About Discover it Secured Credit Card
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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.
Overall Satisfaction Rating
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- Refundable deposit
- Earn cash back
- No annual fee
- Payment verification times vary
- Deposit doesn’t earn interest
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.
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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I used to be able to close a dispute myself and now you always have to call, But the problem is you never get through to them. It's always busy busy. That is ridiculous. Also they told me that the merchant has 90 days to respond after the 30 days. That's quite a digger list too.
Discover claims to do the right thing as well as excellent with fraud. This is not true and you will be held liable. No one in the company cares. It's all about the bottom line and how consumers can carry the burden.
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Please stay away from this company, they provide you with a good line of credit then their system is designed to lower your credit balance to the last dollar on your balance if you don’t pay it all off making it look like you still have your card maxed out to 100%, destroying your credit. And if you try to call them to ask if they can please fix it because of all the damage they are doing to your credit they will not bother to even try to fix it, they flat out will tell you they will not do anything about it that what the system does goes. I will never trust or recommend this company to anyone.
Bunch of THIEVES! Requested a lower interest rate during the Pandemic and they lowered it for six months. After the six months expired, they CLOSED MY ACCOUNT and I was not allowed to use my card. THE AUDACITY! I never missed a payment, I was NEVER late and they do such a disgusting, horrible thing? Worst, despicable company I have ever dealt with in my life-time. YOU STINK DISCOVER!!!!
I purchased an item using Discover Card. The item purchased was basically a piece of junk. The seller refused to take the item back and issue a refund. I appealed to Discover as they claim to back their customers if they are victimized. Discover issued a temporary credit and contacted the seller. The seller stated that the item worked as designed. Discover removed the temporary credit. They took the word of a 30 year customer over that of a crook. So much for backing your customers. I will pay off my balance and never use Discover again.
I wouldn't recommend it. Too much trouble to get your own money off this card. They advertise how you can just go get cashback if you need it but they don't tell you that most major stores don't do cashback with Discover. The list of stores that do accept Discover I have never heard of other than Kroger. My biggest issue is how they did me last week. Sent my security deposit back and then they raised my limit from $200 to $500 THEN closed my account totally for "too many returned payments" when I had been pretty good at making my payments then I have a few returned payments one time and they give me the sack. My biggest thing was they made it seem like I had finally gotten a big break (the whole reason I got the same secured card was so I could eventually get approved for a real credit card) where I could finally stop playing with my own money under Discover cards banner.
I called customer service and they couldn't even tell me why this was done only that it was "a business decision made at the corporate level." Well if that doesn't sound like they don't give rats ** about the customer. I would not recommend because the way they handled my situation is my bad Business. Crazy thing is I still have balance with this company even after the $300 credit line increase. Now I have to try and find another credit card company
I got a secured credit card with Discover to help build my credit. I put $1000 into my account and everything was going good. My credit score went up as I was hoping it would. Had the card about 6 months fully making all payments. Went to Florida on vacation and somehow lost my debit card. I was relieved that I still had my Discover card with me with the full $1000 available balance on it that I put on my card. So I cancel my debit card until I could get a new one when I got back home from vacation. I go out to eat and tried to use my Discover card to pay and it's declined.
I go to the Discover app on my phone to make sure everything's okay. It shows I still have my full $1000 balance available. So I called Discover's customer service only to be told that my account was frozen until they received my last two years of tax returns information. I thought it was a joke, why in the world would a credit card company All of a sudden want my last two years of tax return information. First of all it's none of their business. I wasn't even a customer there's at the time. Second maybe they should have thought about asking that before I got the card or when filling out the application. Not 6 months down the road.
So there wasn't Florida with no money. The rude lady from Discover from customer service said there's nothing she could do until sent my tax information to them. And then it would be about a week until they process it through. Oh and I forgot she said I had two days to get it sent in or they were canceling my card and that's what they did. They left me in Florida with no access to the money I put in on my card. Not only that it took them over a month to send me a check for my $1,000 they had sitting there on my card after they canceled it. Also my credit score went down after they canceled it more than my score was before I applied for this ** company. Discover is an absolute joke. After a little research I found out that they have done this to thousands of people. And even canceling people's cards after they send them their tax returns. So good luck with your new Discover card.
You get approved then need to get forms notarized just to get denied if it isn't accepted in that time frame. Mind you they just so happen to get every form except for 1 and I sent them together and the missing form 7 different times. I think they just like to accept your deposit and keep it for 2 months, deny you, flip it and give it back. Such a waste. Citi and Capital One are easier to get and less of a headache.
I cannot believe Discover Card is still in business. I had a Discover Card years ago and I got rid of it because it is not accepted at many Point of Sale locations. I decided to give them another chance and I am still having the same problem. I like using one card primarily but I cannot do that with Discover Card.
The app uses the least secure face id to unlock, the card has an 8 day hold when making payments, and the support system never actually works. Seriously, save yourself a headache and get a different card.
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