Discover it Secured Cash Back Credit Card Overview

The Discover it Secured Cash Back Credit Card is a secured credit card designed for individuals with no credit history or those looking to rebuild their credit. This card offers a unique combination of cash back rewards and credit-building features, making it an attractive option for those who want to earn rewards while improving their credit score.

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The card has a $0 annual fee and no minimum spending requirement or maximum rewards cap. It also offers 5% cash back on everyday purchases in rotating quarterly categories, up to the quarterly limit, and 1% cash back on all other purchases.

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How to Earn Rewards

Earning rewards with the Discover it Secured Cash Back Credit Card is relatively straightforward. You can earn 5% cash back in eligible categories by shopping in those categories and activating the offer each quarter. Some examples of previous bonus categories include gas stations, grocery stores, restaurants, and select streaming services.

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Outside of those categories, you can use your card anywhere Discover is accepted to earn 1% cash back on everything else. Discover is accepted at 99% of merchants nationwide, making it a convenient option for everyday purchases.

How to Redeem Rewards

Redeeming your rewards is also easy with the Discover it Secured Cash Back Credit Card. You can redeem your rewards in various ways, including statement credit to your account, mailed check, toward previous purchases, or gift cards.

As a new cardmember, you’ll also get an unlimited dollar-for-dollar match on all the cash back you earn by the end of your first year, which can be a significant bonus for those who use their card responsibly.

Additional Benefits

In addition to its cash back rewards and credit-building features, the Discover it Secured Cash Back Credit Card offers some additional benefits. These include free access to your FICO credit score, reports to the major credit bureaus, $0 fraud liability guarantee, and fraudulent activity checks and online privacy protection.

You’ll also get free alerts to let you know if your Social Security Number is used on the Dark Web, which can be a valuable feature for those concerned about identity theft.

Who is the Discover it Secured Cash Back Credit Card Best For?

The Discover it Secured Cash Back Credit Card is best for individuals with no credit history or those looking to rebuild their credit. This card can help you build and prove responsible creditworthiness while you earn cash-back rewards on your everyday purchases.

However, if you already qualify for traditional credit cards, you may want to consider other options. The unsecured version of this card, the Discover it Cash Back, offers the same rotating quarterly 5% rewards without the need for a security deposit.

Discover it Secured Cash Back Card Pros and Cons

The Discover it Secured Cash Back Credit Card has several pros, including its cash-back rewards, no annual fee, and no hard credit check for pre-approval. It also offers a refundable deposit after upgrading to an unsecured card.

However, the card has some cons, including less retailer acceptance compared to Visa and Mastercard, and late payment and returned payment fees up to $41 each.

Conclusion

The Discover it Secured Cash Back Credit Card is a unique and attractive option for individuals with no credit history or those looking to rebuild their credit. Its combination of cash back rewards and credit-building features makes it an excellent choice for those who want to earn rewards while improving their credit score.

While it may not be the best option for those who already qualify for traditional credit cards, it’s definitely worth considering for those who need a secured credit card to start their credit journey.