Discover it Secured Credit Card Review

This is a secured credit card cashback credit card issued by Discover Bank. If you're wondering whether Discover It card is the right card for you, read on. This review will provide you with with all the details you need to make a good choice.

• High APRs. This is not a great card for people who carry a balance. It has a variable purchase APR of 22.99%
• No annual fee*. This is a great option for people looking for a low-maintenance cashback card. It gives you cashback on your purchases, but you don't have to pay an annual fee for the privilege.
• 5% Balance transfer fee. Discover it Secured Credit Card charges a fee of 5% on balance transfers. For example, a balance of $1,000 could cost $50 in transfer fees.
• Secured card. This card requires a refundable deposit before you qualify for a line of credit. These cards are often used to improve the credit of people with poor credit or little credit history.
• Gas rewards. 2% cashback on eligible gas purchases.
• Poor credit accepted. This card will consider people who have bad credit. Even if you have poor credit, you may still have good approval odds.

The Good	The Bad
Has an introductory APR rate on balance transfers of 10.99%. No annual fee. Free access to your credit score. Identity Theft Protection. Considers applicants with fair or poor credit. Cardholders can earn rewards on their purchases. Discover it Secured Credit Card reports to multiple credit bureaus.	Higher than average purchase APRs. Does not offer a signup bonus. Charges a 5% balance transfer fee.

Does Discover It card have a cash back or rewards program?

This is a cashback card. This means you earn a percentage of your purchases as cash back rewards. You will receive 1% cash back on travel, dining, groceries, drugstore purchases, or any other purchase. For example, if you buy a $1,000 laptop, you will receive $10 back in cash. However, you can earn up to 2% for purchases in a bonus category.

Discover It card Rewards

Minimum rewards rate	1x
Max rewards rate	2x
Annual rewards limit	N/A

What are the Discover It card benefits?

It provides the following benefits:

• Free Credit Score
• Zero fraud liability
• Reports to major credit bureaus

What are the relevant APRs for Discover It card?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. It has higher than average regular APRs.

It has a variable purchase APR of 22.99%. The card has a variable balance transfer APR of 22.99% . It also has a variable cash advance APR of 24.99% .

The good news is this card does not charge a penalty APR if you are late on a payment.

What are the fees for Discover It card?

The following fees apply:

Discover It card Fees

Fees	Amount
Annual Fee	$0
Returned Payment Fee	up to $40
Late Payment Fee	up to $40

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost cashback card.

Does Discover it Secured Credit Card report your account activity to credit bureaus?

Yes, Discover it Secured Credit Card reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for Discover It card

• Visit the Discover It card website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.