The Discover it Secured Card is a practical choice for anyone aiming to establish or boost their credit while enjoying added perks. With a minimum security deposit starting at AED 735 (approx. $200), your deposit determines your credit limit. The variable APR is 28.24%, and the standout feature is that there’s no annual fee. For those who make responsible payments and maintain a solid history, Discover may offer an upgrade to an unsecured credit card, which can help accelerate your journey to stronger credit.

How to Apply for the Discover it Secured Card

• Prepare your personal identification and financial documents.
• Visit the online application page and fill in your details.
• Submit your initial security deposit, which will set your credit limit.
• Review the card agreement and confirm your application.
• Wait for approval and card delivery by post.

Pros of Discover it Secured Card

One significant benefit of this card is the automatic monthly reporting to all major credit bureaus, making it an effective tool for building or rebuilding credit history.

Additionally, the card offers cash-back rewards on regular purchases, which is quite rare for secured credit cards. The absence of an annual fee helps users keep ownership costs low while enjoying these perks.

Cons of Discover it Secured Card

First, the interest rate is relatively high, with a variable APR of 28.24%. Carrying a balance will quickly result in considerable interest charges if not managed carefully.

Moreover, you must provide a cash deposit up front, which might tie up funds that could otherwise be used elsewhere. Approval criteria also require a fair credit score, so it’s not accessible to all applicants.

Our Verdict

The Discover it Secured Card stands out among secured credit cards for its rewarding features and responsible reporting. It is well-suited for those eager to demonstrate good credit habits and earn cash-back simultaneously.

If you’re aiming to move towards an unsecured card while benefiting from excellent customer support, this card is a smart move. However, remember always to pay your balance in full each month to avoid interest charges and maximise the benefits.