Discover it® Secured Credit Card Helps Consumers Build or Rebuild Their Credit with Responsible Use

Guía de Regalos

Credit Building Card Comes with the Same Rewards and Benefits as
the Discover it
® Card, with No Annual Fee

RIVERWOODS, Ill.–(BUSINESS WIRE)–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.


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.

Contacts

Discover
Derek Cuculich
224-405-0665
derekcuculich@discover.com