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Secured Card from Discover It Review

Discover it Secured Card - No Annual Fee

The card that allows you to do both earn rewards and build your credit score.

If it so happens that your credit history becomes bad, no doubts you’re interested in improving it. There are lots of options for you to choose from if you’re aimed at rebuilding your score. Today, we’ll tell you about one of the best options available at the market – the Discover it® Secured Card – No Annual Fee. This card allows you to focus on paying off your debt thus improving your score and also lets you earn rewards. There is no fee that you’re required to pay each year and you’re granted the free access to your FICO score so that to keep the process of your score’s improvement under control. Below you’ll find all the facts about the card that you need to know before applying for this card from Discover.

General information on the card


  • You don’t have to spend extra money on paying the annual fee that’s usually implied by credit cards.
  • The emitting bank will send reports to the 3 major bureaus in the country.
  • Every cardholder earns rewards when using the card and has a chance to get a very appealing sign-up bonus.
  • If you pay off on time within the first 8 months, the bank will see if you qualify for an upgrade to the unsecured card.


  • The minimal deposit you’re required to make is low.
  • Unfortunately, the cards from this issuer are not accepted widely if you travel with them abroad.

Discover it Secured Card - No Annual Fee

Discover it® Secured Card – No Annual Fee

  • Special offer concerning APR: There is an APR of only 10.99% on balance transfer operations during the first 6 months after you open an account.
  • Standard APR amounts to 23.99% but it may vary. The card comes with the Cash Advance fee of 25.99% that may also vary.
  • There is no fee to pay each year.
  • Special Offer: You get cash back on the sum spend during the first year. The cash back is automatically credited to your account.

More details concerning the card:

  • As amazing as it may seem, the card gives you an opportunity to earn rewards and doesn’t require you to pay charges for using it.
  • If you decide to apply for the card, you should be ready to make the deposit of at least $200 (the credit line you’ll be approved for will be equal to it). The emitting bank also requires additional information about you before you get the card.
  • The emitting bank has good news for those who use the card wisely and never fail to pay off on time. These cardholders may have their cards automatically converted into unsecured cards.
  • The purchases made with this card go under the following rewards rates: 2% cash back (for the purchases made in bonus categories that change every quarter of a year. Keep in mind that the spending limit per quarter amounts to $1,000) and 1% cash back for any kind of other purchase.
  • As a new cardholder, you qualify for the following bonus: after the first 12 months of using the card, you’ll be given cash back on all the sums spent during this period.
  • The emitting bank made the decision to implement a new feature in this card. In particular, we are talking about the fact that the card will notify you each time you visit suspicious websites.

Basic features and advantages of the card

It’s a common rule for the secured cards to request a potential cardholder to make a deposit. This card is no exception. The smallest deposit you can make is $200. If you prefer to have an access to a higher credit line, you can make a deposit up to $2,500. The credit history of all the potential cardholders who decide to apply for the card will be checked. It’s assumed that the applicants should have income in order to get the card.

The crux of the matter is that this card has a number of perks that almost no other secured cards can boast. There are the following perks you can enjoy after you become a cardholder:

  • Being a cardholder, you can enjoy the cash back you get for making purchases everyday. Actually, this is a very rare perk for secured cards since these cards are meant to help you successfully rebuild you credit score. We’ve already mentioned the effective rewards rates according to which you earn cash back above. In addition to it, the bank will give you a big present to celebrate your first year as a cardholder – cash back on the total sum spent within the first 12 months will be automatically credited to your account at the end of the 1st Keep in mind that your rewards will never expire for as long as you’re a cardholder and there is a lot of redemption options to choose from.
  • The issuer helps you to build your credit step-by-step. The Discover card is very beneficial to those who don’t plan sticking to a secured card for long. The issuer does its best in order to make sure that the process of either building or improving your credit score goes as fast as possible.
  • All cardholders are granted the free access to their FICO scores so that to see how the process is going.
  • The issuer sends reports concerning the activity on your card each quarter of a year. The reports are send to all the 3 major bureaus in the country. For you it means the following: if you use the card wisely, it won’t take long for the bureaus to notice your efforts.
  • After the first 8 months of using the card, the issuer will decide whether or not you are ready for the upgrade to an unsecured card. The final decision depends on the way you use the card during this time.
  • If you’re approved for an automatic upgrade to the unsecured Discover card, the account you use stays the same. It sounds great since the change of the account very often results in your score being lowered.
  • The card implies low fees. The card implies no fee to be paid for the privilege of using it. However, it’s not all. There are some other features by means of which you can save money and use them towards paying off your balance.
  • With this card you don’t have to worry about the increase of the interest rate in case you fail to pay off on time. Moreover, the bank won’t charge you the fee for the first late payment. This is definitely good news. However, we need to warn you. If you are really aimed at improving your credit score, you should do your best when it comes down to paying in full and on time.
  • You are not required to pay the fee using the card internationally. Actually, the majority of cards out there charge 3% that should be paid on top of the sum you pay for each of your purchases while travelling. Since this card doesn’t have such a fee, you can use it during your trip as much as you want. Still, you shouldn’t forget that you may have problems when trying to use a Discover card abroad.

Drawbacks of the secured Discover card that make it not the best option for you

Capital One Secured Mastercard

  • The minimum deposit implied by the card can be big for some potential cardholders. If you think that you won’t manage to put down as many as $200 as a deposit, we recommend you paying attention to the Capital One® Secured Mastercard® that comes with the minimal deposit of $49. To make things even better for you, the emitting bank allows you to pay the deposit in installments.
  • The deposit you make is equal to the credit line you’re approved for with this card. Once again, we recommend you having a look at the Capital One® Secured Mastercard® that may offer some of the cardholders a higher credit line that the deposit they made. This is possible due to the fact that their credit scores will also be taken into account when determining the credit line.

OpenSky Secured Visa Credit Card

  • If you want to get the Discover card, you need to have either a checking or a savings account. One of these accounts is necessary to prove that you have money to be used as a deposit. Of course, it may be a problem for those who don’t have any traditional bank accounts. Don’t worry, we have a solution – the OpenSky® Secured Visa® Credit Card. Be aware of the fact that the annual fee for this card amounts to $35.

Digital Federal Credit Union Visa Platinum Secured Credit Card

  • Discover is very useful for a person who has bad credit history. Yet, it can’t boast very low interest rates. We don’t mean to say that the Discover’s rate is the biggest among the secured cards available nowadays, but it’s certainly so low (23.99%). This can be a very high rate for those struggling with bad credit score. If you want to have the interest rate that’s as low as possible, the Digital Federal Credit Union Visa Platinum Secured Credit Card. It comes with the rate of 12.50%.

Summary: Is the Discover it® Secured Card – No Annual Fee the best secured card you can get?

All in all, we tend to believe that this is one of the best secured card you can get (as long as you’re fine with the need to make $200 deposit and have a checking/savings account to prove that you have the sum). We like this card because it offers you an opportunity to upgrade to an unsecured card and gives you rewards for the purchases you make.

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