Discover it Secured Credit Card review August 2018

Discover it® Secured Credit Card review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money.

This rare secured card comes with cash back rewards and the chance to upgrade to an unsecured card.

30-second take

  • Get this card if you want to build your credit while earning rewards.
  • Pick something else if you can’t put down a $200 security deposit.
  • Apply with a minimum credit score of 300 or higher.
Product NameDiscover it® Secured Credit Card
Card TypeVisa
Annual Fee$0
APR (Annual Percentage Rate) for Purchases24.74% variable
Introductory Balance Transfer APR 10.99% for the first 6 months (then 24.74% variable)
Balance Transfer Fee3%
Cash Advance Rate26.74% variable
Cash Advance Fee$10 or 5% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Minimum Interest$0.5
Late Payment Fee$37
Returned Payment Fee$37
Additional Cardholder Fee$0
Minimum Age18 years of age

Average approval rate for the Discover it® Secured Credit Card

Credit Range Approval Rate
720-850 100%
680-719 88%
620-679 59%
300-619 29%
Not Sure 32%

Credit Card Insights: Discover it® Secured Credit Card

We’ve polled hundreds of Discover it® Secured Credit Card users. Here’s what we’ve found.

Application icon Application process rating: 74%.
Customer service icon Customer service rating: 80%.
gauge credit meter Approval rate for 300–619 credit range: 29%.
priority meter No. 1 reason people apply: $0 annual fee.
Pay monthly balance 2 47% pay monthly balance in full.

The basics

Typically, you get a secured credit card for one reason: to rebuild your credit. In that sense, the Discover it® Secured Credit Card does its job. After you make a $200 deposit and start using your card, Discover will report your payment history to the three major credit bureaus. And to help out even more, the Discover it comes with no annual fee.

It’s the extras you receive, however, that set the card apart. You’ll get 2% cash back at gas stations and restaurants and 1% on all other purchases — a generous rewards rate for a secured card. Discover will also match all the cash back you’ve earned at the end of your first year.

Perhaps best of all, you have the opportunity to graduate to an unsecured card. After eight months, Discover will review your account. If they see you’ve been a responsible borrower, they’ll return your security deposit while you continue using your card. That’s an excellent offer you won’t find with other secured cards.

The perks

  • SIGNUP BONUS: Cash back match at the end of the first year.

    At the end of your first year, Discover will match all of the cash back you’ve earned.

  • INTRO APR: For balance transfers.

    Enjoy a 10.99% variable intro APR for 6 months on balance transfers, starting from the date of your first transfer. After your intro APR expires, it’ll revert to 24.74% variable.

  • CASH BACK: More at restaurants and gas stations.

    Earn 2% cash back at gas stations and restaurants on the first $1,000 in combined purchases each quarter (1% thereafter). Earn 1% cash back on everything else.

  • Credit reporting to the three major bureaus.

    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.

  • Possible security deposit return after eight months.

    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.

  • No annual fee.

    You won’t pay an annual fee for the life of the card.

You’ll also like

  • Security.
    Discover will alert you if they find your Social Security number on a risky website. They’ll also alert you if any new accounts (credit cards, loans, etc.) are opened on your Experian credit report.
  • Use cash back at

    You can use your cash back directly at without having to redeem it first. Just link your Discover card account to your account.

  • Freeze It.

    With Freeze It, you can prevent new purchases, balance transfers or cash advances on your credit card. This is helpful if your card is lost or stolen.

  • Free overnight shipping for card replacements.

    If you lose your card, you can get a replacement the next day.

  • No penalty APR.

    Your interest rate won’t go up if you pay late.

  • First late fee waived.

    The first time you pay late, you won’t have to pay a fee. (On subsequent late payments, you may be assessed fees up to $37.)

  • No over-limit fee.

    If you exceed your credit limit, you won’t be charged a fee.

  • No foreign transaction fees.

    Use your card internationally without incurring fees.

  • Get your FICO score for free.

    View your FICO score on each of your monthly credit card statements.

What to watch out for

  • Security deposit.

    Before you can open the card, you must put down a security deposit of at least $200.

  • It hurts to pay late.

    Your first late fee is waived, but making subsequent late or returned payments could result in fees as high as $37.

  • Expiration on intro balance transfer.

    Your 10.99% variable balance transfer APR expires 6 months after your first transfer.

  • Time limit for balance transfers.

    If you want to take advantage of the intro balance transfer APR, your transfers must post to your account within the first months.

  • Higher APR for cash advances.

    Cash advances are subject to a high APR of 26.74% variable.

  • Fees for balance transfers and cash advances.

    You’ll pay a fee of 3% of the balance transfer for each transfer. For each cash advance, you’ll pay the greater of $10 or 5% of the cash advance, whichever is greater.

Adrienne Fuller

Adrienne Fuller leads the publishing team at She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our and .
Go to site