How can I pay my Discover it Secured Credit Card deposit? This question is about the Discover it® Secured Credit Card

How can I pay my Discover it Secured Credit Card deposit?

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This question is about the Discover it® Secured Credit Card

Chip Lupo, Credit Card Writer

@CLoop • 12/09/22 This answer was first published on 04/01/20 and it was last updated on 12/09/22.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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 12-14 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. You can make additional deposits any time after opening the account. 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.

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When do I get my Discover it Secured Credit Card deposit back?

You will get your Discover it Secured Credit Card deposit back before closing your account, once you pay your balance in full. You should receive your deposit refund within two billing cycles plus 10 days of doing so. Any unpaid balance will be subtracted from your security deposit refund.

There’s a possibility you will get your Discover it Secured Credit Card deposit back while your account is still open, if you use the card responsibly. After the first 7 months of account activity, Discover will review your account on a monthly basis to determine if you’re eligible for a refund.… read full answer

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How does a security deposit on a credit card work?

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 answer https://wallethub.com/edu/secured-cards/19575/.

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What's a good secured credit card with a low deposit?

One of the best secured credit cards with a low deposit is the Capital One Platinum Secured Credit Card 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. Plus, there’s a $0 annual fee.

Other secured cards don’t have the potential to be quite as cheap, but there are a few really good options with a $200 minimum deposit. That’s still pretty low compared to several secured cards that ask for $300-$500+. … read full answer

Here are some good secured credit cards with low deposits:

Lowest Deposit: Capital One Platinum Secured Credit CardCapital One Platinum Secured Credit CardLearn MoreLearn Moreon issuer's website

The Capital One Platinum Secured requires a $49, $99 or $200 minimum deposit. This card has a $0 annual fee and $0 foreign transaction fees. The Capital One Platinum Secured has a $200 starting credit limit.

Beginners: Citi® Secured Mastercard®Citi® Secured Mastercard®Learn MoreLearn More

The Citi Secured requires a $200 minimum deposit. The card has a $0 annual fee and 3% foreign transaction fees.

No Credit Check: OpenSky® Secured Visa® Credit CardOpenSky® Secured Visa® Credit CardLearn MoreLearn Moreon issuer's website

The OpenSky requires a $200 minimum deposit. The card has a $35 annual fee. OpenSky foreign transaction fee. There is no credit check when you apply.

Rewards: Capital One Quicksilver Secured Cash Rewards Credit CardCapital One Quicksilver Secured Cash Rewards Credit CardLearn MoreLearn Moreon issuer's website

The Capital One Quicksilver Secured requires a $200 minimum deposit. This card offers 5% cash back on hotels and rental cars booked through Capital One Travel, as well as 1.5% cash back on all other purchases. The Capital One Quicksilver Secured has a $0 annual fee and $0 foreign transaction fees.

It’s worth noting that the Capital One Platinum Secured 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 low deposit.

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