Discover does not have a secured business credit card. Its only secured card is the Discover it Secured Card, which is designed for consumers with bad credit. Discover’s lone business offering, the Discover it Business card, is unsecured. It is available to small business owners with excellent credit.
Business owners are allowed to use a personal credit card for business purposes. So if you have bad credit, you could opt for the Discover it Secured Card even though it’s not a business credit card. This card, however, is better suited for small businesses that don’t require much spending power. You will have to put up a security deposit of at least $200. The amount of the deposit will determine your credit limit. You can add to the security deposit, up to a $2,500 maximum to raise your credit limit.
There are several types of Discover cards spanning a wide range of categories; cash back, travel, low interest, student, business, bad credit and more. All Discover cards have $0 annual fees and 0% foreign transaction fees. Plus, Discover matches all rewards earned during the first year for all their cards.
Discover is a card network, yet it also issues its own credit cards. All Discover cards offer a minimum of 1% cash back in rewards on purchases. Some cards give 5% cash back on purchases in select bonus categories that rotate each quarter, require activation and have quarterly limit. Others offer 2% back on certain categories, up to a quarterly limit. Depending on the card, you may also get introductory 0% APRs for a certain period on purchases and/or balance transfers (followed by a regular standard rate).
Discover offers credit cards for nearly every need and preference imaginable. With the exception of Discover it Secured Credit Card (bad/no credit) and the student cards (limited/fair credit), you need a minimum of good credit to get a Discover card. The downside is that Discover cards aren’t as widely accepted abroad as credit cards on the Visa and Mastercard networks.
The Discover Secured Credit Card’s requirements for approval are straightforward and fairly easy to meet, even with bad credit. Discover it Secured merely requires a bank account, some income to balance out any debt and a lack of bankruptcy in your history.
As a result, the Discover Secured Card’s approval requirements are more relaxed than any other Discover credit card’s. And it’s a great choice for either rebuilding bad credit or building credit from scratch.… read full answer
Still, approval isn’t guaranteed. So it’s worth taking a closer look at the factors that could lead to rejection before you apply.
Here are the Discover Secured Credit Card’s requirements:
A bank account. You use this to pay the security deposit. And you’ll need to be able to deposit at least $200 to be approved.
Some form of income. This isn’t that huge of a factor, as Discover has your deposit as collateral if you don’t pay them back. But Discover does say you can be denied if your income is too small.
As little debt as possible. You can definitely have debt and still get approved for this card, but having an overwhelming amount might disqualify you.
No pending bankruptcy. You can get approved with a completed bankruptcy on your credit report, but not if it’s still pending.
So the Discover Secured Card’s approval requirements aren’t all that high, but there’s still always a possibility of rejection. That’s why I recommend checking your credit score and report before you apply, to get a better grasp of your situation. And don’t forget that if you do get rejected, you can ask for reconsideration by calling Discover at 1-800-347-2683.
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