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finder.com’s rating: 4.4 / 5
★★★★★
Up to 2%
Cash back
$0
Annual fee
22.99%
Purchase APR (variable)
10.99%
Intro balance transfer
for the first 6 months (then 22.99% variable)
Product Name | Discover it® Secured |
---|---|
Card type | Visa |
Annual fee | $0 |
Purchase APR | 22.99% variable |
Balance transfer APR | 10.99% intro for the first 6 months (then 22.99% variable) |
Balance transfer fee | 3% |
Cash advance rate | 24.99% variable |
Cash advance fee | $10 or 5% of the cash advance amount, whichever is greater |
Foreign transaction fee | None |
Interest free period | Up to 25 days |
Late payment fee | Up to $40 |
Returned payment fee | Up to $40 |
Additional cardholder fee | $0 |
Review by
Leah Fallon is an editor for Finder. With 10 years of teaching English under her belt, it was a natural progression to move into editorial. She's written feature pieces for regional print and digital media and today helps fix annoying apostrophes, elusive infinitives and the muddled em and en dash. When she's not helping people with their finances, you can find her exploring the trails of Loudoun County, Virginia and wrangling her two sprightly girls.
At the end of your first year, Discover will match all of the cash back you’ve earned without any limits.
Earn 2% cash back at gas stations and restaurants on the first $1,000 in combined purchases each quarter. After that, and on all other purchases, earn 1% cash back.
Discover will report your payment history to the three major credit bureaus — TransUnion, Equifax and Experian. With consistent on-time payments, you’ll build your credit score.
After eight months, Discover will review your account every month. If they deem you’ve been a responsible cardholder, they may return your security deposit while you continue using your card. This effectively turns your secured card into an unsecured card.
You won’t pay an annual fee for the life of the card.
Where you spend: | The amount you spend: | Cash back earned: |
---|---|---|
Dining | $2,000 | $40 |
Gas | $2,000 | $40 |
Everything else | $6,000 | $60 |
Total | $10,000 | $140 |
For an annual spending similar to our example, you would earn $140 from the second year. For the first, you would earn $280 with the Discover cashback match.
Before you can open the card, you must put down a security deposit of at least $200.
Your first late fee is waived, but making subsequent late or returned payments could result in fees as high as $40.
If you want to take advantage of the intro balance transfer APR, your transfers must post to your account within the first months.
Cash advances are subject to a high APR of 24.99% variable.
To apply for the Discover it Secured Card, you must be at least 18 years old and a US resident.
To open the Discover it Secured Card, you must deposit a minimum of $200. The maximum deposit is $2,500.
Credit Range | Approval Rate |
---|---|
720-850 | 100% |
680-719 | 88% |
620-679 | 59% |
300-619 | 29% |
Not Sure | 32% |
![]() | Application process rating: 74%. |
---|---|
![]() | Customer service rating: 80%. |
![]() | Approval rate for 300–619 credit range: 29%. |
![]() | No. 1 reason people apply: $0 annual fee. |
![]() | 47% pay monthly balance in full. |
Log in to your online Discover Card account and choose a redemption option. Your options include:
You don’t need to access your online account to redeem your cash back. Call 800-347-2683 to redeem your rewards by phone.
The main purpose of Discover it® Secured is to help those who are trying to improve or build credit, so it is essential that you pay your monthly bill on time. Remember that your payments make up 35% of your credit score, so missing payments will have additional consequences.
Discover will review your account after eight months to see if you are eligible to have your deposit refunded and upgraded to an unsecured cards. It remains one of the best secured cards you’ll find on the market.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.