Discover It Secured – Benefits and advantages

Build your credit and earn rewards with no annual fee with the Discover It Secured credit card! Learn about its benefits, features, and how to apply.

Unlock the potential of your credit score with the Discover It Secured credit card, offering unmatched rewards and benefits designed to help you achieve your financial goals. Keep reading to find out how this card can make a difference in your credit journey.

Getting to Know the Discover It Secured Credit Card

The Discover It Secured credit card offers several benefits designed to help users improve their credit score while earning rewards on everyday purchases. It’s an excellent tool for anyone who wants to transition from a secured to an unsecured credit card in the future.

The card provides a straightforward way to manage your finances with features that promote responsible spending and credit-building.

The Discover It Secured credit card allows cardholders to earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Additionally, cardholders earn unlimited 1% cash back on all other purchases.

• Issuing Bank: Discover Bank
• Card Type: Secured
• Annual Fee: $0
• Security Deposit: Minimum $200
• Coverage: Accepted at millions of locations where Discover is accepted

This card is particularly suited for those looking to improve their credit score while still enjoying the benefits of a rewards program. With no annual fee and the opportunity to graduate to an unsecured card, it offers substantial value.

Benefits and Advantages of the Discover It Secured Credit Card

The Discover It Secured credit card offers a range of benefits and advantages that make it a strong contender in the secured credit card market. Here are some of the key benefits:

Cash Back Rewards

One of the standout features of the Discover It Secured credit card is its cash back rewards program.

Cardholders earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. On all other purchases, cardholders earn unlimited 1% cash back.

This rewards program is an excellent way to earn money back on everyday expenses, and it can add up quickly. Plus, Discover matches all the cash back you’ve earned at the end of your first year, effectively doubling your rewards for the first year of card ownership.

No Annual Fee

The Discover It Secured credit card comes with no annual fee, which is a significant advantage compared to other secured credit cards that often charge a yearly fee. This makes it a cost-effective option for building or rebuilding credit.

Monthly FICO® Score for Free

Cardholders receive their FICO® Credit Score for free on their monthly statements. This feature allows you to track your credit score progress over time, helping you stay informed and motivated on your credit-building journey.

Transition to Unsecured Card

After seven months of responsible card use, Discover will automatically review your account to see if you qualify to transition to an unsecured credit card. This automatic review process is a convenient way to upgrade your credit card without needing to reapply.

Security Deposit Return

If you qualify to transition to an unsecured card, Discover will refund your security deposit. This refund can be a helpful financial boost and a reward for responsible credit use.

Additional Benefits

Other benefits of the Discover It Secured credit card include 24/7 customer service, free social security number alerts, and a freeze feature that allows you to prevent new purchases, cash advances, and balance transfers if you misplace your card.

What Do You Need to Get the Discover It Secured Credit Card?

To apply for the Discover It Secured credit card, you must meet certain eligibility criteria. Here are the requirements:

1. Age and Residency

Applicants must be at least 18 years old and be U.S. residents with a valid Social Security number.

2. Security Deposit

A security deposit of at least $200 is required to open the account. This deposit determines your credit limit and is fully refundable if you close your account in good standing or transition to an unsecured card.

3. Application Process

When applying for the Discover It Secured credit card, you will need to provide some personal information, including your Social Security number, address, and income details. Discover will conduct a hard credit inquiry as part of the application process.

Once you meet the eligibility criteria and provide the necessary information, you can submit your application online. Discover typically processes applications quickly, and you may receive a decision within minutes.

Positive and Negative Points of the Discover It Secured Credit Card

The Discover It Secured credit card is well-regarded for its benefits, but it’s important to consider both the positive and negative aspects before applying.

Positive Points

• Cash Back Rewards: The card offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, plus unlimited 1% cash back on all other purchases. Discover matches all the cash back earned in the first year.
• No Annual Fee: There is no annual fee, making it a cost-effective option for those looking to build or rebuild their credit.
• Free FICO® Score: Cardholders receive their FICO® Credit Score for free on their monthly statements, helping them track their credit-building progress.
• Transition to Unsecured Card: After seven months, Discover reviews your account to see if you qualify for an unsecured card, offering an automatic path to an upgrade.
• Security Deposit Return: If you transition to an unsecured card, Discover refunds your security deposit.

Negative Points

• Security Deposit Required: A security deposit of at least $200 is required to open the account, which might be a barrier for some applicants.
• Limited Rewards Categories: The 2% cash back is limited to gas stations and restaurants, and only on up to $1,000 in combined purchases each quarter. Other purchases earn just 1% cash back.
• Credit Check Required: Despite being a secured card, Discover conducts a hard credit inquiry, which could temporarily lower your credit score.

Overall, the Discover It Secured credit card offers a generous rewards program and valuable benefits for those looking to build or rebuild their credit.

However, the requirement for a security deposit and the limited high-reward categories may be drawbacks for some applicants.

Can I Apply for the Discover It Secured Credit Card Even if I Have Bad Credit?

If you have bad credit, you may be wondering if you are eligible to apply for the Discover It Secured credit card. The good news is that secured credit cards like this one are designed for individuals with limited or poor credit history.

Applying with Bad Credit

When you apply for the Discover It Secured credit card, Discover will review your credit score and credit history. While a lower credit score may not automatically disqualify you, Discover will still assess your overall financial situation.

Secured credit cards are generally more accessible to individuals with bad credit because the security deposit reduces the risk for the lender. However, if you have a very poor credit history with recent bankruptcies or multiple delinquencies, it may impact your chances of approval.

Improving Your Chances

To improve your chances of being approved for the Discover It Secured credit card, consider taking steps to improve your credit score before applying. This might include paying off outstanding debts, making all payments on time, and reducing your credit card balances.

If you’re not sure about your eligibility, it may be helpful to speak with a Discover representative who can provide more information based on your specific situation.

Ways to Apply for the Discover It Secured Credit Card

If you’re interested in applying for the Discover It Secured credit card, there are several ways to do so. Here are the most common methods:

Online Application

The easiest and most convenient way to apply for the Discover It Secured credit card is through the Discover website. The online application process is straightforward, and you can complete it from the comfort of your home. You will need to provide some personal and financial information, such as your name, address, income, and employment details.

Phone Application

Another option is to apply for the Discover It Secured credit card over the phone. You can call Discover’s customer service line and speak with a representative who will guide you through the application process. You will need to provide the same personal and financial information as you would in an online application.

In-Person Application

While less common, you can also apply for the Discover It Secured credit card in person at a Discover Bank branch. A representative will assist you with the application process and answer any questions you may have.

Pre-Approved Offer

If you have received a pre-approved offer from Discover, you can use the provided link or code to apply for the card. This indicates that Discover has already conducted a preliminary review of your credit profile and determined that you meet the initial criteria for the card.

No matter which method you choose, ensure that you meet the eligibility requirements and have all the necessary documents ready before applying.

Is It Worth Applying for the Discover It Secured Credit Card?

The Discover It Secured credit card is a valuable tool for building or rebuilding credit while earning rewards. However, whether it is worth applying for depends on your financial goals and situation.

Advantages

The primary advantage of the Discover It Secured credit card is its cash back rewards program. Earning 2% cash back at gas stations and restaurants and 1% on all other purchases, along with the first-year cash back match, makes it one of the most rewarding secured cards available.

Additionally, the card’s no annual fee, free FICO® score access, and the opportunity to transition to an unsecured card are significant benefits that make it a competitive option for those looking to improve their credit.

Considerations

However, there are some considerations to keep in mind. The requirement for a security deposit can be a barrier for some, and the rewards categories are limited. Furthermore, a hard credit inquiry is part of the application process, which could affect your credit score temporarily.

Overall, if you are committed to building or rebuilding your credit and can manage the security deposit, the Discover It Secured credit card offers substantial benefits and a clear path to an unsecured card.

Discover It Secured Credit Card

The Discover It Secured credit card is a robust option for those aiming to build or rebuild their credit while enjoying the benefits of a rewards program. With this card, users can earn cash back on their everyday purchases and take advantage of Discover’s excellent customer service and financial tools.

The card offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and unlimited 1% cash back on all other purchases. Additionally, Discover matches all the cash back you’ve earned at the end of your first year.

Travel benefits, such as car rental insurance and 24/7 customer support, further enhance the card’s value. Moreover, the no annual fee and the potential to transition to an unsecured card after seven months make it a practical choice for those focused on improving their credit.

In conclusion, the Discover It Secured credit card is an excellent option for individuals looking to build their credit while enjoying the perks of a rewards program. With its unique benefits and customer-friendly features, it stands out as one of the best secured credit cards on the market.