Discover It Secured Card – Cash Back Rewards, No Annual Fee, Online Approval in Minutes

When it comes to credit cards for building or rebuilding your credit standing, quite a few are as good as the Discover It Secured Card. The card is open for anyone to apply, even those with a bad credit score, provided they pay the upfront security deposit of at least $200. Afterward, you set up a credit account with the credit company which you may use to access credit. The $200 is refundable when you pass the evaluation conducted on the eight months. During this time, if you had done everything that is expected of you, then you get a higher credit score, and if you pass the set threshold, then you are given the unsecured card.

Features of the Discover It Card

There is an unsecured and a secured version of this credit card, and if you have a low credit score, then you should apply for the secured version. With a secured credit card, you must pay a security deposit before you use the card. That security deposit becomes your credit limit and removes the risk on the part of the card issuer. Discover requires a minimum $200 security deposit with this card, although you can deposit much more if you want a higher credit limit. Many credit cards, especially those that earn rewards, charge you a fee every year just for using them. That’s not the case with this card, as it has no annual fee. When it comes to cash back rewards, this card is one of the highest-earning secured credit cards. The cashback rate depends on the spending category of the purchase. Here is how much cash back you’ll earn on your spending:

• 2% cash back at restaurants
• 2-%cash back at gas stations
• 1-% cash back on all over purchases

The 2% cash back rates are for a combined $1,000 each quarter. If you maxed that bonus out every quarter, you’d have earned $80 cash back from that alone. By the way, Discover automatically matches all your cash back after your first year of using the credit card. If you earned $100 back, Discover is kicking in an extra $100. There are tons more benefits when you use this card, especially when it comes to building your credit. Discover allows you to check your FICO credit score free of charge every month, and you can do so on your statement, the Discover app or through your online account. This makes it easy to monitor your score. Discover also monitors risky sites and lets you know if your Social Security number pops up on any of them.

Applying for the Discover it Card

The application process for this card is quick and you can complete it on the Discover website. You’ll need to provide the type information for a credit application, including your address, your Social Security number, and your income. You need a bank account to apply for the card, and Discover will ask for your bank’s routing number and your account number when you apply. The card is intended for those who either have poor credit scores they’re looking to rebuild or those who haven’t established their credit history yet, which mean you won’t need good credit to qualify. If Discover denies your application, it will provide an explanation for that denial. After approval, you’ll need to pay the security deposit for the card. This is fully refundable, as long as you pay back whatever you spend. Credit cards usually arrive in the mail within seven to 10 business days after approval of an application.

Getting Your Security Deposit Back

There are two ways that you can get a refund on your security deposit for this credit card. Once you’ve had your Discover It secured credit card for eight months, Discover conducts a review of your account with them and any other credit card and loan accounts you have. If you’ve managed your credit well, Discover may refund your security deposit, changing your secured card to an unsecured card. The benefits will be the same.

If You Don’t Get Your Deposit Back

Even if Discover doesn’t decide to refund your security deposit at this time, it will conduct reviews monthly from that point on. If you decide to close your credit card and you’ve paid off the full balance, Discover will refund the security deposit. Refund timeframes can vary, but the maximum time it will take is two billing cycles and an additional ten days. When it comes to secured credit cards, the Discover it is tough to beat. You’ll be able to start building or rebuilding your credit score while earning a great cash back rate on all your spending in the process.

Cash Back Program

If there is one thing that adds to the advantages of this card is its unique cash back program. Details of cash back rewards from Discover It are enough to warrant anyone not sure about it to try it out. The cash back program offers rewards in the form of points which can be redeemed for awards in some ways. Before understanding the Details of cash back rewards from Discover It, it is vital that you know how the points are awarded in the first place. The card offers new members double cash back after their first year having the credit account. This offer expires come your second year, but the standard cash back program takes effect from there henceforth. It is vital to note that this cash back amount for the first year with the credit amount has no limit hence the company matches as cash back earned during the period. After the first year, you will then start earning points at the usual rate.

How The Cash Back Rewards Work

This secured card offers a cool 2% cash back for every gas and restaurant purchase made using the card. However, the credit company sets a limit of $20 for each fiscal quarter. The company then offers cash back of around 1% for all the other purchases made using the credit card. Similarly, holders get a cashback of between 20% and 5% when they make their purchases via the ShopDiscover Market. These Details of cash back rewards from Discover It makes the credit account quite appealing as it is worth noting that most secured cards offer no rewards program. Cardholders need to improve their FICO credit score to stand a chance of winning better rewards. If you have enough points thanks to the rewards program, you may choose to redeem them in some ways. You can redeem the points for gift cards, offer them to charity organizations, decide to pay with the points in some select retail outlets like Amazon, for cash for your bank accounts or even to reduce the credit you owe the credit company.

The Details of No Annual Fee From Discover It

If you are struggling with your credit score, the chances are high that you are finding it difficult to match your cash resources with the amount you borrow. You need to save all the cash you can without jeopardizing your credit standing. For those with this issue then they will find details of no annual fee from discover it quite interesting. This is where the Discovered It Secured Card comes in. This card does not require any annual fees. Unlike many other credit cards in the vast credit industry, holders of this card are not required to pay any annual costs to the credit company. This makes it attractive as it is convenient for those struggling to rebuild or build their credit standing. With this card, you do not have to worry about how much you owe the credit company comes to the end of the year for its services. The details of no annual fee from Discover It makes this card appealing and convenient.

The Benefits From Discover It

There are some benefits cardholders of Discover It enjoys. Other than the obvious ones of helping the cardholders rebuild or build their credit standing and access to the much-needed credit, the benefits from Discover It that holders enjoy include the following. Discover It has an excellent rewards program that makes it quite appealing. The program offers a unique opportunity for people seeking to improve their credit standing to do so while getting part of their spending back or even points they can redeem for excellent rewards in some ways. The card has no annual subscription fees. This gives holders a unique opportunity to save some cash as they struggle to build or rebuild their FICO score. The credit company reports to the three major credit bureaus. This gives credit account holders an opportunity to build their FICO score. Once awarded the credit account, if you borrow correctly and payback as stipulated, you are likely to get better credit standing once you are evaluated. Moreover, holders are assessed about eight months after getting the secured card. If they meet the set standards, then their accounts are upgraded to the unsecured credit cards, and they may request a refund of their security deposit.

Having A Good Credit Score Is Vital For Everyone

A good credit standing may help you access the much-needed credit whenever the need arises without much struggle or rejection from credit companies. Discover it is a subprime card ideal for those with a credit score of 670 and below. The benefits of Discover It are numerous. They include the fantastic rewards program offered by the credit, the card requires no annual subscription fee and helps to build or rebuild your credit standing. All these can be vital for anyone with a bad credit score.