The Discover It Secured Credit Card is a strong choice if you need to build or rebuild your credit. With a minimum required deposit of $200, your credit limit matches this deposit. The card features a 27.24% variable APR and stands out by offering cash back on everyday purchases, plus no annual fee, which is rare among secured cards.

How to Apply

Applying for this card is simple and straightforward. Start by completing an online application on the Discover platform. Ensure you’re at least 18 years old and have a valid Social Security number as well as a U.S. address.

During the application, you’ll select the amount for your refundable deposit, starting at $200, which will determine your card’s credit limit. Submit your application and wait for a quick decision from Discover, often within minutes.

If approved, you’ll fund your secured deposit. The card will then be mailed to you, ready for activation and use. Responsible use and on-time payments will help your credit grow over time.

Highlights & Advantages

This secured card is unique for rewarding you with 2% cash back at restaurants and petrol stations on up to $1,000 in combined purchases each quarter, and unlimited 1% on all other spends.

There’s no annual fee, and your responsible card use is reported to the major credit bureaus, helping you build a solid credit profile faster. You can even transition to an unsecured Discover card after several months of good standing.

Drawbacks to Consider

The primary drawback is the high variable APR of 27.24%, which can add up if you carry a balance. Late payments could result in penalty fees, so timely repayments are essential.

Also, you’ll need to lock in at least $200 as your deposit, which will be unavailable for the card duration. Some users may find the lower initial credit limit restrictive.

Verdict

For those seeking to build their credit with the opportunity for meaningful rewards, the Discover It Secured Credit Card is a leading choice. Its lack of annual fees, cash back features, and clear path to transitioning to an unsecured card make it attractive for credit-builders.