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Building or rebuilding credit can feel like a daunting task, but with the right tools, it becomes much more manageable. The Discover it Secured Credit Card is one of those tools, offering features designed not only to help you establish credit but also to reward you for everyday spending. With a cash back rewards program, no annual fee, and the opportunity to transition to an unsecured card, the Discover it Secured Card stands out among secured credit card options.
This review dives deep into the benefits, drawbacks, and unique features of the Discover it Secured Credit Card. By the end, you’ll understand how it can help you improve your credit score and whether it fits your financial goals.
The Discover it Secured Credit Card is a secured credit card aimed at helping individuals with poor or limited credit history build their credit scores. Like other secured cards, it requires a refundable security deposit, which sets your credit limit. This deposit acts as collateral for the card issuer, reducing the risk and making it easier for those with low credit scores or no credit history to qualify.
One standout feature of the Discover it Secured Card is its cash back rewards program, allowing cardholders to earn rewards while working on their credit. Additionally, it offers the potential for automatic transition to an unsecured Discover card after seven months of responsible use, making it a valuable option for credit improvement.
Earn Cash Back on Everyday Purchases
One of the most attractive features of the Discover it Secured Card is its cash back rewards program, which sets it apart from most secured credit cards. Earning 2% cash back at gas stations and restaurants, and 1% on other purchases, allows cardholders to benefit from rewards even while working on their credit score. Plus, Discover’s cash back match at the end of the first year effectively doubles the rewards earned.
No Annual Fee
Many secured credit cards come with annual fees, but the Discover it Secured Card does not. This can help keep costs low, making it easier for individuals to focus on paying their balance in full and on time each month.
Path to an Unsecured Card
Discover’s process for upgrading to an unsecured card is straightforward. After seven months of responsible use, the account is reviewed, and if approved, you can transition to an unsecured card and receive your deposit back. This makes the Discover it Secured Card an excellent stepping stone toward better credit.
Credit Building with Comprehensive Reporting
Because Discover reports to all three major credit bureaus, your positive account activity can help you build a stronger credit history. Making on-time payments and keeping your credit utilization low can significantly boost your credit score.
User-Friendly Mobile App and Account Alerts
Discover’s mobile app makes it easy to manage your account, make payments, view statements, and track your rewards. You can also set up account alerts to remind you of payment due dates and keep track of spending, helping you stay on top of your finances.
Requires a Credit Check for Approval
Unlike some secured cards, the Discover it Secured Card does require a credit check. While approval is still easier than for most unsecured cards, those with recent bankruptcies or very low credit scores may not qualify.
High APR for Carrying a Balance
The Discover it Secured Credit Card comes with a 28.99% variable APR, which is relatively high. If you carry a balance, interest charges can add up quickly. To avoid these costs, it’s important to pay off your balance in full each month.
Quarterly Cash Back Cap
The 2% cash back rate is limited to $1,000 in combined purchases at gas stations and restaurants each quarter. Once you exceed this amount, you’ll earn only 1% cash back. For heavy spenders, this may limit the card’s rewards potential.
No Introductory APR Offer
The Discover it Secured Card does not come with an introductory APR for balance transfers or purchases. If you’re looking to consolidate debt or finance a large purchase, a different card may offer more suitable terms.
The Discover it Secured Credit Card is ideal for individuals who:
To get the most out of the Discover it Secured Credit Card, follow these best practices:
Make On-Time Payments Every Month
Your payment history accounts for 35% of your credit score, making timely payments crucial. Set up automatic payments or payment reminders to ensure you never miss a due date.
Keep Your Credit Utilization Low
Aim to use less than 30% of your available credit limit. For example, if your credit limit is $500, keep your balance below $150. Lower utilization ratios can positively impact your credit score.
Monitor Your Credit Score Regularly
Use Discover’s free credit scorecard tool to track your progress. Monitoring your credit score helps you stay informed about your credit-building efforts and identify any errors on your credit report.
Take Advantage of the First-Year Cash Back Match
Since Discover will match all the cash back you’ve earned at the end of your first year, maximize your rewards by using the card for everyday purchases, as long as you can pay the balance off in full.
Here’s how the Discover it Secured Card stacks up against some other popular secured cards:
The OpenSky Secured Card does not require a credit check, making it more accessible for those with very poor credit. However, it lacks rewards and a clear upgrade path. The Discover it Secured offers cash back rewards and the potential for automatic graduation to an unsecured card.
Read our review of the OpenSky Secured Credit Card here.
The Capital One card has no annual fee and allows for credit limit increases without additional deposits. While it lacks rewards, it does require a credit check. The Discover it Secured Card’s cash back rewards may be more appealing to those who can qualify.
Read our review of the Capital One Platinum Secured Card here.
Applying for the Discover it Secured Card is a straightforward process:
The Discover it Secured Credit Card stands out in the world of secured credit cards. Its cash back rewards, first-year cash back match, no annual fee, and clear path to an unsecured card make it an appealing choice for those looking to build or rebuild their credit. While the card’s high APR and quarterly cash back cap may be limitations, they are manageable if you use the card responsibly and pay your balance in full each month.
For anyone focused on improving their credit while earning rewards, the Discover it Secured Credit Card is a compelling option that provides a blend of credit-building tools and cash back benefits.
Affiliate and Relationship Disclosure: Credit Mileage may receive compensation from affiliate links included in this post at no extra cost to you. This helps support our mission of providing quality financial education and resources. Additionally, Credit Mileage has a direct business relationship with eCreditAdvisor, which may be mentioned or linked in our content. Our opinions and recommendations remain our own, and we only promote products or services that we believe offer value to our readers. We currently do not have any credit card affiliate links on our website.
Editorial note: The views expressed in this article are solely those of the author and do not reflect the opinions of any bank, credit card company, airline, or hotel chain. None of these organizations have reviewed, approved, or endorsed the content in any way.
Legal and Financial Advice Disclosure: Credit Mileage is not a law firm, and this article is not intended to provide legal or financial advice. This information is meant purely for educational purposes. We strive to offer accurate and up-to-date information, but it is not a substitute for professional financial or legal advice. Always consult with a qualified attorney or financial advisor before making any decisions regarding your financial situation.
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