn’t care if they hurting your credit or not. After a few months they increased it to 1700$ and today I was surprised again to see that they reduced it to 1000$. This company is a joke. Now my usage on this credit card. Is 98% instead of 40%. I decided to pay it off and close the account. I know it will hurt my credit but the way they treated me I cannot keep them. This is a trash credit card. I don’t want trash in my wallet. I have 2 cards from Chase and 1 from Bank of America. They are the best. Never had any issue with them except with a Discover. I will keep writing this review over and over until everyone knows who they really are.
Discover it Secured Credit Card Company Information
- Company Name:
- Discover it Secured Credit Card
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