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You are here: Home / Credit Cards / Discover It® Secured Credit Card Review

Discover It® Secured Credit Card Review

June 23, 2022 by Rob Berger

The Discover It® Secured Credit Card offers up to 2% cash back and charges no annual fee. As such, it was one of our top rated secured credit cards.

Discover It® Secured Credit Card
Our Rating
4.7/5.0
Welcome Offer
None
Annual Fee
$0
0% on Purchases
None
Rewards Rate
1% - 2%
0% on Balance Transfers
None

Rewards

2% cash back
Dining
Earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter
2% cash back
Gas
Earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter
1% cash back
On all other purchases
Earn unlimited 1% cash back on all your other purchases automatically

Pros & Cons

Pros

  • No annual fee
  • 1% cash back on everyday purchases
  • 2% cash back on gas stations and dining up to $1,000 every quarter
  • Helps build credit with all major credit bureaus
  • No foreign transaction fees

Cons

  • Minimum $200 security deposit
  • Regular APR is high

Interest Rates & Fees

Annual Fee$0
Foreign Transaction Fee$0
Regular APR27.74% (V) APR

Our Take

The Discover It® Secured Credit Card is a top rated secured credit card. It offers 1% cash back on all purchases, and 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter. This card requires a minimum security deposit of $200, but does come with a $0 annual fee.

In addition, after 8 months, Discover automatically reviews your account each month to see if you qualify to convert to a standard, unsecured card and get your deposit back.

What Credit Score is Required to Get the

Based on data we’ve collected from public forums, a credit score of 690 or higher is ideal. We have seen an approval with a score as low as 672, but keep in mind that credit card issuers consider more than just your credit score when evaluating a credit card application.

The following credit score data are based on publicly available information we have collected from various forums. We have no way to confirm the accuracy of this data. In addition, keep in mind that credit card issuers use a number of factors in their underwriting process, and these factors can change at any time.

App StatusDateCredit ScoreBureauCredit Limit
Approved12/27/2021
618
Experian
$3,000
Approved02/10/2022
726
TransUnion
$3,000
Approved08/10/2017
547
Equifax
$200
Approved02/19/2019
577
TransUnion
$300
Denied07/08/2021
661
Experian
---
Denied12/27/2019
672
Experian
---

What are the best alternatives?

Secured Chime Credit Builder Visa® Credit Card
Secured Chime Credit Builder Visa® Credit Card

Rating

4.5

Rewards Range

N/A

Annual Fee

$0

Read Review
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card

Rating

4.5

Rewards Range

N/A

Annual Fee

$0

Read Review
Capital One Quicksilver Secured Cash Rewards Credit Card
Capital One Quicksilver Secured Cash Rewards Credit Card

Rating

4.8

Rewards Range

1.5%

Annual Fee

$0

Read Review

FAQs

Is the Discover it Secured Card a good credit card?

Yes. It is one of the top rated secured cards available today. It offers cash back rewards, free FICO score access, and no annual fee.

What is the minimum security deposit required for the Discover it Secured card?

The minimum security deposit, which sets the credit limit, is $200. The maximum credit limit is $2,500.

Can the Discover it Secured card help me improve my credit score?

Yes. Discover reports payments and balances to the 3 major credit bureaus. Making payments on time can help boost your score. Discover also gives you free access to your FICO score.

Related Articles

  • 11 Best Credit Cards for a 600 Credit Score (With Approval Odds)
  • 8 Best Credit Cards for a 500 Credit Score (Bad Credit)
  • 7 Best Secured Credit Cards To Build Credit (May 2023 Update)

About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.

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