Credit Building Card Comes with the Same Rewards and Benefits as the Discover it® Card, with No Annual Fee
Jan 25, 2016
January 25, 2016 (Press Release) –
RIVERWOODS, Ill.–Discover today announced the launch of its Discover it® Secured Credit Card for consumers looking to build or rebuild their credit. The card comes with the same rewards and benefits as the Discover it® Card, including Cashback Bonus® rewards and FICO® Credit Scores for free on monthly statements and online1, all with no annual fee2.
“Some secured cards in the marketplace are watered-down versions of other card products that have annual fees and don’t offer any rewards”
The Discover it Secured Credit Card requires applicants to provide a security deposit, which Discover holds as collateral. After one year as a cardmember, Discover will begin to review Secured Credit Card accounts each month to see if cardmembers can transition to an account that does not require a security deposit. These reviews are based on responsible credit management across all of the consumers’ credit cards and loans.
“We know how essential it is to establish a healthy credit history when applying for a car or home loan, an apartment lease, and when determining interest rates on loans,” said Ryan Scully, Discover’s vice president of marketing. “Discover wants to help consumers build their credit. Our experience shows that 99% of new Discover it Secured cardmembers who didn’t previously have a FICO® Credit Score received one on their Discover statements within nine months.”
The Discover it Secured Credit Card had previously been available as a counteroffer to select online applicants. However, as of today, all consumers can apply at Discover.com/securedcreditcard.
The Discover it Secured Credit Card features 2% Cashback Bonus at gas stations and restaurants on up to $1,000 in combined purchases each quarter, plus 1% Cashback Bonus on all other purchases. In addition, new cardmembers can double all the cashback they earn at the end of their first year as a cardmember3.