Discover it Secured Credit Card Review: Helps Build, Rebuild Credit

Here's what the Discover it secured credit card offers.

Update: Some offers mentioned below may have changed or are no longer available. View current credit card offerings from our partners at CardCritics here or on the issuer’s website.

Secured cards are great for building credit because your line of credit is contingent on what you deposit into the account, making it easier to monitor. Those interested in building or rebuilding credit might want to see what the Discover it Secured Card has to offer. Read through this review to see if this secured card is right for you.

Discover it Secured Card at a Glance
Minimum Deposit $200
Annual Fee $0
APR 24.74%
Rewards None
  • 2 percent cash back at restaurants and gas stations
  • 1 percent all other purchases
  • Cash-back match after your first year
  • Free FICO credit score with your monthly bill
  • Use cash-back rewards on Amazon purchases
Credit Maximum $2,500
Information accurate as Sept. 17, 2018.

As a secured credit card, this Discover it card lets you control your line of credit based on what you put in it.

In this review:

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Related: Best Secured Credit Cards

What You Need to Know About the Discover it Secured Card

Opening a card account requires a deposit of $200, which will be refunded to you once you close your account if you paid off your balance. Note that the credit limit is dependent on the deposit, so starting with $300 would give you a limit of $300 (to a maximum of $2,500). To help you monitor your credit, you can view your FICO credit score on your monthly statements.

Best for:

  • People looking to build credit
  • People interested in limiting their spending while still receiving awards
  • People who want to keep tabs on their credit score

Check Out: Discover it Card Review — Capitalize on Different Cash-Back Rewards

Best Features of the Discover it Secured Card

The Discover it card has several features that can help holders in building credit. No annual fee, overlimit fee or foreign transaction fee means more savings and flexibility when it comes to spending. The fixed APR of 24.74 percent is on the steep side, but another way of looking at it is that the rate will remain fixed since there’s no penalty APR. For those looking to consolidate debt through a transfer, the card offers 10.99 percent for six months for transfers posted to your account before Dec. 10, 2018. After that, the rate is 24.74 percent. You also get a freebie the first time you miss a payment, but only once; after that the fee runs up to $37.

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Cash-Back Benefits of the Discover it Secured Card

The card offers 2 percent cash back when used at restaurants or gas stations for up to $1,000 in combined purchases each quarter. If you go over that figure, it reverts to the fixed rate of 1 percent cash back on all purchases.

The card also comes with a cash-back match after your first year, wherein all your cash-back bonuses accrued during the first 12 billing cycles will be totaled and the sum credited to your account.

Check Out: Best Cash-Back Credit Cards

Security Features of the Discover it Secured Card

Cardholders will be alerted when:

  • Their Social Security number is found on risky websites
  • New accounts show up on their Experian credit report

You can freeze your account if you discover anything amiss. Plus, you’re covered for fraud liability, as you will not be beholden to unauthorized purchases on your credit card.

Discover it Secured Card Helps Build Credit

This card is first and foremost designed for building credit. Strict security measures and a lack of fees mean it’s easy to monitor your spending. People who already possess good credit will probably not need this card. The low credit limit and high APR restrict spending, and although the cash-back rewards are useful, there are more robust point systems in other cards.

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Click through to read more about the best credit card offers, deals and bonuses.

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This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Discover.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account. 

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About the Author

Sean Dennison

Sean joined the GOBankingRates team in 2018, bringing with him several years of experience with both military and collegiate writing and editing experience. Sean’s first foray into writing happened when he enlisted in the Marines, with the occupational specialty of combat correspondent. He covered military affairs both in garrison and internationally when he deployed to Afghanistan. After finishing his enlistment, he completed his BA in English at UC Berkeley, eventually moving to Southern California.

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