Discover it Secured Card: A Comprehensive Guide to Benefits, Application, and more

The Discover It Secured Credit Card is an ideal solution for individuals looking to build or rebuild their credit history. Unlike many other secured cards, the Discover It Secured offers a generous rewards program, giving users 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and 1% cash back on all other purchases. This makes it not only a practical tool for improving your credit but also a rewarding choice for everyday spending.

What sets the Discover It Secured Credit Card apart is its commitment to customer-friendly features, such as no annual fee, free access to your FICO Credit Score, and automatic reviews starting at eight months to see if you can transition to an unsecured card. Find out more about the subject in the following article.

Benefits of Discover It Secured Credit Card

The Discover It Secured Credit Card offers a multitude of benefits designed to help users build or rebuild their credit while enjoying valuable rewards. Here are some of the key advantages:

1. Cash Back Rewards: Cardholders earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and 1% cash back on all other purchases. This reward structure allows users to benefit from everyday spending.
2. No Annual Fee: Unlike many other secured credit cards, the Discover It Secured has no annual fee, making it a cost-effective option for those looking to improve their credit without additional costs.
3. Credit Building: This card reports to all three major credit bureaus, helping users establish a positive credit history. Discover also provides free access to your FICO® Credit Score, allowing you to track your progress over time.
4. Automatic Reviews for Unsecured Transition: Starting at eight months, Discover automatically reviews your account to see if you qualify to transition to an unsecured card. This feature provides a clear pathway to upgrading your credit card as your credit score improves.
5. Security Deposit Flexibility: The required security deposit, which starts at $200, is refundable and determines your credit line. This flexibility allows you to choose a deposit amount that fits your financial situation.
6. Fraud Protection: Discover offers robust fraud protection measures, including $0 fraud liability, which ensures you are not responsible for unauthorized charges.
7. U.S.-Based Customer Service: Cardholders have access to 24/7 customer service based in the United States, providing reliable and efficient support whenever needed.
8. Account Management Tools: Discover provides a suite of online tools and mobile apps for easy account management, including features like spending tracking, alerts, and payment options.

These benefits make the Discover It Secured Credit Card an attractive choice for individuals aiming to build credit while enjoying the perks of a rewards program and robust customer support.

Interest Rates

The Discover It Secured Credit Card is designed to be a user-friendly option for those looking to build or rebuild their credit. Here are the key fees and interest rates associated with this card:

1. Annual Fee: The Discover It Secured Credit Card has no annual fee, making it an affordable choice for cardholders who want to avoid additional yearly costs.
2. APR for Purchases: The card features a variable APR of 27.74% for purchases. This rate can fluctuate with the market based on the Prime Rate.
3. APR for Balance Transfers: Similar to the purchase APR, the APR for balance transfers is 27.74% variable. Balance transfers also incur a fee of 5% of the amount of each transfer.
4. Cash Advance APR: The APR for cash advances is 29.99% variable. There is also a cash advance fee, which is either $10 or 5% of the amount of each cash advance, whichever is greater.
5. Penalty APR: Discover does not charge a penalty APR for late payments, which can be a significant advantage for cardholders.
6. Late Payment Fee: For the first late payment, there is no fee. After that, late payments can incur a fee of up to $41.
7. Returned Payment Fee: If a payment is returned, the cardholder may be charged a fee of up to $41.
8. Foreign Transaction Fee: Discover It Secured Credit Card has no foreign transaction fees, making it a good choice for international use.
9. Security Deposit: A refundable security deposit is required to open the account, starting at $200. The deposit amount determines your credit limit, which can help manage spending and build credit responsibly.

Understanding these fees and interest rates is crucial for managing your Discover It Secured Credit Card effectively and making the most of its benefits while minimizing costs.

Who Can Apply for the Discover It Secured Card

The Discover It Secured Credit Card is an excellent option for individuals aiming to build or rebuild their credit history. However, there are certain eligibility criteria and conditions that applicants must meet:

1. Credit History: The Discover It Secured Credit Card is designed for individuals with limited or damaged credit histories. It’s ideal for those who are new to credit or looking to improve their credit score after experiencing financial setbacks.
2. Age Requirement: Applicants must be at least 18 years old to apply for the Discover It Secured Credit Card. In some states, the minimum age requirement may be higher.
3. U.S. Residency: You must be a resident of the United States with a valid Social Security Number (SSN) to apply. Discover does not accept applications from non-residents.
4. Security Deposit: A refundable security deposit is required to open the account, starting at $200. This deposit will serve as your credit limit, and it is necessary to secure your line of credit with Discover.
5. Income Verification: Applicants need to provide proof of income to demonstrate their ability to make the required security deposit and meet monthly payment obligations. This could include employment income, self-employment income, or other sources of regular income.
6. Bank Account: Having a bank account in good standing is generally required, as the security deposit must be made via an electronic funds transfer from a checking or savings account.
7. Application Process: The application process is straightforward and can be completed online. Discover will conduct a credit check as part of the approval process, but since this is a secured card, even those with poor credit history have a good chance of being approved.

The Discover It Secured Credit Card is accessible to a wide range of applicants, particularly those committed to improving their creditworthiness. By meeting these basic requirements, individuals can take advantage of this card’s benefits to build a stronger financial future.

How to Apply for the Discover It Secured Credit Card

Applying for the Discover It Secured Credit Card in the United States is a straightforward process. Follow these steps to submit your application and start building or rebuilding your credit:

1. Check Eligibility: Ensure you meet the basic eligibility requirements, such as being at least 18 years old, having a valid Social Security Number, and being a U.S. resident. You will also need a bank account to fund your security deposit.
2. Prepare Necessary Information: Gather all required information, including your personal identification details (such as your Social Security Number), proof of income, and bank account information for the security deposit.
3. Visit the Discover Website: Go to the official Discover website (www.discover.com) and navigate to the Secured Credit Cards section. Locate the Discover It Secured Credit Card page.
4. Start Your Application: Click on the “Apply Now” button to begin the application process. You will be directed to an online form where you will need to provide your personal information, including your name, address, and Social Security Number.
5. Provide Financial Details: Enter details about your income and employment. This information helps Discover assess your ability to make the required security deposit and manage your monthly payments.
6. Agree to the Security Deposit: You will need to select the amount for your refundable security deposit, starting at $200. This deposit will determine your credit limit. Ensure you have the necessary funds available in your bank account for the deposit.
7. Review and Submit: Carefully review all the information you have entered to ensure it is accurate. Read the terms and conditions provided by Discover. Once you are satisfied, submit your application.
8. Wait for Approval: Discover will review your application, which includes conducting a credit check. Although it’s a secured card, approval is not guaranteed, but applicants with limited or poor credit have a good chance of being approved.
9. Fund Your Security Deposit: If your application is approved, you will need to fund your security deposit by transferring the chosen amount from your bank account. This step is crucial as it activates your card and sets your credit limit.
10. Receive Your Card: After your security deposit is received, Discover will send your Discover It Secured Credit Card to your mailing address. You can then activate the card and start using it to build your credit.

By following these steps, you can successfully apply for the Discover It Secured Credit Card and take the first step toward improving your credit score with responsible use.

What is the minimum income required?

To obtain the Discover it Secured card in the USA, an annual minimum income of $10,000 is required, except for college students, who typically do not need to provide proof of income for approval.

Additionally, other factors such as credit score and the ability to make minimum payments are considered during the application process. The card does not require a minimum credit score, making it accessible for those looking to build or rebuild their credit history.

Discover It Secured Card App

The Discover it Secured app provides an easy and efficient way to manage your secured credit card account on the go. With the app, you can check your account balance, view recent transactions, make payments, and track your rewards. It also offers features like spending alerts and easy access to your FICO credit score.

To download the app, follow these steps:

1. Open the App Store (iOS) or Google Play Store (Android) on your smartphone.
2. Search for “Discover it Secured.”
3. Tap the download/install button.
4. Once installed, open the app and log in with your Discover account credentials.

Customer Service

The Discover it Secured Card provides exceptional customer service to address all your inquiries and issues. Available 24/7, their support team can assist with account management, fraud prevention, billing disputes, and more.

To contact Discover it Secured customer service, you can call their toll-free number at 1-800-DISCOVER (1-800-347-2683). Additionally, you can visit the Discover website for live chat support and other contact options, ensuring you have access to help whenever you need it.