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.
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.
A security deposit on a credit card protects the card’s issuer by preventing the user from spending more than he or she can afford to pay back. Since the amount of a credit card’s security deposit usually acts as its credit limit, placing a deposit basically amounts to pre-paying your purchases. This reduces the issuer’s risk and prevents the need for high fees. And given that a credit card’s security deposit is fully refundable, minus any outstanding balances, placing one is usually preferable to paying an annual-, monthly- or application-processing fee. For more information, check out WalletHub’s secured credit card guide: … read full answerhttps://wallethub.com/edu/secured-cards/19575/.
The best secured credit card with a low deposit is the Secured Mastercard® from Capital One because new cardholders may be able to put down either $49, $99 or $200 and still get a $200 credit line, which would make the card only partially secured. And there’s a $0 annual fee.… read full answer
Other secured cards don’t have the potential to be quite as cheap, but there are a few really good options with a $200 deposit minimum. That’s still pretty low compared to the many secured cards that ask for $300-$500+.
Here are the best secured credit cards with low deposits:
Discover it® Secured Credit Card: $200 minimum deposit ($2,500 max). $0 annual fee and 0% foreign transaction fee. 2% cash back on the first $1,000 spent at restaurants and gas stations per quarter. 1% back everywhere else. First year’s rewards matched.
The Secured Mastercard® from Capital One doesn’t guarantee a low deposit, but it does offer the chance of one. If your credit is toward the bottom of the bad credit range, you’ll probably still have to put down a $200 deposit. But the higher your credit score is, the better chance you’ll have of being assigned a $49 or $99 deposit.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.