Discover it® Secured Credit Card

Quick Snapshot

• Annual Fee: $0
• APR: 28.24% variable
• Rewards: 2% cash back at gas stations and restaurants (up to $1,000/quarter), 1% on everything else
• Bonus: Cashback Match: Discover matches all cash back earned in your first year
• Best For: People building or rebuilding credit who want a secured card that earns real rewards
• Credit Needed: No credit history or poor credit (300+)

Overview

The Discover it Secured Credit Card is the gold standard for secured credit cards. Unlike most secured cards that earn no rewards, this card offers 2% cash back at gas stations and restaurants (up to $1,000 per quarter combined) and 1% on all other purchases. The first-year Cashback Match doubles everything, making it the highest-earning secured card available.

You provide a refundable security deposit of $200 to $2,500, which becomes your credit line. Discover reviews your account after 7 months for potential upgrade to an unsecured card, returning your deposit. The card reports to all three credit bureaus, includes a free FICO Score, and charges no annual fee.

For people with no credit history or those rebuilding after negative credit events, this card provides a genuine path to unsecured credit while earning meaningful rewards along the way. No other secured card combines cash back, Cashback Match, no annual fee, and a pathway to graduation in one product.

APR Breakdown

• Purchase APR: 28.24% variable
• Balance Transfer APR: N/A
• Cash Advance APR: 29.99% variable
• Penalty APR: 28.24% variable

Note: Standard variable APR of 28.24%. No introductory APR offer. Requires a refundable security deposit of $200 minimum.

Benefits Overview

Secured Card Rewards

• 2% cash back at gas stations and restaurants (up to $1,000/quarter)
• 1% cash back on all other purchases
• Cashback Match doubles all rewards in year one
• One of the only secured cards that earns meaningful cash back

Credit Building

• Reports to Equifax, Experian, and TransUnion monthly
• Free FICO Score on every statement
• Automatic review for upgrade to unsecured card after 7 months
• Refundable security deposit returned upon upgrade or account closure

No-Fee Structure

• No annual fee
• No foreign transaction fees
• Refundable security deposit of $200-$2,500
• No overlimit fees
• Freeze It feature

Rewards & Points

• 2% cash back at gas stations and restaurants (up to $1,000/quarter)
• 1% cash back on all other purchases

Cashback Match doubles all rewards earned in your first year. After responsible use, Discover may upgrade your account to an unsecured card, returning your full security deposit. Cash back can be redeemed as a statement credit, direct deposit, or on Amazon.

Welcome Bonus

Discover offers the Cashback Match: all cash back earned in your first 12 months is automatically matched at the end of the year. For a secured card user spending $6,000 annually, this could mean $120+ in total first-year cash back, which is exceptional for a credit-building card.

Fees Summary

• Annual Fee: $0
• Security Deposit: $200 minimum (refundable)
• Cash Advance Fee: Either $10 or 5% of the amount, whichever is greater
• Foreign Transaction Fee: $0
• Late Payment Fee: Up to $41
• Overlimit Fee: $0

Who This Card Is Best For

Ideal For

• Credit builders who have no credit history and need to start somewhere
• Credit rebuilders recovering from past negative credit events
• Reward seekers on secured cards who want more than just a credit-building tool
• Budget-conscious users who want no annual fee on their secured card

Not Good For

• Those with good credit who qualify for better unsecured options
• People who cannot provide a deposit as the $200 minimum is required upfront
• Those needing a high credit limit as the limit equals the deposit

Key Pros & Cons

Pros

• Only secured card with 2% cash back at gas and restaurants plus Cashback Match
• No annual fee (most secured cards charge annual fees)
• No foreign transaction fees
• Reports to all three credit bureaus monthly
• Free FICO Score on every statement
• Automatic review for upgrade to unsecured card after 7 months
• Refundable security deposit returned upon upgrade
• No overlimit fees
• Cashback Match doubles all first-year rewards
• Excellent Discover customer service

Cons

• Requires a refundable security deposit of $200-$2,500 upfront
• Credit limit equals the deposit, which may be low
• 28.24% variable APR is high (but you should pay in full monthly)
• No introductory APR offer
• No balance transfer option
• Discover acceptance is more limited internationally than Visa/Mastercard
• $1,000 quarterly cap on 2% categories
• Graduation to unsecured card is not guaranteed

Alternatives to Consider

How the Rewards Add Up

Example Annual Value

First-year value with Cashback Match: $168 ($84 earned + $84 matched). While modest in absolute terms, this is the highest first-year value of any secured card. The real value is the credit score improvement.

Should You Get This Card?

You Should Get It If...

• You have no credit history and need your first credit card
• You are rebuilding credit and want a secured card that earns rewards
• You can provide a $200+ refundable security deposit
• You want the first-year Cashback Match on a secured card
• You value no annual fee (rare on secured cards)
• You want a clear path to upgrading to an unsecured card

You Should Skip It If...

• You have good credit and qualify for unsecured cash back cards
• You cannot afford the upfront security deposit
• You need a Visa or Mastercard for broader acceptance
• You want a higher credit limit than your deposit amount
• You need a balance transfer option

Apply Now

Apply for Discover it® Secured Credit Card

Information accurate as of May 2026. Terms and conditions apply. Please visit the issuer's website for the most current information.