Discover it Secured Credit Card Review

The Discover it® Secured Credit Card categories for bonus rewards are gas stations and restaurants. Purchases that fall into the Discover it Secured Credit Card bonus categories get cardholders extra rewards compared to the card's base earning rate, up to a quarterly limit.

Whether a purchase falls into a card's bonus categories depends on “Merchant Category Codes,” which are assigned by the major credit card networks to merchants based on what kind of business they conduct. So if a merchant has the MCC for “gas,” for example, purchases made at that merchant will earn bonus rewards on cards that include “gas” as a bonus category.

When choosing a rewards credit card, it's a good idea to pick a card that offers the opportunity to earn bonus rewards in your most frequent purchase categories. So if you spend a lot in the categories offered on the Discover it Secured Credit Card, it may be a good card for you.

The Discover it Secured Credit Card phone number is 1 (800) 347-2683. This is the general customer service number for all Discover credit cards. Live customer service representatives are available to answer account-related questions 24 hours a day, 7 days a week. For calls from outside the U.S., the Discover it Secured Credit Card number is 1 (224) 888-7777.

When you call, a U.S.-based customer service representative will route your call to a department specific to your account issue. You can also contact Discover it Secured Credit Card customer service via live chat, secure message, or regular mail. Visit the Discover Help Center for a complete list of contact information.

Yes, the Discover it Secured Credit Card reports to all three of the major credit bureaus: TransUnion, Equifax and Experian. This will be reported within days after the end of your monthly billing period. 

After the Discover it Secured Credit Card account information has been reported to the credit bureaus, it may take a few days before the updates appear on your credit report. 

If used responsibly, this credit card will surely help you rebuild your credit.

Your Discover it Secured Credit Card approval odds are good, even with bad credit. The Discover it Secured Credit Card was designed for building or rebuilding credit, which means you can get it despite being a newcomer or having a bad score. But nothing is guaranteed. You can estimate your approval odds by checking both your latest credit report and your personalized credit analysis, which you can get by signing up for a free WalletHub account.

In general, secured cards have the highest approval rates of any credit cards because there's little to no risk to the issuer. They can just keep your security deposit if you don't pay your balance, after all. If you do get denied, Discover will tell you exactly why in their response. But you don't necessarily have to give up there. You're allowed to call Discover and ask them to reconsider your application.

And if you're still denied after reconsideration, you're not completely out of options. Becoming an authorized user on a friend's or family member's credit card account can help improve your credit, at least to the point where you can qualify for your own card. You may also want to check out our "guaranteed approval" credit cards page to see if there are any offers available that don't require a credit check.

​There are two ways to get a Discover secured card credit increase: 1) add money to your security deposit or 2) graduate to an unsecured card after consistent on-time payments. But depositing more money is certainly the easier and more immediate way to get a Discover it Secured Credit Card limit increase. You're unlikely to graduate to an unsecured card (i.e. get your deposit back) for at least 7 months.

You can find more info on both options below, starting with the more accessible of the two.

Here's how to get a Discover it Secured Credit Card credit limit increase:

1. Add to Your Deposit – Discover it Secured Credit Card's deposit can be as little as $200 or as much as $2,500. And your spending limit will equal whatever you put down. So if you deposited less than $2,500 at the start, adding to you security deposit will result in a credit limit increase. Specifically, your limit will increase by the amount you add.

To deposit additional funds, you'll need to log in to your Discover account or call Discover customer service at 1-800-347-2683. Bear in mind it's possible that Discover could deny your deposit if you haven't been paying on time.

2. Pay On Time for 7+ Months – Starting 7 months into your account, Discover will take a basic look at your credit and payment history. If they like that they see, Discover may choose to graduate you to an unsecured card. If that happens, they'll return your security deposit and you'll have an equal or higher unsecured credit limit.

Exactly how high that credit limit will be depends on Discover's evaluation of your credit. And if a year has gone by and you've been consistently paying on time but haven't been contacted by Discover, there's no harm in calling them up and inquiring about graduation.

Finally, you can always apply for another card from a different issuer. Your credit line will be separate, but you'll have a higher amount of total credit.

Your Discover it® Secured Credit Card may graduate to unsecured as soon as seven months (6th billing cycle) after account opening, assuming you pay your monthly bills on time and otherwise manage your finances responsibly. But there's no guarantee when, or if, it will happen. It all comes down to Discover's determination of your creditworthiness. After the seven-month mark, Discover's credit analysts will periodically review both your account and your overall credit history to see whether it's appropriate to refund your security deposit, thus graduating you to an unsecured card. But there are some steps you can take to improve your odds.

Here's how to become a Discover it Secured Credit Card graduate:

1. Pay on time. This is probably the most important part of the process. You must have 6 consecutive months of on time payments to your account. If you don't pay your Discover it Secured Credit Card bills by the due date, you won't even be considered for graduation.
2. Use your card responsibly. Maintaining low credit utilization will indicate to Discover that you can handle an unsecured card. So aim to use only 30% or less of your Discover it Secured Credit Card's limit.
3. Maintain a good status: You must maintain 6 consecutive months of good status with your Discover account(s) and all your other credit accounts.
4. Improve your other finances. Adding to your income and paying down debt will improve your creditworthiness as a whole, making you a better candidate for an unsecured card.

If you do graduate, you should receive your full deposit back within 5-7 business days after your account is converted. If you haven't received it during this time, call Discover customer service at 1-800-347-2683 for assistance.

And lastly, if it's been over a year and you've always paid on time but haven't heard from Discover, you should give them a call to inquire about graduating. Even if they say no, it doesn't hurt to ask.

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 much easier to meet. Plus, it's a great choice for either rebuilding bad credit or building credit from scratch.

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.

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.

For the Discover it Secured Credit Card, and most other secured cards, your limit is the same as the amount you deposit. So, if you put down $200, then that's what you'll be able to spend.

That's why secured cards are easier to get: there's almost no risk to the lender itself, because they have your deposited money as collateral.

You may be denied for the Discover it Secured card based on your credit history and the information entered on your application. Common reasons could be pending bankruptcies, tax liens or a high level debt in relation to your income. Discover it Secured requires a security deposit to open the account, so your application would be denied if you don't put up a deposit of at least the $200 minimum.