Discover it® Secured Review

Our Detailed Review of This Card

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The Discover it® Secured card 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.

As the name suggests, Discover it® Secured 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. The Discover it® Secured card reports to all 3 credit bureaus: Equifax, Experian and TransUnion. Note that Discover requires that 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 match the cash back you've earned. So if you earn $50, they'll match that and you'll earn $100! This cash back matching is only available the first year and is only for new cardholders, 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, the Discover it® Secured card is our top pick to help rebuild your credit history.

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: 24.99% Variable.
  • Balance Transfer APR: 10.99% APR for first 6 months, then 24.99% Variable APR.
  • Balance Transfer Fee: 3% of the transferred amount.
  • Terms and Conditions


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Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.

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