Discover it® Secured Credit Card review

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Best secured card with rewards

Annual Fee:
Purchase Intro APR:
Balance Transfer Intro APR:
10.99% for 6 months
Regular APR:
22.99% Variable
Terms and Restrictions Apply | Rates and Fees

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Card Overview

If you have a bank account but limited or poor credit history, the Discover it® Secured Credit Card offer is a terrific choice to help build credit history with the three major credit bureaus and earn cash-back rewards, too.

You can also quickly graduate to an unsecured Discover card with just eight months of good payment behavior.

Want more details? Jump to the following sections:

What are the advantages and disadvantages?


  • This is one of the rare secured cards that offers rewards.
  • Discover will give a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year.
  • You’ll pay no annual fee.
  • Discover will begin reviewing your account after eight months to see if you qualify for an unsecured card.


  • You must have a bank account to qualify.
  • Discover is not as widely accepted as some other issuer’s cards.
  • This card has a high APR, but that’s typical of secured credit cards.

A deeper look into the current card offer

Quick highlights

  • Rewards rate: N/A
  • Welcome offer: N/A
  • Annual fee: $0
  • Purchase intro APR: N/A
  • Balance transfer intro APR: N/A
  • Regular APR: 26.99% (Variable)

Rewards rate

This is the only secured credit card on the market that offers cash-back rewards — and generous ones at that. Not only does this card earn 2% cash back on gas stations and restaurants up to $1,000 in combined spending per quarter, and 1% on everything else, but Discover will match dollar-for-dollar all those rewards at the end of the first year.

How to redeem

You can redeem your cash back rewards in any denomination at any time. There’s no minimum for redemption and your cash back doesn’t expire.

Rates and Fees

Like other secured cards, the Discover it® Secured Credit Card version requires you to put down a refundable security deposit. That deposit becomes your credit line. Minimum deposit is $200. The maximum credit limit is $2,500.

Also like other secured cards, the annual percentage rate on the Discover it® Secured Credit Card is quite high. Make sure to pay your balance off entirely each month – or else you’ll be paying big finance charges and losing the value of the rewards you earn.

Unlike some secured cards, you won’t pay any annual fee. Watch out for fee-heavy secured credit cards.

Bankrate’s Take: Is the Discover it® Secured card worth it?

The Discover it® Secured Credit Card offer is ideal if you’re just starting to build a credit profile or if you’re trying to rebuild you’re credit. Discover reports your payments to all three major credit bureaus – Equifax, Experian and TransUnion. On-time payments will help to improve your credit score.

The best way to gain value from this card is to use it responsibly and build your credit history.

After eight months Discover will automatically review your payment history and let you know if you qualify to graduate to an unsecured credit card, which means you don’t need a security deposit as collateral.

Discover also supplies free access  to your FICO credit score on your monthly statements. This can help you track your progress toward improving your credit.

If you’re looking for a zero percent introductory offer, this likely isn’t the card for you. You’ll pay a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*, but keep in mind that eats into your credit limit, which is determined by your deposit. Intro balance transfer APR is 10.99% for six months from the date of the first transfer. After the intro APR expires, you’ll pay a variable 22.99%. The annual percentage rate for purchases is a variable 22.99%. This is in line — or better than– other secured credit cards.