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Packed with features that are rare among secured credit cards, the Discover it® Secured Credit Card is an undisputed leader in this category. With no annual fee, this card is one to check out if you need to build your credit. In the Discover it® Secured Credit Card review below, we'll go over the card's many benefits and discuss other key points to consider before applying.
On Discover's Secure Website.
On Discover's Secure Website.
Intro APR
Purchases: n/a
Balance Transfers: 10.99%, 6 months
Regular APR
27.74% Variable APR
Rewards 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically
1% - 2% Cashback
Annual Fee
$0
Welcome Offer Discover will match all the cash back you’ve earned at the end of your first year.
Cashback Match
This card is a great place to start when building your credit history. It offers perks rarely found in secured cards, including cash back, no annual fee, and Discover's innovative sign-up bonus.
This credit card is a good fit for: Cardholders with a thin or bad credit history who want to build credit while earning cash back rewards.
Many credit cards for bad credit have annual fees that make improving credit more expensive than it needs to be. The Discover it® Secured Credit Card doesn't have an annual fee.
It's almost unheard of to get cash back from a secured credit card, but the Discover it® Secured Credit Card offers 2% cash back on the first $1,000 of spending at gas stations and restaurants each quarter. In addition, the card offers 1% cash back on all other spending.
Sign-up bonuses are another one of those perks that secured credit cards practically never have. But Discover breaks the mold again here and will automatically match all the cash back you’ve earned at the end of your first year. This sign-up bonus is only available during the first year and for new cardholders, but it can be particularly lucrative since the match is unlimited. For example, if you earned $250 back during the sign-up bonus period, Discover will kick in another $250.
Discover provides you with an up-to-date FICO® Score. By having this credit score available, you can monitor your progress in building your credit.
One of the biggest perks of the Discover it® Secured Credit Card is that it can convert into a traditional unsecured Discover credit card. After as few as seven months of on-time payments, you may be eligible to have your security deposit returned, thus turning your secured card into an unsecured credit card.
Quite a few cards tack on a 3% foreign transaction fee for international purchases, but the Discover it® Secured Credit Card isn't one of them.
Read more: Best Secured Credit Cards
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Petal® 2 "Cash Back, No Fees" Visa® Credit Card | Capital One Platinum Secured Credit Card |
Rating image, 4.00 out of 5 stars.
4.00 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Rating image, 4.50 out of 5 stars.
4.50 stars
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
Apply Now for Petal® 2 "Cash Back, No Fees" Visa® Credit Card
On Petal's Secure Website. |
Apply Now for Capital One Platinum Secured Credit Card
On Capital One's Secure Website. |
Rates & Fees | |
Credit Rating Requirement:
Fair/New to Credit Under(669)
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions. |
Credit Rating Requirement:
Fair/New to Credit Under(669)
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions. |
Welcome Offer: — |
Welcome Offer: N/A |
Rewards Program: — |
Rewards Program: N/A |
Intro APR: Purchases: — Balance Transfers: — |
Intro APR: Purchases: N/A Balance Transfers: N/A |
Regular APR: 17.74% - 31.74% Variable |
Regular APR: 29.99% (Variable) |
Annual Fee: — |
Annual Fee: $0 |
Highlights:
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Highlights:
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Apply Now for Petal® 2 "Cash Back, No Fees" Visa® Credit Card
On Petal's Secure Website. |
Apply Now for Capital One Platinum Secured Credit Card
On Capital One's Secure Website. |
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The minimum required deposit of $200 could be too expensive for some consumers. Even though this is a minor quibble, there are secured cards where you could potentially pay a smaller deposit.
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
Since this is a secured credit card, there's no minimum credit score to get it. You can qualify for this card whether you have no credit history or you have bad credit because of an issue on your credit file.
If you have either bad credit or no credit history at all, the Discover it® Secured Credit Card is one of the best credit cards you'll find. Most credit cards that target consumers with bad credit don't offer many perks, and some even take advantage of cardholders by charging exorbitant fees.
The Discover it® Secured Credit Card is a welcome change from all that. Consumers who need to improve their credit and who can afford the minimum deposit should strongly consider applying.
Read more: Best Unsecured Credit Cards
Your credit limit for the Discover it® Secured Credit Card will equal the size of your deposit. The minimum deposit is $200. This will mean a $200 credit limit.
The maximum amount you can deposit will be set by Discover, but it can't exceed $2,500.
Your new Discover card should arrive within two weeks of being approved. But the average time from approval to delivery seems to be around seven days.
You can often get an instant decision when you apply online. In some cases, Discover may require additional information for review. If that happens, it could be several days before you get a decision. This could mean your overall wait time is longer.
You can get a larger credit limit for the Discover it® Secured Credit Card by making a larger deposit. The credit limit will equal the size of the deposit, which can range from $200 to $2,500.
Our Credit Cards Expert
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