If you can put up some cash to build up your credit score, the Discover it Secured Credit Card might be a great option for you. You will need to put up a security deposit in order to get the card, but they will not look at your credit score to assess whether they accept or deny your application. Paying your bills on time each month will help you build your credit.
There are many reasons why your credit may have gotten into the dumps, but if you’re interested in picking yourself up again, you do have some options. The Discover it Secured Credit Card will asses your payment history after 8 months, and if you’ve paid on time, they’ll give you back your security and allow you to continue using their card.
Our editors have investigated the Discover it Secured Credit Card for you. There are some specifics you should be aware of if you are considering the Discover it Secured Credit Card for you. You can read the details below about fees, benefits and eligibility requirements below before you can make the final decision about this option for you.
What are the Benefits of the Discover it Card?
If you’re looking to build or rebuild your credit score, the Discover it Secured credit card can help you achieve that. As a secured credit card, you will need to provide a security deposit as collateral for your account. The amount you put down will be your credit limit on the card.
As it is a credit card, you will need to make payments on time every month. Your payments will be reported to 3 credit bureaus. The reporting of your payments is what is going to help you build up your credit score.
The best part is after 8 months of paying your bill on time and building your credit score, the bank will look at how trustworthy you are as a cardholder. They will return your initial security deposit, leaving you to continue enjoying the features and benefits of your credit card.
Some of the extra advantages of owning a Discover it Secured Credit Card include 2% cash back on daily purchases, such as gas or dining if you spend $1,000 per quarter and 1% cash back on all other purchases. And if that’s not enough, at the end of your first year, the bank will automatically match all the cash back that you have earned.
What are the Fees of the Discover it Secured Credit Card?
All credit cards come with a feee, it doesn’t matter if they are secured or unsecured. Before applying for a card, you must make sure you are financially capable of handling those fees. Check out the fees for the Discover it Secured Credit Card below.
- No annual fee
- Annual Percentage Rate (APR) for Purchases: 24.74%
- APR for Balance Transfers: 10.99% intro APR for 6 months from date of first transfer, for transfers that post to your account by January 10, 2020. After the intro APR expires, your APR will be 24.74% This APR will vary with the market based on the Prime Rate.
- APR for Cash Advances: 26.74%
- Late Payment Fee: None the first time you pay late. After that, up to $39.
How to apply for the Discover it Card
If you are interested in applying for this secured credit card but worried about the difficulty of the process, you can relax because it’s very straightforward. But first you need to check whether or not you are eligible. You need to be at least 18 years of age, you must have a social security number, you must have a U.S. permanent address, and you must have a U.S bank account.
If you tick all these boxes, then you’ll be able to apply for a credit card online via the Discover website. All you have to do is fill out the online application form with your personal details, income and employment information, and bank account number. If your application is successful, you’ll hear back from the bank with the next required steps.
If you want an easy to manage credit card that comes with various features that can help build your credit score, the Discover it Secured Credit Card might be it for you. You can check out the company’s site to learn even more about the bank and its offerings before you take any next steps.
How to Contact Discover it Secured
Riverwoods, Illinois, United States
Telephone: 1-800-347-2683 (or 1-801-902-3100 if you’re dialing from abroad).
Note: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information.