CREDIT KARMA

Mar 26 2020

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Credit one bank secured card


Discover it ® Secured

Build or rebuild your credit with responsible use. 7

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It’s a real credit card, not a prepaid or debit card

You can build a credit history with the three major credit bureaus. Generally, prepaid and debit cards can’t do that.

Get started with a refundable security deposit

Your secured credit card requires a refundable tooltip. Opens a modal dialog. security deposit. You choose the deposit amount up to the credit line approved.

Free Social Security number alerts

We’ll monitor and alert you if we find your Social Security number on any of thousands of risky websites‐when you activate. 1

Earn 2% Cash Back

At gas stations and restaurants on up to $1,000 in combined purchases each quarter. †† Plus, earn unlimited 1% cash back on all other purchases — automatically.

You earn, we match

We’ll match all of the cash back you’ve earned at the end of your first year, automatically. 2

No annual fee

25.24% standard variable purchase APR*

FICO ® Credit Score for free

Easily view your FICO ® Credit Score on monthly statements, mobile and online for free. 5
Learn more about FICO Credit Score.

Secured Credit Card FAQ’s

1. If you pay your balance in full and close your credit card account, we’ll refund your security deposit, which can take up to two billing cycles plus ten days.

2. We’ll also automatically review your credit card account monthly, starting at eight months, to see if we can return your security deposit while you continue to enjoy your card benefits. These reviews are based on responsible credit management across all of your credit cards and loans, including Discover and others.

Secured Credit Card – Frequently Asked Questions

2. We’ll also automatically review your credit card account monthly, starting at eight months, to see if we can return your security deposit while you continue to enjoy your card benefits. These reviews are based on responsible credit management across all of your credit cards and loans, including Discover and others.

  • How is the Discover it ® Secured credit card different from other credit cards?
    Discover offers a unique set of secured credit card benefits, including cash back on every purchase, 100% U.S.-based customer service available day or night, and more. See comparison grid for more.
  • How is the Discover it ® Secured credit card different than pre-paid or debit cards?
    The Discover it ® Secured credit card can build your credit history since it reports your payments to the three main credit bureaus. Generally, pre-paid cards and debit cards do not.
  • Does my security deposit cover monthly payments as I use my secured credit card?
    No, the security deposit does not cover your monthly payments. You must still pay at least your minimum payment due on time each month.
  • Does my security deposit earn interest?
    No, the security deposit does not earn interest.
  • How can I apply to increase my credit line?
    You can apply to increase your credit line, which would have to be secured by adding to your security deposit, by calling us at 1-800-347-3085. Your account must be open for 31 days to be eligible to apply to increase your credit line. Please have your bank information ready when you call.
  • What type of credit do I need to qualify for this card?
    This card is for people new to credit as well as people looking to rebuild their credit. To determine if you qualify for an account, we review the information that you provide on the application, information in your credit report, as well as other information we may have about your creditworthiness. If you are not approved, we will provide you with the score we obtained, which credit reporting agency it was obtained from, and the reasons we could not approve your application.
  • Can I be declined for the Discover it ® Secured credit card?
    Yes, as with any credit card, you may be declined based on the information you provide in your application and your credit history. Factors such as income, pending bankruptcy, and debt may impact your ability to be approved. The Discover it ® Secured credit card also requires a security deposit so you would be declined if you do not provide this deposit as part of your application.
  • Will a bankruptcy prevent me from getting approved for the Discover it ® Secured credit card?
    A Chapter 7 bankruptcy on your credit history will not prevent you from being approved for the Discover it ® Secured credit card. Any pending, non-chapter 7 bankruptcy will prevent you from being approved.
  • If I am approved, how long until I receive my secured credit card?
    Once your application is approved, you can expect to receive your card in about 10 days, which is the typical time needed for us to withdraw your security deposit, confirm the funds transfer is successful, set-up your account, and deliver your card via First Class mail.
  • Check out our video to learn more.

    Not sure if a secured credit card is right for you?

    You may want to consider a card without a security deposit like the Discover It ® card or our Discover It ® for students.

    Not sure if a secured credit card is right for you?
    You may want to consider a card without a security deposit like the Discover It ® card or our Discover It ® for students.

    Thanks for checking out the Discover it ® Secured Credit Card! Here’s why you want a Secured Credit Card.

    Because it can help build or rebuild your credit with responsible use 1
    A secured credit card is a real credit card. Not a prepaid card or debit card. Generally, prepaid cards and debit cards do not report to the 3 major credit bureaus. But the Discover it ® Secured Credit Card reports your activity so you can build a credit history.

    That means responsible use today could brighten your choices in the future.

    Your credit card comes packed with Discover it ® benefits
    We believe that annual fees are ridiculous. And we also believe in Cash Back on every purchase, 100% U.S.-based Customer Service and more.

    Once you start building your credit history, you can also get your FICO ® Credit Score for free on monthly statements and online 2 . So you can stay on top of your credit.

    Here’s how it works. It’s easy!
    First, apply today for your secured credit card with a security deposit of $200 or more. Your credit line will match your security deposit, up to the amount we can approve. So if you deposit and are approved for $500, you’ll get a $500 credit line.

    Then use your credit card, earn Cash Back Bonus on every purchase and pay on time each month to help build your credit history. Apply today and enjoy your Discover it ® Secured Credit Card.

    1. Discover reports your credit history to the three major credit bureaus so it can help build your credit if used responsibly. Late payments, delinquencies or other derogatory activity with your credit card accounts and loans may adversely impact your ability to build credit.
    2. FICO ® Credit Score Terms: Your FICO ® Credit Score and key factors are based on data from TransUnion and may be different from other credit scores. This information is intended for and only provided to Primary cardmembers who have an available score. See Discover.com/FICO about the availability of your score. Your score and key factors are available on Discover.com and your score is provided on statements. You will see up to a year of recent scores online starting when you become a cardmember. Discover and other lenders may use different inputs, such as a FICO ® Credit Score, other credit scores and more information in credit decisions. This benefit may change or end in the future. FICO is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

    Here’s how it works

    Apply & provide a deposit

    If approved, secure your line with an equal security deposit. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. 8

    Use your card responsibly

    Be sure to pay your bill on time. To avoid interest charges, pay your balance in full each month.

    Build your credit history

    Using credit responsibly across all of your credit cards and loans,including Discover and others, may qualify you to get your security deposit back. 9

    We review the information that you provide on the application, information in your credit report, as well as other information we may have about your creditworthiness.

    Refundable Security Deposit

    Compare Secured Credit Cards

    Cash back rewards ‐ Discover: 2% at gas stations and restaurants on up to $1,000 in combined purchases each quarter.

    Chart comparisons conducted by an independent research firm and based on competitor info compiled in February 2019.

    Compared card issuers may provide a FICO ® Credit Score or other credit score and other credit information. See issuers’ website for further details. +Discover’s free alerts are based on information from your Experian ® credit report.
    *According to the Feb 2018 issue of the Nilson Report.

    No annual fee

    • 25.24% Standard Variable Purchase APR* applies.

    Discover it ® Secured credit card Footnotes

    * Annual Fee: None. 25.24% standard variable purchase APR. Intro Balance Transfer APR is 10.99% for 6 months from date of first transfer, for transfers under this offer that post to your account by July 10, 2019; then the standard purchase APR applies. Cash APR: 27.24% variable.Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 3% of the amount of each transfer . Rates as of March 29, 2019. We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment.

    ††You earn a full 2% Cashback Bonus on your first $1000 in combined gas and restaurant purchases each calendar quarter. Calendar quarters are defined as the three-month periods beginning January 1, April 1, July 1, and October 1. Gas and restaurant category purchases over the quarterly cap, and all other purchases, earn 1% cash back. Gas and restaurant purchases are those made at merchants classified as gas stations and full service restaurants, cafes, cafeterias and fast-food locations. Purchases coded in categories other than these, including purchases made at warehouse clubs, wholesale distributors, and discount stores, will not qualify. Purchases made using third-party payment accounts, tap-and-pay, mobile or wireless card readers, virtual wallets or similar technology may not be eligible. Rewards are added to your Cashback Bonus account within 2 billing periods. See Cashback Bonus Program Terms and Conditions for further detail.


    SOURCE: http://www.discover.com/credit-cards/secured/

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