Chip Lupo, Credit Card Writer
@CLoop
The Discover it Secured Credit Card deposit amount is $200 to $2,500. But not everyone approved for a Discover it Secured Credit Card will be able to deposit the $2,500 maximum. Discover approves individual maximum deposit amounts based on each applicant’s creditworthiness and ability to pay. Applicants will not know their maximum deposit amount until the application is approved. At that point, they will be directed to a page to set up the deposit payment. This page will include the approved maximum deposit amount.
Discover it Secured Credit Card deposits can be made through an electronic transfer from your bank account. This is currently the only way to pay the security deposit. Be sure to provide both your bank routing number and account number. You must also agree to transfer at least $200 toward your maximum deposit amount. The application is not considered complete until you submit the deposit information. Discover will initiate a transfer for the deposit amount after the application is completed. You should receive your Discover it Secured Credit Card within 14 days from the date you paid the deposit.
The amount of your Discover it Secured Credit Card deposit determines the card’s credit limit. You can increase your credit limit by adding funds to your security deposit, up to the maximum amount you were approved for when you opened the account. The account must be open for at least 31 days before you can make additional deposits. To add funds to a Discover it Secured Credit Card deposit, call customer service at 1 (800) 347-3085. Be prepared to verify your bank account information when you call.
Discover it® Secured Credit Card
Hector Molina, WalletHub Analyst
@hectormolina
You pay the Discover it Secured credit card security deposit online as part of the application process. Make sure to have your bank routing number and account number handy when you apply.
A minimum of $200 is required to open this account. Your maximum credit limit (up to $2500) will be determined by your income and ability to pay.
Please note that you will get your security deposit back once you “graduate” to an unsecured credit card. Discover will automatically review your credit card account monthly, starting at eight months.
James D Richard, WalletHub Analyst
@b2bfever
It's pretty straightforward. You will be required to place a refundable security deposit up to the amount they can approve (min. $200) which will establish your credit line. You will need to provide your bank information when applying and submitting your security deposit. Since the deposit is refundable, it will be returned upon closing your account.
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