Discover Secured Credit Card – Apply Now With An Online Application
The Discover secured credit card is one of the best secured cards on the market. Below we will explain all the perks and benefits that make this credit card so great compared to other secured credit cards.
How Does The Discover Secured Credit Card Work?
When you open the Discover secured card you will need to load it with a minimum deposit of $200. They will secure your credit line with an equal amount. For example if you load $500 they will give you a credit line of $1000. If you only load the minimum deposit of $200 when you get approved, your credit line will be $400.
The main reason for getting a secured credit card is to build your credit. This card reports to all 3 credit bureaus. This means if you are smart and make payments on time, you will continue to improve your credit score.
Discover will check periodically and if you qualify they will upgrade your to a credit card that does not require a deposit. Another nice thing is your deposit is refundable.
Does The Discover Secured Credit Card Give Your Rewards?
The really cool thing about this secured credit card through Discover is it has a rewards program. You earn 1% on everything you purchase and 2% at gas stations and restaurants. Currently I think this is the only secured credit card with a rewards program.
When you are a new card member, Discover will match all the points you have earned in the first year. They do this at the end of the year. But even still, that is really a sweet deal.
Is There An Annual Fee With The Discover Secured Card?
No, there is no annual fee associated with the Discover secured credit card. The real issue is there is a high interest rate. It is currently over 20% and is too high to run a balance.
That is why this secured credit card is great for earning rewards and building your credit. Just remember to only use it for those purposes and pay it off each month. Do not run a balance on this credit card and you will not have to worry about the interest charges.
I Heard You Get A Free FICO Credit Score With This Card?
Yes, when you get your statement or even on the Discover App for the iPhone or Android you can get your FICO score. It is completely free and lets you see how your credit score is being impacted by your good payment history.
Are There Any Good Security Features?
One of the nice things about the Discover secured credit card is that you can instantly freeze the credit on it. You can hit a button on the website when you login or on the app.
When you freeze the credit, it cannot be accessed by anyone until you unfreeze it. The only charges that can come through are recurring ones you setup. But, just normal transactions will not go through. So if you lose your card, you can just freeze it until it shows up.
How Do I Apply For The Discover Secured Credit Card?
It is easy to apply, just visit www.discover.com/credit-cards/secured/