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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.
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| Intro APR | N/A |
|---|---|
| Regular APR | 27.24% variable |
| Annual Fee | $0 |
| Credit Needed | N/A |
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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.
Discover it® Secured Credit Card Calculator
Your potential annual reward earnings are:
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 transferNote 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
| Intro APR | None |
|---|---|
| Regular APR | None |
| Annual Fee | $0 |
| Credit Needed | Poor to Excellent |
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
| Intro APR | N/A |
|---|---|
| Regular APR | N/A |
| Annual Fee | None, only $4 per active card per month |
| Credit Needed | Good to Excellent |
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
| Intro APR | intro_apr_rate,intro_apr_duration |
|---|---|
| Regular APR | reg_apr,reg_apr_type |
| Annual Fee | reg_apr,reg_apr_type |
| Credit Needed | credit_score_needed |
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.
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.
