Discover it® Secured Credit Card

Why This Card is for You?

No credit score required to apply. No Annual Fee.
Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. You'll still earn unlimited 1% cash back on all other purchases.
Intro Offer: Unlimited Cashback Match for all new cardmembers—only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards.
Get an alert if we find your Social Security number on the dark web. Activate for free.
Terms and conditions apply.

Benifits

The typical secured credit card is a functional tool for building or rebuilding credit. This card goes further by offering the chance to earn cash back rewards and Discover’s take on the credit card welcome bonus.

Pros

Among the few secured cards that earn cash back, the typical rate is 1% on all purchases. This card earns 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter and then 1%, plus 1% on all other purchases.

Some cards in this category require not just a security deposit but also an annual fee. This card has no annual fee, which means you have one fewer expense to worry about.

Cons

The minimum security deposit of $200 isn't the highest, but it also isn't the lowest. Although you can earn a refund if you manage your account responsibly, be aware that this card does involve a bigger upfront cost than some competitors.

The standard APR on the high side, even for a secured credit card. If you don't pay your balance in full and on time every month, the cost of interest charges could be considerable.

Summary

The Discover it® Secured Credit Card is one of your best bets if you’re looking for a card to help you build credit – it doesn’t charge an annual fee, plus Discover will match all of the cash back you earn at the end of your first year thanks to the card’s Cashback Match™ program.