Discover it® Secured Card – No Annual Fee Review Rebuild Credit Credit Card 5 2017-04-04 08:56:55

Discover it® Secured Card – No Annual Fee Review

Apply for a Discover it® Secured Card – No Annual Fee
Bottom Line:
Top pick for rebuilding your credit history; no annual fee and cash back rewards; includes 3-bureau credit reporting

Full Review:
The Discover it® Secured Card – No Annual Fee is a strong pick for those with no credit history, or a limited credit history who'd like to improve or build their credit. Plus it has no annual fee and is the only secured card we've seen that provides cash back rewards.

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, build your credit history, and earn cash back on every purchase.
  • Minimum security deposit starts at $200, which you can provide with your tax refund. Monthly reviews start at 7 months to see if we can transition you to an account with no security deposit.
  • Reports to the three major credit bureaus. Plus, get your FICO® Credit Score for free on monthly statements, on mobile and online.
  • Earn 2% cash back at restaurants & gas stations on up to $1,000 in combined purchases each quarter. Plus, earn 1% cash back on all your other purchases.
  • Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
  • Tools to assist you; email alerts, text reminders and 24/7 customer service.
  • 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: 23.74% Variable.
  • Balance Transfer APR: 10.99% APR for first 6 months, then 23.74% Variable APR.
  • Balance Transfer Fee: 3% of the transfered amount.

Apply for a Discover it® Secured Card – No Annual Fee

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Card Details

Type of Card:Secured Discover card for those with poor or no credit
Purchase APR:23.74% 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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