Discover it Secured Credit Card Review: A Complete Guide

Aug 22, 2022 By Triston Martin

The Discover it Secured Card comes out among other secured cards. This secured card is one of the few that gives cash back and a bonus for signing up. Having a Discover it Secured Credit Card, you can get 2% cash back on up to $1,000 purchases at gas stations and restaurants each quarter. Plus, you can get 1% cash back on everything else you buy, which is the same as some of Discover's unsecured alternatives. The deal is made much better because you can earn an Unlimited Cashback Match. Discover will automatically match all the cash back you earn at the end of the first year. With no annual fee and access to your FICO score every month, this card is an excellent choice for people who want to build their credit.

Pros

  • No fee every year
  • It's rare for a secured card to offer cash-back rewards
  • Free access to your FICO score every month
  • At the end of the first year, Cashback Match will double the cash back rewards you've earned

Cons

  • Rewards have a limit
  • Many of the benefits that come with unsecured cards don't come with secured cards
  • Refundable deposits are required for secured cards

Complete Review

When you don't have a credit history or have bad credit, the Discover it Secured Credit Card is your best friend. As a secured card, it goes way beyond what people who want to build their credit expect in more ways than one. Unlike most of its competitors, this card tells you when you might be able to move up to a regular card and get your deposit back. Discover will look at your account after seven months to see if you are eligible for an upgrade. The card also comes with rewards, which aren't usually available on secured credit cards, and has a $0 annual fee. It requires a security deposit of at least $200, but you can get that money back when you switch to a regular credit card or close the account in good standing.

Rewards For The Discover It Secured Credit Card

  1. Winning Rewards

With the Discover it Secured Credit Card, you can get 2 percent cash back at restaurants and petrol stations on purchases of up to $999 each quarter. Plus, get 1% cash back on everything else you buy.

  1. Trying To Redeem Rewards

Discover makes it easy to cash in cash-back rewards: Awards can be cashed in at any time. If the card isn't used for 1.5 year or the account is locked, some prize balance is added to the account.

  1. Rewards Potential

To determine what kind of rewards the Discover it Secured Credit Card could offer, we have to look at the bonus categories and figure out how much an average American household might devote in such zones. We use information from different government activities to figure out the average income and spending for each category. The average annual household spending on secured cards is about $84,352.

Why the Discover it Secured Credit Card might be for you

  1. More rewards with more worth

Rewards are hard to find with a secured credit card. With this card, you can get 2% cash back on gas and restaurant purchases up to $1,000 per quarter, and 1 percent cash back on every other purchase, no matter how much you spend. Also, you'll get a one-time bonus: Unlimited Cashback Match is an introductory offer from Discover. There's no minimum amount you have to spend or most rewards you can get—just the same amount of money. The rewards do not expire, and there is no least sum needed to cash them in. They can be redeemed in several ways, including direct deposit to a bank account or a credit to your account statement.

  1. The opportunity to upgrade to a regular credit card

After you've had the card for seven months, the company will start doing monthly checks to see if you're ready to switch to an unsecured card and get your deposit back. When you switch to a regular card, your account will stay the same. Because opening a new account can sometimes hurt your credit score, this is great for people who can't wait to start building good credit.

Do You Need the Discover It Secured Credit Card?

If you want to build or fix your credit, a secured card can help, specifically one that enables switching to an unprotected card simple when you're prepared. This credit card also receives great results because it offers such good rewards and has no annual fee. The Discover it Secured Credit Card should be near the top of your list of secured credit cards. If you don't have a bank account or can't pay the $200 minimum deposit, you shouldn't get this card.

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