Apply For A Discover Secured Credit Card

Discover It Secured Credit Card Benefits

Hello Friends, are you in need of a secured credit card? Discover it Secured Credit Card may be the right choice for you. It offers its users many benefits that make it stand out among other secured credit cards in the market.

What is a Secured Credit Card?

Before diving into the benefits of Discover it Secured Credit Card, let’s first understand what a secured credit card is. A secured credit card requires a security deposit, which is usually equal to the credit limit. The security deposit assures that the issuer can recover their losses in the event that the cardholder fails to make payments. This makes secured credit cards a popular choice for people who have no credit history or poor credit scores.

Benefit 1: Cashback Rewards

Credit cards with cashback rewards are always a plus, and Discover it Secured Credit Card is no exception. Cardholders earn 2% cashback on gas stations and restaurants on up to $1,000 in combined purchases each quarter, and 1% cashback on all other purchases. Plus, Discover offers to match all the cashback earned in the first year for new cardholders.

Benefit 2: No Annual Fee

Many credit cards charge annual fees, but Discover it Secured Credit Card does not. This saves cardholders money on top of the security deposit they have to make. Not having an annual fee is beneficial for those who are working on building their credit and may not have a lot of funds to spare.

Benefit 3: Free FICO Credit Score

As a cardholder of Discover it Secured Credit Card, you will receive a free FICO credit score on every monthly statement. This is a valuable tool for those working on building their credit, as they can monitor their progress and see how their credit usage affects their score.

Benefit 4: Easy Transition to Unsecured Credit Card

One of the main goals of using a secured credit card is to eventually transition to an unsecured credit card. Discover it Secured Credit Card makes this transition easy by offering automatic reviews of the security deposit after eight months of usage. If a cardholder has made timely payments and their credit score has improved, they may be eligible for an unsecured credit card.

Benefit 5: Fraud Protection

Discover it Secured Credit Card offers excellent fraud protection features such as real-time fraud monitoring, $0 fraud liability, and free identity theft protection services such as alerts and monitoring from Experian. This gives cardholders peace of mind knowing that their cards are protected in case of unauthorized purchases.

Benefit 6: Customizable Card Design

Another unique aspect of Discover it Secured Credit Card is the option to select a custom card design. Cardholders can choose from a variety of designs that suit their style and personality, making their card feel more personal.

Benefit 7: No Foreign Transaction Fees

For those who frequently travel internationally, the Discover it Secured Credit Card is an excellent choice as it does not charge foreign transaction fees. This means cardholders are not charged extra fees for using their cards outside of the United States.

Benefit 8: Credit Education

Discover offers its cardholders a plethora of credit education resources, from articles on its website to a credit score simulator. This education helps cardholders understand the factors that affect their credit scores and how to build credit responsibly.

Benefit 9: No Penalty APR

Many credit cards have a penalty APR, which is an interest rate that is charged when the cardholder misses a payment. Discover it Secured Credit Card does not have a penalty APR, making it a great option for those who may occasionally miss payments.

Benefit 10: Overdraft Protection

Discover offers overdraft protection to its cardholders, which means that Discover will cover the shortfall if the cardholder’s checking account is overdrawn. This is a valuable feature for those who may be forgetful when it comes to checking their account balances.

The Verdict

Discover it Secured Credit Card is an excellent option for those looking for a secured credit card. With its cashback rewards, no annual fee, and easy transition to an unsecured credit card, it is a great choice for those working on building their credit. It’s also a great option for those who travel internationally, as it does not charge foreign transaction fees. Its fraud protection features and credit education resources are also standout benefits. Overall, Discover it Secured Credit Card is definitely worth considering as a secured credit card option.

Thank you for reading!

We hope you found this article helpful in your search for a secured credit card. If you have any questions or comments, please feel free to leave them below. See you in the next article!

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