The Discover it Secured Card offers those with limited or poor credit a practical way to start building a positive credit history. It features no annual fee, a minimum deposit of $200, and a maximum credit limit of $2,500, subject to your creditworthiness. The card includes a variable APR of 28.24% and rewards cash-back on purchases, making it distinctive among secured options available on the market.

How to Apply Step by Step

1. Check your eligibility and credit status.
2. Prepare a security deposit of $200 or more.
3. Apply for the Discover it Secured Card online or via phone.
4. Once approved, fund your secured deposit.
5. Start using the card to build your credit responsibly.

Strengths of the Discover it Secured Card

The card stands out with its cash-back rewards on purchases, giving you an incentive to use it for everyday spending. Another notable advantage is its lack of an annual fee, which maximises your savings and makes it more accessible.

Additionally, regular payments and responsible use can lead to an upgrade to an unsecured card, with your deposit refunded after as little as eight months.

Considerations to Keep in Mind

The card’s APR is higher than most unsecured cards, sitting at 28.24%, so carrying a balance can get costly. A cash deposit is required upfront, which may be a hurdle for some applicants who need more funds at hand.

Late payments can impact your credit negatively, defeating the purpose of using the card to build your credit history.

Verdict

The Discover it Secured Card is an excellent choice for those wanting to build or repair their credit thanks to its rewards programme and no annual fee. However, remember to pay your balance in full monthly to avoid high interest and make the most of its credit-building features.