Discover it® Secured Credit Card Helps Consumers Build or Rebuild Their Credit with Responsible Use
26 January 2016 - 1:00AM
Business Wire
Credit Building Card Comes with the Same
Rewards and Benefits as the Discover it® Card, with No
Annual Fee
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.
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View the full release here:
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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.
“Some secured cards in the marketplace are watered-down versions
of other card products that have annual fees and don’t offer any
rewards,” Scully added. “Discover’s Secured Credit Card comes with
the same rewards and benefits that every Discover it cardmember
enjoys, all with no annual fee.”
The Discover it Secured Credit Card offers:
- No annual fee, no late fee on first
late payment, and no increase to APR for late payment
- Reporting to all three major credit
bureaus
- FICO® Credit Scores for free on monthly
statements and online
- $0 Fraud Liability Guarantee means
cardmembers are never responsible for unauthorized purchases on
their Discover card
- Freeze ItSM – an on/off switch that
cardmembers can access on the Discover mobile app or website to
prevent new purchases, cash advances and balance transfers if they
misplace their card
- Award-winning 100% U.S.-based customer
service available day or night
How the Discover it Secured Credit Card Works
The Discover it Secured Credit Card requires an application and
collateral security deposit to open the account. The credit line is
equal to the amount of the security deposit (minimum of $200;
maximum of $2,500, based on creditworthiness). For example, a $500
deposit equates to a $500 credit line. Unlike many prepaid or debit
cards, the Discover it Secured Credit Card reports to all three
major credit bureaus, enabling cardmembers to build their credit
with responsible use of the card. Cardmembers who manage their
credit responsibly, after a year, may qualify to graduate to an
unsecured line of credit, which would allow them to have their
security deposit returned while continuing to enjoy all the rewards
and benefits of their Discover card.
To learn more about the Discover it Secured Credit Card, visit
Discover.com/securedcreditcard.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover card, America's cash rewards
pioneer, and offers private student loans, personal loans, home
equity loans, checking and savings accounts and certificates of
deposit through its direct banking business. It operates the
Discover Network, with millions of merchant and cash access
locations; PULSE, one of the nation's leading ATM/debit networks;
and Diners Club International, a global payments network with
acceptance in more than 185 countries and territories. For more
information, visit www.discover.com/company.
1 FICO® Credit Scores are disclosed on monthly statements and
online and are based on data from TransUnion and may be different
from other credit scores. Limitations apply to the FICO® Credit
Score benefit. See Discover.com/FICO to learn more. FICO is a
registered trademark of the Fair Isaac Corporation in the United
States and other countries.
2 Intro Balance Transfer APR is 10.99% for six months; then the
standard purchase APR applies. Standard Purchase APR: 23.24%
variable. Cash APR: 25.24% variable. Call 1-800-DISCOVER for
details about credit costs and terms.
3 After the first 12 consecutive billing periods that your new
account is open, we will double all the cash back rewards you've
earned and apply them to your account in the next one or two
billing cycles. This promotional offer is available only to new
cardmembers, and may not be offered in the future. See Discover.com
to learn more.
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DiscoverDerek Cuculich224-405-0665derekcuculich@discover.com
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