Discover Secured Credit Card Review – Is It Good in 2024?

It’s good to have a secured credit card with $0 annual fee. The Discover Secured Credit Card is one of those secured card that surpasses other secured credit cards in many ways.

Discover it® Secured credit card can help you to build or rebuild your credit score The card has no annual fee and offer 2% cash back rewards at gas stations and restaurants, making it one of the best secured credit card.

The card requires a security deposit of $200, but you can get back when you upgrade to a new regular credit card or when you established a good credit score.

Is the Discover it® Secured Credit worth in 2024? Let’s explore.

Discover Secured Credit Card Review

The Discover it® Secured credit card offer 2% cash back rewards on gas stations and restaurants, and 1% cash back on all other purchases, making it one of the best secured credit card in the market. The card offers more than other secured credit cards.

The card is a great option for people who want to build or rebuild credit. The card has no annual fee and allows to access free FICO® Score, the Discover it® Secured Credit Card provides all the important benefits and helps to build a stronger credit profile.

Discover it® Secured Credit Card Overview

Annual Fee $0
Regular APR 28.24% Variable APR
Welcome Bonus N/A
Credit Needed Poor (300-649)
Card TypeSecured

Discover it® Secured Credit Card Highlights

The Discover Secured Credit Card has the following key features:

  • The card has no annual fee, but earns you cash back and help you to build credit history.
  • No credit score is required to apply.
  • Enjoy unlimited dolllar-to-dollar cash back match of all the cash back you earn at the end of the first year. Also, there is no limit to how much cash back you’ll match.
  • You earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter.
  • Enjoy 1% cash back on all purchases.
  • This credit card requires a refundable security deposit of $200 when you apply. Your credit line will equal to your deposit amount.
  • Discover it® Secured Credit Card helps you to build your credit history.
  • Discover could help you to limi your personal information online by removing it from selected popular search sites that can sell your data.

» MORE: Jcrew Credit Card Review

Discover it® Secured Credit Card Rewards

The Discover Secured Credit Card has the following set of reward earning and reward redemption:

1. Reward Earning

  • Cardholders earn 2% cash back at gas stations and restaurants up to $1,000 in both the category each quarter.
  • Plus, cardholders earn unlimited 1% cash back on all other purchases.

2. Rewards Redemption

The reward redemption process is easy. The rewards can be redeemed in any amount at any time. In case, your credit card is not used in 18 months or the account is closed, the account is closed, the reward will not expire.

Discover it® Secured Credit Card Features & Benefits

  • $0 Fraud Liability Guarantee: Cardholders are not responsible for any unauthorized purchases made from your Discover secured credit card.
  • Turn your account on/off with Freeze it®: If you lost your card, you can easily prevent new purchases with the Freeze it from mobile app and website.
  • Online Privacy Protection: Discover help you to remove your personal information for various search sites that sould sell your data.
  • Access to FICO Score: Cardholders get access to free FICO scores through the Discover app and statements.
  • U.S. Based Customer Service: Discover offers 100% U.S. based customer service. You can talk to a real person form customer service team at any time.

Rates & Fees

Annual Fee$0
Intro APRN/A
Regular Purchase APR28.24% variable
Intro Balance Transfer APR10.99% for 6 months
Cash APR29.99% variable
Cash Advance Fee$50
Balance Transfer Fee3%
Foreign Transaction FeeNone
Late Payment FeeUp to $41

Pros & Cons

  • The card has no annual fee.
  • Decent reward rate on various purchases. This is uncommon for a secured credit card.
  • The card requires limited/bad credit.
  • Welcome bonus as cash back match.
  • Cardholders get free access to FICO score.
  • Requires a minimum deposit of $200.
  • Capping on bonus categories.

Should You get Discover Secured Credit Card

If you have a bad credit and want to build or rebuild your credit score, the Discover Secured Credit Card can help you to build your credit history. Plus, you earn decent cash back rewards in return. The card has $0 annual fee and offers many benefits to cardholders.

You may get this card if you can afford a minimum security deposit of $200 and able to pay your monthly payments on time. This card should be on your list of best secured credit cards.

Keep in mind, like most secured credit cards has high APR, which means if you skip payments, ready to pay interest with extra charges. But for buildign credit, this is the card to go.

How to Apply for Discover it® Secured Credit Card?

Apply for Discover it® Secured Credit Card
Apply for Discover it® Secured Credit Card

If you are interested in this card, follow the below steps to apply for the card:

  • Visit the official website of discover.com/credit-cards/secured/.
  • Fill out the details like ZIP code, SSN, and date of birth.
  • Click on “Next” and fill out the application form.
  • Submit the application form.

» MORE: Best Cash Advance Credit Card

Compariosn With Other Cards

Key FeaturesDiscover Secured Credit CardOpenSky® Secured Visa® Credit CardBank of America® Customized Cash Rewards Secured Credit Card
Annual Fee$0$35$0
Regular APR28.24% Variable APR25.64% Variable APR28.24% Variable APR
Intro APR10.99% for 6 monthsN/AN/A
Reward Rate1% – 2% cash back None3% cash back in the category of your choice

Bottom Line

However, it is easy to get a secured credit card due to its low eligibility criteria. But before choosing a secured credit card, check all its fees, security deposit amount, rewards, and other perks tha comes with that card.

Discover Secured Credit Card seems to be a pretty good choice for people who want to build or rebuild theri credit score due to its no annual fee and decent cash back rewards on various category.

What is the annual fee of Discover it® Secured Credit Card?

The Discover it® Secured Credit Card has no annual fee.

What credit socre is required to get approval for Discover it® Secured Credit Card?

However, thers is no credit score required to get approval for Discover secured credit card. However, it is good to have a credit socre of 300 – 629 for your betterment.

Is Discover it® Secured Credit Card good?

If you have a bad credit and want to build or rebuild your credit score, the Discover Secured Credit Card can help you to build your credit history. Plus, you earn decent cash back rewards in return. The card has $0 annual fee and offers many benefits to cardholders.

What is Discover secured credit card limit?

Just like other secured credit cards, the Discover it® Secured card limit is directly proportional to the amount of deposit. For this card, the minimum deposit amount is $200 and the maximum limit is $2,500.

What is the reward rate of Discover it® Secured card?

The card earns you decent cash back rewards. You earn 2% cash back at gas stations and restaurants, and 1% cash back on all other purchases.

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