The Discover it® Secured Credit Card offers a unique cashback and welcome bonus, providing 2% cash back from the gas stations and restaurants for up to $1,000 for purchasing in each quarter and unlimited 1% cash back on other transactions.
Discover secured credit card offers Unlimited Cashback Match, FICO® Score access, and no annual fee, making it an attractive choice for credit profile strengthening.
Why Should You Use The Discover it® Secured Credit Card?
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Here are some reasons why you would use the discover secured credit card.
- Absence of a prerequisite credit score for application.
- No annual fee, coupled with the opportunity to accumulate cash back and fortify your credit history.
- A refundable security deposit is requisite for your secured credit card, with your credit line mirroring the deposited amount, commencing at $200.
- Automatic assessments, starting at 7 months, are conducted to ascertain eligibility for transition to an unsecured line of credit, coupled with the return of your deposit.
- Garner 2% cash back at Gas Stations and Restaurants on combined purchases up to $1,000 per quarter. Additionally, earn limitless 1% cash back on all other purchases – an automated feature.
- Receive a notification in the event that your Social Security number is detected on any of thousands of Dark Web sites. This activation is also complimentary.
What Are The Discover It® Secured Credit Card Rewards?
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Here are the discover secured credit card rewards.
Earning Rewards
The discover secured credit card offers 2% cash back at gas stations and restaurants for combined purchases up to $1,000 per quarter and unlimited 1% cash back on other transactions. The secured credit card Discover offers multiple earning rewards options.
Redeeming Rewards
Discover simplifies cash-back redemption, allowing any denomination and time. The reward balance is credited if the card is unused or terminated, and rewards remain valid indefinitely.
A hypothetical discover secured credit card holder would spend $4,978 annually on gas stations and restaurants, with Discover’s quarterly bonus earnings at $1,000. When fully maximized, they would amass $80 from bonus categories.
Rewards Potential
Forbes Advisor assesses the Discover It® Secured Credit Card rewards through estimating annual household expenditure and income based on data from government agencies, with an average household income of $91,162.
The discover it secured credit cards also offering the potential for a first-year yield of $648.62, doubling the annual household credit card spending of $24,431. It is ideal for those attempting to establish or reestablish credit, as well as those with a limited credit history.
How To Secure Your Discover Secured Credit Card Payment?
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Here are some specific ways the Discover It® Secured Credit Card can help in the setting up or regaining of credit:
Consistent, Timely Payments
Your payment history is a pivotal determinant of your discover secured credit card score. By consistently remitting payments on schedule for your Discover It® Secured Credit Card, you signal to potential lenders that you are a responsible borrower.
Maintaining A low Credit Utilization Ratio
This ratio compares the amount of credit utilized with your total available credit. A lower ratio is conducive to an enhanced discover secured credit card score. By keeping your credit utilization low on your Discover It® Secured Credit Card, you contribute positively to your credit profile.
Cultivating A Diverse Portfolio Of Accounts In Favorable Standing
Possessing a diverse array of accounts in good standing, encompassing a credit card, a student loan, and an auto loan, can bolster your credit score. The Discover It® Secured Credit Card serves as an avenue to add a credit card account to your credit history.
Features Of Discover It® Secured Credit Card
The Discover It® Secured Credit Card is a valuable option for those seeking to initiate or reestablish their credit. Here are the basic Discover secured credit card features.
$0 Fraud Liability: Cardholders are exempt from liability for unauthorized charges.
Freeze It®: Exercise control by placing a hold on the card through Online or Mobile banking.
FICO Score Access: Cardholders gain unhindered access to FICO scores via Discover’s applications and statements.
Credit Education Resources: Discover provides educational resources pertaining to financial matters, empowering its account holders in their journey toward credit establishment or restoration.
Strategies For Increasing Discover It® Secured Credit Card Rewards
The Discover It® Secured Credit Card’s reward potential is maximized through responsible spending habits. Consistent full, on-time payments and maintaining balances below 30% of available credit expedite credit strengthening, allowing access to superior cards with more lucrative rewards.
Transfer Partners
Discover doesn’t have a network of travel partners, unlike other card issuers. Its focus is on credit-building rather than travel perks, so it’s advisable to apply for an unsecured card from a different issuer after establishing a strong credit foundation.
Fine Print
Details ideas about interest rates and the fees of discover secured credit card.
| Interest Rates | Fees |
| Regular APR: 28.24% Variable APR | Annual Fee: $0 |
| Purchase Intro APR: N/A | Balance Transfer Fee: 3% introductory balance transfer fee, escalating to up to 5% on subsequent balance transfers (refer to terms)* |
| Balance Transfer Intro APR: 10.99% for 6 months | Foreign Purchase Transaction: None |
Discover It® Secured Credit Card Versus Competing Options
Discover secured credit card has multiple competitors that offer the same services. Let’s have a look.
Discover It® Secured Credit Card vs. The Bank Of America®
The Bank of America® Customized Secured Credit Card rewards offers a unique advantage with 3% cash back in various categories. Get 2% cash back from grocery stores and wholesale clubs.
It allows unlimited cash back on all other purchases and has a standard APR of 28.24% variable. When used wisely, it has a higher reward potential than the Discover It® Secured Credit Card.
Discover It® Secured Credit Card Vs. U.S. Bank Cash+® Visa Card*
The U.S. Bank Cash+® Visa® Secured Card* offers a unique rewards structure, allowing customers to choose cash back categories.
It provides 5% cash back on the first $2,000 with the eligible purchases from each quarter, and 5% cash back on prepaid air, hotel, and car reservations. 2% cash back on everyday transactions and 1% cash back on all other eligible transactions.
The card’s potential to rival the Discover It® Secured Credit Card depends on individual spending patterns and financial profiles.
Discover it® Secured Credit Card And Petal® 1 Visa® Credit Card*
The Petal® 1 “No Annual Fee” Visa® Credit Card is an unsecured card designed for individuals with less robust credit histories. It offers credit limits ranging from $300 to $5,000 and a variable APR of 25.24%–34.74%.
While it only offers cash back at select merchants, it may be beyond reach for some until credit improves.
Reviews Of Discover Secured Credit Card
The discover secured credit card reviews start with the simple statements about the cards. Discover it® Secured Credit Card has garnered significant praise from financial websites like NerdWallet, Investopedia, and WalletHub, based on comprehensive evaluations.
| NerdWallet | Investopedia | WalletHub |
|---|---|---|
| Advantages: Absence of an annual fee, cashback rewards, potential progression to an unsecured card. | Merits: No annual fee, cashback rewards, or potential progression to an unsecured card. | Strengths: Absence of an annual fee, cashback rewards, potential progression to an unsecured card, commendable customer service. |
| Drawbacks: Elevated APR, mandatory security deposit | Limitations: Elevated APR, mandatory security deposit. | Weaknesses: Elevated APR, mandatory security deposit. |
| Aggregate Rating: 4.7 out of 5 stars. | Comprehensive Rating: 9.5 out of 10. | Overall Appraisal: 4.9 out of 5 stars. |
Bottomline:
The Discover It® Secured Credit Card is praised for its annual fee exemption, cash-back reward offer, and unsecured Discover secured credit card transition, but its high APR and security deposit are also concerns.
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