Discover it® Secured Card – No Annual Fee Review
Discover it® Secured Card – No Annual Fee is a secured credit card - not a debit or prepaid card - which requires you to provide a security deposit of $200 up to $2,500 to "secure" the purchases you make with the card. Secured cards look and act just like regular credit cards, but they can help build your credit history with responsible use. Discover it® Secured Card – No Annual Fee reports to all 3 credit bureau - Equifax, Experian and TransUnion. Note that Discover requires you fund your card within two weeks of card approval, otherwise the conditional approval turns into a declined application.
You'll earn 2% cash back at restaurants and gas stations (on up to $1,000 in combined purchases each quarter) and 1% cash back on all other purchases. Plus, at the end of the first year Discover will double the cash back you've earned. So if you earn $50 they'll double it to $100! This 2x cash back is only available the first year, but it's still a terrific bonus.
Another feature the card provides is monthly updates to your TransUnion FICO Score. This is a very convenient tool that can assist in tracking your credit score and TransUnion credit history over time. In addition, globetrotters will appreciate that there are also absolutely no foreign transaction fees to pay, a rarity in a secured card.
Combining generous cash back rewards with no annual fee and no foreign transaction fees, Discover it® Secured Card – No Annual Fee is our top pick to help rebuild your credit history.
Highlights From Discover
- No Annual Fee, cash back on every purchase, and helps you build your credit with responsible use.
- A security deposit of $200 or more will establish your credit line (up to the amount we can approve). Automatic monthly reviews starting at 7 months to see if we can transition you to an account with no security deposit.
- Earn 2% cash back at restaurants & gas stations on up to $1,000 in combined purchases each quarter. Plus, unlimited 1% cash back on all your other purchases.
- Tools to assist you; email alerts, text reminders and 24/7 customer service. Plus get your FICO® Credit Score for free on monthly statements and online.
- Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
- No late fee on your first late payment. And paying late won't raise your APR.
- Click "APPLY NOW" to see rates, rewards, FICO® Credit Score terms, Cashback Match™ details & other information.
Secured Credit Card
- Guaranteed by your funds, which act as a "security deposit" in case you default on the loan extended by the credit card company.
- Security deposit will be refunded in full if your account is up-to-date and paid on time when you close out your card.
- Looks and works like any other credit card, so it won't be apparent to others that this is a secured card.
- You fund the card by depositing $200 (up to $2,500) into a FDIC-insured account. Deposit amount is based on your credit history.
Helps Credit History
- Helps boost your credit history by reporting to all three credit bureaus every month so you can establish or rebuild your credit.
- Looks like any other credit card on the credit reports - there is no indication that you have a secured card.
- If you make your payments on time, you can help improve your credit score with good payment behavior.
Fees and APR
- Annual Fee: $0.
- Foreign Transaction Fees: None.
- Purchase APR: 23.49% Variable.
- Balance Transfer APR: 10.99% APR for first 6 months, then 23.49% Variable APR.
- Balance Transfer Fee: 3% of the transfered amount.
|Type of Card:||Secured Discover card for those with poor or no credit|
|Purchase APR:||23.49% Variable|
|Secured Card Deposit:||$200 - $2,500|
|Fees:||$0 annual fee|
Disclaimer: This content is not provided or commissioned by the credit card issuers. Opinions expressed here are author's alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers. This site may be compensated through the affiliate program of the credit card issuers.
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