Editorial and Partnership Disclosure Fit Small Business has partnered with CardRatings for our coverage of credit card products. Fit Small Business and CardRatings may receive a commission from card issuers. This is a recurring post with regularly updated card details. Opinions, reviews, analyses & recommendations are the author’s alone and have not been reviewed, endorsed, or approved by any of these entities.
Discover it® Secured Credit Card is designed for business owners who need to build credit and can make a security deposit of anywhere from $200 to $2,500. It offers cash back on your purchases, charges a $0 annual fee, and can help you improve your credit score if you use it responsibly, as Discover reports payment and usage history to the major credit bureaus.
If you wish to compare one card over another, select a maximum of three cards on this page and click Add to Compare to view the details in a side-by-side comparison.
Discover it® Secured
BEST FOR:
Business owners who need help rebuilding credit
- Earn cash back and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus: Equifax, Experian, and TransUnion.
- Establish your credit line by providing a refundable security deposit from $200 to $2,500 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at eight months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. In addition, earn an unlimited 1% cash back on all your other purchases―automatically
- Get 100% US-based customer service & get your free Credit Scorecard with your FICO® Credit Score
- We match all the cash back you've earned at the end of your first year automatically.
- Receive Free Social Security number alerts—Discover will monitor thousands of risky websites when you sign up.
Pros
- With cash back rewards for new and existing cardholders
- Lets you enjoy $0 annual fees
- Offers automatic monthly account review
Cons
- No 0% annual percentage rate (APR) period on purchases and balance transfers
- High ongoing APR
- Updated FICO credit scores: You can get FICO® credit score, key factors, and other credit information on Discover.com and your statement.
- Data privacy: Remove personal information from selected people-search sites that may sell your data.
- Freeze it®: Freeze your account within seconds in the event you have misplaced your physical card
- Earn cash back and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus: Equifax, Experian, and TransUnion.
- Establish your credit line by providing a refundable security deposit from $200 to $2,500 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at eight months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. In addition, earn an unlimited 1% cash back on all your other purchases―automatically
- Get 100% US-based customer service & get your free Credit Scorecard with your FICO® Credit Score
- We match all the cash back you've earned at the end of your first year automatically.
- Receive Free Social Security number alerts—Discover will monitor thousands of risky websites when you sign up.
Pros
- With cash back rewards for new and existing cardholders
- Lets you enjoy $0 annual fees
- Offers automatic monthly account review
Cons
- No 0% annual percentage rate (APR) period on purchases and balance transfers
- High ongoing APR
- Updated FICO credit scores: You can get FICO® credit score, key factors, and other credit information on Discover.com and your statement.
- Data privacy: Remove personal information from selected people-search sites that may sell your data.
- Freeze it®: Freeze your account within seconds in the event you have misplaced your physical card
The Fit Small Business editorial policy is rooted in the company’s mission, which is to deliver the best answers to people’s questions. This serves as the foundation for all content, demonstrating a clear dedication to providing valuable and reliable information. Our team leverages its expertise and extensive research capabilities to identify and address the specific questions our audience has—and this ensures that our content is rooted in knowledge and accuracy.
In addition, we employ a comprehensive editorial process that involves expert writers. This process ensures that articles are well-researched and organized, offering in-depth insights and recommendations. Fit Small Business maintains stringent parameters for determining the “best” answers, including accuracy, clarity, authority, objectivity, and accessibility, and these see to it that our content is trustworthy, easy to understand, and unbiased.
When grading secured business credit cards like the Discover it® Secured Credit Card, we first consider the annual fee and ongoing annual percentage rates (APRs). We also take into account the card’s rewards, security deposit requirements, introductory APR, other fees, and additional features.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Annual Fee | 25 | 25 |
Ongoing APR | 15 | 25 |
Ongoing Rewards | 5 | 10 |
Introductory Rewards | 0 | 10 |
Security Deposit | 8 | 10 |
Other Fees | 8 | 10 |
Introductory APR | 2 | 5 |
Additional Features | 3 | 5 |
Total Score | 66 | 100 |
Who the Discover it® Secured Credit Card Is Best For
- Those who need to build or improve credit: Discover reports your payment and usage behavior to the major credit bureaus, helping you build or improve your credit.
- Those with cash reserves of at least $200: This card requires you to make a security cash deposit ranging from $200 to $2,500 to qualify for the card.
- Those who spend up to $1,000 on gas and dining each quarter: This card lets you earn 2% back on up to $1,000 in purchases from gas stations and restaurants per quarter, then 1% thereafter.
See our recommended alternatives below if this card isn’t the best fit for your business.
Discover it® Secured Credit Card Rewards
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter
- Unlimited 1% cash back on all your other purchases
- Cashback Match: Get an unlimited dollar-for-dollar match of all the cash back earned at the end of your first year automatically
Discover it® Secured Credit Card Calculator
Based on your monthly expenses, determine the estimated annual cash back value from a Discover it® Secured Credit Card. In our rewards calculator, enter your expected monthly spending to compute your potential rewards.
How To Redeem Discover it® Secured Credit Card Rewards
Earned cash back will never expire so long as your account is active. You can receive your earned cash back as credit to your account. To redeem your earned cash back, go to the Discover website and login to your account. Click “Ways to Redeem” which directs you to the rewards redemption page.
Discover it® Secured Credit Card Features
Cardholder security
- Online privacy protection: Be assured that Discover it® will remove personal information from selected people-search sites that may sell your data. Note that this can be activated through the Discover mobile app.
- Zero fraud liability: Receive protection against unauthorized purchases made on their credit card through its $0 fraud liability.
- Freeze it®: Freeze your account within seconds in the event you have misplaced your physical card. This can be activated through Discover’s website and mobile app.
- Free social security alerts: Be secured as Discover it® offers daily monitoring on your Experian® credit report and thousands of Dark Web sites that reveal your personal information.
Cardholder services
- Free access to FICO credit scores: View your FICO® credit score, key factors, and other credit information are available on Discover.com and your statement. Note that your credit scores were created based on data from TransUnion® and may differ from credit scores and credit information provided by other bureaus.
- Automatic monthly account reviews: Secure automatic monthly account reviews after seven months of card ownership and see if you qualify to be upgraded to an unsecured business credit card—which will give your deposit back.
- Free overnight card replacement: Get free overnight shipping for card replacements. Note that this does not apply to post office boxes or addresses outside the United States
Discover it® Secured Credit Card Fees
APRs
- Introductory: None on purchases; 10.99% for balance transfers is applied for the first six months from the date of first transfer Note that this offer is available for balance transfers made until January 10, 2025.
- Ongoing and balance transfers: 27.74% variable, which adjusts with the prime rate (with a minimum interest charge of no less than $0.50)
- Cash advance: 29.99% variable, which adjusts with the prime rate
- Penalty: None
Fees
- Annual: $0
- Balance transfer: Intro fee of 3% of the amount of every transfer that’s posted to your account by January 10, 2025, with the 10.99% intro APR balance transfer offer indicated above; after that, 5% of the amount of each transfer
- Cash advance: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Late payment: None for the first time you pay late; up to $41 thereafter
- Returned payment: Up to $41
Your due date is at least 25 days after the close of each billing period and at least 23 days for billing periods that begin in February.
- Online or mobile app: Login to your account and follow the prompts to make a payment.
- Phone: Call (800) DISCOVER or (800) 347-2683 at any time, enter the last four digits of your card number, and follow the prompts.
- Check by mail: Send a check or money order to:
Discover Financial Services
PO Box 6103
Carol Stream, IL 60197
- In person: Go to the nearest Discover branch during normal business hours to make your payment.
Discover it® Secured Credit Card Alternatives
Ramp Credit Card
Ramp Credit Card
BEST FOR:
Those who are using Ramp as their main financial management tool
- Up to 1.5% cash back on purchases, regardless of spending categories
Pros
- Offers rewards for cardholders
- Does not charge additional fees
- Offers direct integrations to notable accounting tasks
Cons
- Requires paying balances in full each month
- Is unavailable to sole proprietors and unincorporated businesses
- Travel and emergency assistance services: Call the Benefit Administrator at (800) 397-9010 if you are in the United States or (303) 967-1093 if you are outside of the US if you need emergency assistance.
- Purchase security: Receive a maximum of $10,000 per claim and $50,000 per cardholder in cases of theft or damage to purchases made with your card.
- Auto rental collision damage waiver: When using this card for renting a car, you can be reimbursed for damages caused by theft or collision up to the Actual Cash Value of most rented cars. Note that rental periods of 31 consecutive days are covered.
- Extended warranty protection: Extend warranties for eligible purchases made with your covered account and/or rewards programs associated with your account.
- Up to 1.5% cash back on purchases, regardless of spending categories
Pros
- Offers rewards for cardholders
- Does not charge additional fees
- Offers direct integrations to notable accounting tasks
Cons
- Requires paying balances in full each month
- Is unavailable to sole proprietors and unincorporated businesses
- Travel and emergency assistance services: Call the Benefit Administrator at (800) 397-9010 if you are in the United States or (303) 967-1093 if you are outside of the US if you need emergency assistance.
- Purchase security: Receive a maximum of $10,000 per claim and $50,000 per cardholder in cases of theft or damage to purchases made with your card.
- Auto rental collision damage waiver: When using this card for renting a car, you can be reimbursed for damages caused by theft or collision up to the Actual Cash Value of most rented cars. Note that rental periods of 31 consecutive days are covered.
- Extended warranty protection: Extend warranties for eligible purchases made with your covered account and/or rewards programs associated with your account.
Consider the Ramp Credit Card if you want a corporate charge card that offers you both a straightforward rewards system and access to a robust expense management system. This card also offers a 20x higher credit limit compared to most small business credit cards.
Coast Fuel Card
Coast Fuel Card
BEST FOR:
Businesses with small to large fleets
- Up to 10 cents off on every gallon on your statement
- 1% back on non-fuel purchases
Pros
- Universally accepted fleet card
- 1% cash back on nonfuel purchases
- Doesn’t require personal guarantee
Cons
- Charges monthly fees to active users
- Balance is due in full each month
- Doesn’t support cash withdrawals
- Customizable controls
- Spend reports
- Exclusive discounts from large partner networks
- Integrations with Quickbooks, Fleetio, Samsara, Geotab, Verizon Connect, Azuga, and more
- Up to 10 cents off on every gallon on your statement
- 1% back on non-fuel purchases
Pros
- Universally accepted fleet card
- 1% cash back on nonfuel purchases
- Doesn’t require personal guarantee
Cons
- Charges monthly fees to active users
- Balance is due in full each month
- Doesn’t support cash withdrawals
- Customizable controls
- Spend reports
- Exclusive discounts from large partner networks
- Integrations with Quickbooks, Fleetio, Samsara, Geotab, Verizon Connect, Azuga, and more
Business owners with frequent gas expenses and those who prefer not to provide a personal guarantee may want to include the Coast Fuel Card. Aside from having access to a smart platform that allows you to track expenditures, this card also lets you earn rebates on fuel expenses and a fixed-rate cash back on all other purchases.
card_name
card_name
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Capital One Quicksilver Student Cash Rewards Credit Card
Pros
- Unlimited rewards
- $0 annual fee
- Security deposit as low as $200
Cons
- No welcome offer
- High ongoing APR
- Fair credit score required
- $0 fraud liability
- Automatic credit line reviews after 6 months
- Can upgrade to unsecured credit card with responsible use
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Capital One Quicksilver Student Cash Rewards Credit Card
Pros
- Unlimited rewards
- $0 annual fee
- Security deposit as low as $200
Cons
- No welcome offer
- High ongoing APR
- Fair credit score required
- $0 fraud liability
- Automatic credit line reviews after 6 months
- Can upgrade to unsecured credit card with responsible use
The card_name is an excellent choice for those who are looking for an alternative secured business credit card. Not only does this card offer a straightforward rewards system, it also lets you enjoy $0 foreign transaction fees.
Frequently Asked Questions (FAQs)
Yes, card issuers will pull a hard inquiry on your credit report when applying for a secured credit card.
Discover it® does not have physical branches where you can make business transactions.
You can receive a credit limit of up to $2,500 once your application for the card is approved.
Bottom Line
Discover it® Secured Credit Card is a great option for business owners who need to build or improve their credit, spend up to $1,000 on gas and dining each quarter, and have cash reserves of at least $200 given the cash deposit requirement.
