Discover it Secured Credit Card Review 2022
GOBankingRates Score

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Rewards
4.8
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Fees
4.5
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APR
4.7
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Features
4.8
Pros
- Cash-back rewards on all purchases
- No annual fee
- Transactions reported to major credit bureaus
Cons
- Minimum deposit required
- Steep late payment fee
- Rewards cap on gas and restaurants
Discover it Secured Credit Card Overview
While most secured credit cards help a cardholder establish or improve their credit, not all of them reward cardholders with cash back on purchases. The Discover it Secured card does offer rewards, and it only requires a minimum refundable deposit of $200.
Key Features
GOBankingRates gave the Discover it Secured card an overall rating of 4.7 out of 5 stars based on the following features.
Rewards
Discover it cardholders earn 2% cash back on up to $1,000 in combined restaurant and gas station purchases every quarter and unlimited 1% cash back on all other purchases.
New cardholders receive Discover’s Cashback Match. At the end of 12 months after an account opens, Discover matches all cash back earned during the first year, doubling the cardholder’s cash-back earnings.
Fees
You won’t pay an annual fee for the Discover it Secured card, but you will incur fees for late payments and cash advances. Discover allows for one fee-free late payment, but subsequent late payments may result in fees as high as $41. Cash advance fees are $10 or 5% of the advance amount.
APR
The Discover it card has a for purchases. New cardholders get an introductory 10.99% APR on balance transfers for six months, followed by a .
Features
The Discover Secured credit card comes with several security features, including:
- Alerts when your social security number is found on the Dark Web
- The ability to turn your account off with Freeze it® if you lose your card
- A $0 fraud liability guarantee that ensures you’re never responsible for unauthorized purchases on your card
- Free access to your FICO credit score
How the Discover it Secured Credit Card Stands Out
With no credit or bad credit, you may not qualify for many rewards cards. However, the Discover Secured credit card doubles as a rewards card, which is an added incentive.
Comparable Secured Credit Card Options
Before choosing a credit card, compare options to find a card best suited to your needs. Below are two options that can help establish or improve credit.
Capital One Quicksilver Secured Rewards
Capital One Quicksilver Secured Rewards card is similar to the Discover it Secured card. The Quicksilver card has a 28.49% variable APR, which is higher than Discover’s APR, but cardholders earn 1.5% cash back on purchases rather than 1%. The card has no annual fee and a minimum deposit requirement of $200.
Chime Credit Builder Secured Visa Credit Card
The Chime Credit Builder Secured Visa® is a credit card that requires no credit check or a minimum deposit. With Chime, you must open a Chime checking account. You can transfer money from your Chime checking account to your Chime Credit Builder account and charge up to the amount in that account with this card. Chime Credit Builder has no annual fee or APR.
How To Apply
You can apply for the Discover Secured credit card on Discover’s website. You must be at least 18 years old and have the following:
- Social Security number
- U.S. bank account
- U.S. address
You will need your bank account number and routing number to complete the application process.
Who the Discover it Secured Credit Card Is Best For
The Discover it Secured card is best for those who want to establish or improve their credit and cannot qualify for an unsecured card with a reasonable APR. Discover’s introductory APR on balance transfers makes it an ideal card for anyone trying to save on interest on an existing card balance.
Final Take
If you need a secured credit card to build or improve your credit, you might as well choose one that rewards you. With the Discover Secured credit card, you’ll get an annual fee-free card with a decent APR and plenty of security. By establishing a pattern of responsible credit habits, you might get your deposit back.
After seven months, Discover will review your account to determine if you qualify for a deposit refund and an upgrade to an unsecured card.
Discover reports both on-time and late payments to the credit bureaus, so make sure payments are always on time. Late payments will hurt your credit and cost you hefty late fees.
FAQ
Those interested in the Discover it Secured card frequently ask the following questions.- What credit score do you need for the Discover it Secured card?
- Discover does not publish a minimum credit score requirement for the Discover it Secured card, but not every applicant who meets the deposit requirement will be accepted.
- Is the Discover it Secured card worth it?
- The Discover it secured card is worthwhile for anyone with new or poor credit. Although the card requires a minimum deposit of $200, it has no annual fee, pays cash back on purchases and matches all cash back after your first year.
- Can you be denied for the Discover it Secured card?
- Discover may deny you for their Secured card, but they will provide you with reasons for the denial so you can improve your credit score and chances of qualifying later.
- Is it easy to get the Discover it Secured card?
- Most people will qualify for a Discover it Secured card if their credit history does not include bankruptcies or delinquencies. Even applicants without a credit score may be eligible.
Sean Dennison contributed to the reporting for this article.
Data is accurate as of Dec. 16, 2022, and is subject to change.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.