Discover's venerable secured credit card has undergone a makeover, including new deposit requirements, new rewards and even a slightly different name.
The revamped Discover it Secured Cash Back Credit Card now allows for a security deposit as low as $49 if you qualify. Previously, Discover's secured card had a $200 minimum deposit for all applicants.
Under the new rewards structure, the card earns 5% cash back in quarterly categories that you must activate online, on up to $1,500 in spending per quarter; non-bonus-category spending earns 1% back. If that sounds familiar, that's because it's the same as on other well-known Discover cards — including the Discover it® Cash Back and the Discover it® Student Cash Back. The card also comes with Discover's standard bonus offer, which matches your cash back earned in the first year.
The changes are the latest of many since Capital One's acquisition of Discover in May 2025. For now, these updates apply only to new cardholders. Holders of the original "Discover it® Secured Credit Card" can continue to use that card with its previous rewards structure and the same terms it has always had, a Capital One spokesperson spokesperson in an email.
Here’s what new cardholders can expect.
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Because Discover is now part of Capital One, the Discover it Secured Cash Back Credit Card will be managed through the Capital One site and mobile app. What's new?
A potentially lower deposit you can fund over time
Typically with a secured credit card, the amount you provide as a security deposit becomes your credit line: Put down $200 as collateral and get a $200 credit limit; put down $400, get a $400 limit. That was the case with the original Discover secured card, which required at least $200, all paid upfront.
But now, depending on your creditworthiness, you might be eligible for a $200 credit limit with a security deposit as low as $49 or $99. (Some applicants will have to put down the full $200 minimum.)
"Once approved, cardholders have 35 days to fund their security deposit online, with the option to pay in full or in manageable increments of $20 or more," a Capital One spokesperson said in an email. "Deposits are held securely and fully refunded when cardholders establish a positive track record and graduate to an unsecured card, or upon account closure in good standing."
Those two features — a deposit as low as $49 and flexibility in funding the deposit — weren't available on the previous version of Discover's secured card, although they've long been available on the Capital One Platinum Secured Credit Card.
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Discover it Secured Cash Back Credit Card accounts will be reviewed periodically for potential graduation to a regular card. But Discover no longer promises automatic account reviews at the seven-month mark to determine whether you're eligible to transition to an unsecured line of credit and get your deposit back. A different rewards structure
The Discover it Secured Cash Back offers the opportunity to earn more rewards in quarterly categories that may better align with your spending, as long as you remember to activate those categories every three months. You'll also have the opportunity to earn elevated rewards in ongoing bonus categories. Here's how the rewards structure differs between the old and new versions of the card:
NEW REWARDS
- 5% back in rotating quarterly categories, on up to $1,500 in purchases each quarter when you activate.
- 5% cash back on hotels, rental cars, and activities booked directly through Capital One Travel.
- 5% cash back on sports, concert, and theater tickets booked through Capital One Entertainment.
- Up to 15% cash back on qualifying online shopping purchases with partner retailers through Capital One Offers.
- All other purchases earn 1% back.
PREVIOUS REWARDS
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter.
- 1% cash back on everything else.
Discover typically announces the quarterly categories a month before they take effect. Here are the categories for the current year:
Discover bonus rewards categories for 2026 | ||
|---|---|---|
Q1 (Jan. 1-March 31) |
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Q2 (April 1–June 30) |
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Q3 (July 1–Sept. 30) |
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Q4 (Oct. 1–Dec. 31) |
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What's staying the same?
Several key features remain from the previous Discover secured card to this one, including:
- A $0 annual fee.
- No late fee on the first missed payment. (After that there’s a fee of up to $41.)
- Discover's "cash-back match" welcome offer that gives you an unlimited dollar-for-dollar match of all the cash back you earn at the end of your first year.
- Cash-back rewards that never expire and can be redeemed in any amount.
- No credit score requirement to apply, though Discover may review any available scores.
- Payments reported to all three major credit bureaus (TransUnion, Equifax and Experian), a key step in establishing credit.
- A returned deposit after establishing a positive track record and an upgrade to the Discover it® Cash Back.
Information about the Discover it Secured Cash Back Credit Card and the Discover it® Secured Credit Card has been collected by NerdWallet and has not been provided or reviewed by the issuer of these cards.
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