Credit Card

Discover it Secured: Benefits, fees, and how to increase your limit

The Discover it Secured Credit Card is a great option for those looking to build or rebuild their credit. This card offers a unique combination of benefits, including cash back rewards and the ability to upgrade to an unsecured card.

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In this article, we’ll explore how to apply for the Discover it Secured card, the requirements, benefits, fees and charges, how to increase your limit, the cancellation process, and how to contact Discover.

How do I apply for the Discover it Secured card?

Applying for the Discover it Secured card is a simple and straightforward process. You can apply online on Discover’s official website. The process involves filling out an application form with your personal information, financial details, and consent to a credit check.

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Discover it Secured

Steps to Apply:

  1. Visit the Discover Website: Go to the Discover it Secured sign-up page.
  2. Complete the Application Form: Include information such as name, address, annual income, and employment details.
  3. Security Deposit: You will need to provide a security deposit, which will be your initial credit limit.
  4. Application Submission: Review your information and submit your application for review.

What are the requirements to apply for Discover it Secured?

Before applying for Discover it Secured, it’s important to understand what the requirements are to qualify. These requirements help ensure that the card will be an effective tool for improving your credit.

  • Credit Score: One of the great things about Discover it Secured is that it doesn’t require a minimum credit score to qualify. This card is designed for individuals with bad credit or no credit.
  • Minimum Income: While there is no specific minimum income disclosed by Discover, you will need to provide information about your annual income during your application. Discover will use this information to determine your ability to pay the security deposit and manage the card.

Is Discover it Secured any good?

Discover it Secured is widely regarded as one of the best secured credit cards on the market, especially due to its unique benefits and rewards structure. Users appreciate the ability to earn cash back and the potential to upgrade to an unsecured card after good credit behavior.

Benefits of Discover it Secured

Discover it Secured offers a number of benefits that set it apart from other secured credit cards. From cashback rewards to automatic reviews for upgrades, these benefits make the card an attractive choice for those looking to improve their credit.

Cashback

  • 2% Cash Back: Earn 2% cash back on gas station and restaurant purchases on up to $1,000 in combined purchases per quarter.
  • 1% Cashback: Earn 1% cashback on all other purchases.
  • Cashback Match: Discover matches all cashback earned in the first year of using the card.

Reporting to credit agencies

  • Three Major Bureaus: Discover reports your payment history to TransUnion, Equifax, and Experian, helping to build your credit.

Automatic reviews for upgrade

  • Upgrade to Unsecured: After seven months of use, Discover automatically begins reviewing your account for a possible upgrade to an unsecured card.

No Annual Fee

  • Economy: No annual fee, which is a big advantage compared to other secured credit cards.

What are the fees and charges associated with Discover it Secured?

  • Annual Fee: $0.
  • APR: 28.24% variable APR after 10.99% introductory period on balance transfers for six months.
  • Security Deposit: Minimum deposit of $200, which will be your initial credit limit.

How do I increase my Discover it Secured limit?

Your Card limit is equal to the amount of your security deposit. To increase your limit, you can add additional funds to your deposit. Discover will also automatically review your account starting in month seven for potential upgrades that include limit increases without requiring an additional deposit.

How to cancel Discover it Secured?

To cancel your Discover it Secured card, contact Discover customer service. If you’re canceling because you’re ready for an unsecured card, first check to see if you qualify for an upgrade. When you cancel, your security deposit will be returned, usually within 7-10 business days.

Discover it Secured Contact

For questions or support, you can contact Discover through the following means:

  • Phone: 1-800-DISCOVER (1-800-347-2683)
  • Website: Discover Contact Page
  • Online Chat: Available on the official Discover website

Discover it Secured is an excellent choice for those looking to build or rebuild their credit, offering attractive rewards and the ability to upgrade to an unsecured card. With a simple application, affordable requirements, and a range of benefits, this card stands out as a valuable tool in personal financial management.

Whether you’re just starting your credit journey or recovering from financial hardship, Discover it Secured could be the ideal solution for you.

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