Review of the Discover It Secured Credit Card (2017)

This is the best secured card out there. There is no annual fee, you can get up to 2% cashback (matched first year), etc… but, there are drawbacks.

Secured credit cards are a great option for students looking for their first credit card, especially if they can’t become an authorized user on a parent’s credit card. And, Discover has some of the easiest cards to be approved for.

So… Let’s take a look at the benefits:

  1. 2% Cashback at restaurants or gas stations on up to $1,000 in combined purchases each quarter (aka 3 months). Plus 1% cash back on all other credit card purchases.
  2. Discover will match your 1st year’s cashback (ex: you earned a total of $30 in cashback your first year, Discover will give you another $30 in cashback at the end of the year)
  3. No Annual Fee (Some secured cards such as the BankAmericard Secured Card have them)
  4. No foreign transaction fee (not super useful, Discover is hardly accepted outside of the USA)
  5. Possibility of security deposit refund after 7+ months!

I said there were downsides… and well:

  1. Discover is accepted at only 97% of merchants who accept credit cards. Many smaller shops will only accept Visa and Mastercard.
  2. Compared to Citi’s Secured Credit Card, you don’t get extended warranty, trip cancellation protection, etc. Aside from the cashback, you will be lacking some of these nicer benefits.

That’s about it. This is the best secured card. For many students, I doubt you’ll use Citi’s benefits enough to make getting the Citi Secured Credit Card worth it. Cashback is something you’ll get every time you make a purchase.

So should you get the card?: Once again, if becoming an authorized is not an option, this is recommended. This is the best secured credit card for students. If you do not have any credit history, you will most likely not be approved for anything other than a secured card. Once you’re credit score is established (6 months or so), then you’ll be able to sign up for other cards that allow cosigners (or even just straight up get a credit card without one). Just make your payments on time and don’t spend a lot. If you can do that, get this amazing student credit card and build a credit history.

Security deposit (this will be your credit line): $200 – $2500

Sign up link:

Note: This credit card is #5 on our Top 5 College Student Credit Cards list!

Tags: Student Credit Cards, Discover Secured Card, Best secured cards for students, Discover credit cards, No credit score credit cards


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