Discover it® Secured Credit Card vs. Bank of America® Customized Cash Rewards Secured Credit Card*
TheBank of America® Customized Cash Rewards Secured Credit Card* earns 3% cash back in a category of choice: gas and EV charging, online shopping, dining, travel, drug stores or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; unlimited cash back on all other purchases. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. Like Discover, Bank of America periodically reviews cardholder credit to evaluate if the secured status can be lifted from the card. The standard rate APR is 28.24% variable.
When leveraged correctly, the Bank of America® Customized Cash Rewards Secured Credit Card* offers reward potential beyond that of the Discover it® Secured Credit Card. With a higher reward rate and cap on purchases eligible for bonus rewards, the card competes well with many unsecured cards. However, the Discover it® Secured Credit Card will give the Bank of America® Customized Cash Rewards Secured Credit Card* a run for its money when it comes to rewards earned in the first year.
Discover it® Secured Credit Card vs. U.S. Bank Cash+® Secured Visa® Card*
The U.S. Bank Cash+® Secured Visa® Card* offers a choose-your-own-category rewards adventure. The card earns 5% cash back on the first $2,000 in combined eligible purchases each quarter in two categories of choice, 5% cash back on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center, 2% cash back on eligible purchases in choice of one everyday category (like gas stations, grocery stores and restaurants) and 1% cash back on all other eligible purchases.
For those capable of paying close attention to spending and leveraging the rewards in a useful way, the card offers excellent reward potential. Whether or not the card’s rewards can compete with the Discover it® Secured Credit Card’s rewards will depend on individual spending habits. When running the numbers, don’t forget Discover’s reward bonus at the end of the first year of account ownership.
Discover it® Secured Credit Card vs. Petal® 1 “No Annual Fee” Visa® Credit Card*
ThePetal® 1 “No Annual Fee” Visa® Credit Card*, issued by WebBank, isn’t a secured card, but it is designed for those with less robust credit, so it makes sense to compare it to the Discover it® Secured Credit Card. As an unsecured card, the Petal 1 card bases approval on several factors, including your banking history and other financial metrics. The card offers credit limits between $300 and $5,000 and a 25.24% - 34.74% variable APR.
Note that the Petal 1 only earns cash back at select merchants. With the Discover it® Secured Credit Card, cash back is reliable and easy to earn. For some, the Petal 1 may not be an option until credit improves. But for those who qualify, it’s worth considering the benefits of an unsecured card over a secured card.
Evaluate Credit Cards Side By Side
FAQs
Based on 2022 Discover it Secured credit card application data, applicants without a credit score may qualify. You must meet other applicable underwriting criteria. When we evaluate your creditworthiness, we consider all the information you provide on your application, your credit report, and other information.
What credit score is needed for a Discover secured card? ›
The Discover it® Secured Credit Card is a no-annual-fee secured credit card for people looking to either improve their credit or build their credit history. Therefore, there is no minimum credit score required to qualify for the card.
What is the highest credit limit on a Discover it secured card? ›
As with all secured cards, the credit limit on the Discover it® Secured Credit Card is tied directly to the deposit amount. The minimum deposit amount is $200 and the maximum is $2,500. To increase the credit limit on the Discover it® Secured Credit Card, a cardholder can increase the deposit amount.
Can you get denied for a Discover secured card? ›
Check why you were denied for a secured card
If you apply for a secured credit card (or any credit card) and are turned down, the credit card issuer is required to provide you with a letter explaining why your application was declined.
Why was i declined for Discover Secured card? ›
If you have a long history of late or missing payments, delinquent accounts and/or bankruptcy, a prospective lender will have a harder time taking a chance that you'll be a reliable borrower. In this case, the lender may say no and you'll need to rely on other means to build your credit history.
What is the easiest secured credit card to get? ›
The Discover it® Secured Credit Card is our pick for the easiest credit card to get because it is designed for people with limited/poor credit scores. It comes with a $0 annual fee, great cash back rewards and a sign-up bonus for new cardmembers.
Can I get a Discover card with a 550 credit score? ›
You can get a Discover credit card with any credit score or even no credit history at all. Discover has credit card options to fit every consumer. If you have bad credit or no credit history, you could get a secured card with Discover.
What is the income requirement for Discover it secured card? ›
The Discover it Secured Credit Card's income requirement is a minimum of $10,000 annually unless you're a college student. For students, there's usually no proof of income required in order to be approved for the card.
Does Discover Secured Card do a hard pull? ›
WalletHub, Financial Company. Yes, the Discover it® Secured Credit Card will do a hard pull. You can apply for it with bad credit though. You can prequalify for the Discover it Secured Credit Card on Discover's pre-qualification page, which will not affect your credit score as it will be a soft pull.
Is it bad to max out a secured credit card? ›
Once you pay your security deposit, you can start using your secured credit card, but use it wisely. Avoid maxing out your credit card and keep your balance low to maintain a good credit utilization ratio.
While secured credit cards require you to provide a security deposit that usually establishes your spending limit, they can be used to cover many of the same transactions as unsecured credit cards, including renting a car.
How long does it take for a Discover secured card to become unsecured? ›
With the Discover it® Secured Credit Card, you can upgrade to an unsecured card after six consecutive on-time payments and six months of good status on all of your credit accounts.
Is Discover good for building credit? ›
Builds credit with responsible use: Discover reports your credit history to the three major credit bureaus so it can help build/rebuild your credit if used responsibly.
Is it easy to get approved for Discover Secured Card? ›
For example, there's no credit score required to apply for a Discover it® Secured Card. Generally, the minimum credit score needed for a secured card is lower than the minimum score you need to qualify for an unsecured credit card, or a credit score may not be required at all.
What is the minimum income for Discover it card? ›
No, there is no minimum income required to get approved for Discover it® Cash Back. When it comes to income, what you need to demonstrate is your ability to make at least the minimum monthly payments and to repay any balance you may incur. Moreover, a good credit score or better is required to get this card.
