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Discover It Secured Credit Card

Bryan Campos
April 25, 2024

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The Discover It Secured credit card is a comprehensive financial alternative for you, offering incredible benefits. It provides the opportunity to earn rewards while you work to improve your credit score.

In addition to being an effective tool for building credit, this card is known for its generous cashback rewards. Without annual fees, the card allows you to make the most of your daily purchases without worrying about extra costs.

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Interested in learning more? Let’s explore the benefits, fees, credit limit, and how you can apply for your own Discover It Secured Card. Discover how this card can transform your financial life!

About the Issuer

Discover is one of the largest financial institutions in the United States, known for its innovative payment solutions. The company stands out for offering financial products that meet the needs of modern consumers, including credit cards, student loans, and bank accounts.

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With a solid reputation and a commitment to customer satisfaction, Discover is a reliable choice for those seeking secure and efficient financial services. The company is also known for its transparent policies and excellent customer service.

Additionally, Discover invests in technology to offer financial tools that help customers better manage their finances and protect their personal information.

Credit Card Benefits

Generous Cashback: Earn 2% cashback at gas stations and restaurants on up to $1,000 in combined purchases per quarter. All other purchases earn unlimited 1% cashback.

Cashback Match: In the first year, Discover will match all the cashback you earn, doubling your rewards. This means if you earn $100 in cashback, you’ll receive $200.

No Annual Fee: Enjoy the benefits without worrying about an annual fee. This makes the card an economical choice for everyone.

Transition to Unsecured Card: After 7 months of responsible use, Discover will review your account to see if you can be promoted to an unsecured card, returning your security deposit.

Security Protection: Receive free alerts when your Social Security number is found on the dark web. Additionally, you can instantly freeze your account if the card is lost or stolen.

Discover It Secured Fees and Comissions

The Discover It Secured credit card does not charge an annual fee, which is a significant advantage. However, it has a variable APR of 28.24% after the first 6 months, with an introductory rate of 10.99% for balance transfers.

Fees can change without notice, so it is important to review the terms and conditions before applying.

Credit card limit

The credit limit of the Discover It Secured card is determined by the amount of your security deposit, which can range from $200 to $2,500. This deposit not only sets your credit limit but also serves as security for the card issuer.

Over time and with responsible use, it is possible to increase your credit limit, which can be a significant advantage for improving your credit score.

Positive points

No Annual Fee:
Does not charge an annual fee, reducing costs to maintain the card.
Card Upgrade:
After seven months of responsible use, there is the possibility of being upgraded to an unsecured card, with the deposit returned.
Generous Cashback:
Earn rewards on all your daily purchases.

Negative points

High APR:
High interest rate that can accumulate significant costs if balances are not paid in full.
Initial Security Deposit Required:
Requires a minimum deposit of $200, which is held as collateral.
Low Credit Limit:
Compared to some other secured cards, the maximum limit of $2,500 may be limiting for some users.

How to apply for Discover It Secured

Pre-Approval Check: Access the specific section of the Discover card website for the Discover It Secured card and check your eligibility through the pre-approval verification.
Form Completion: Complete the online form with your personal and financial information.
Security Deposit: Make the required security deposit, which usually starts at $200 and sets your credit limit.
Submit Application: Submit your application and wait for approval, following the detailed instructions on the website.