The credit union offers a Secured Card, which is a fantastic financial tool that is often overlooked. This credit card has great benefits like no annual fee, no cash advance fees, no balance transfer fees, no over limit fees, a free Reward Program and is accepted wherever MasterCard® is welcomed.
The first and probably most popular reason for obtaining a Secured Card is to establish or work on rebuilding credit. It can be difficult to be approved for a regular credit card (revolving unsecured credit) when you don’t have any credit history or when your credit history contains some negative entries. The Secured Card is easy to qualify for because the funds to pay off the balance are on deposit in your account. As you use the card and make your monthly payments on time, the payment history is reported to the credit bureaus and will help to improve or build your credit score.
Many people are receiving tax refunds this time of year. The Secured Card is a great way to put those funds to work for you. Simply decide an amount you would like to place on deposit in your account and we will provide you a card with a matching line of credit. At this point it is like using any other credit card.
A creative way to use the Secured Card would be for vacation. Many members will save up funds to use as spending money while they travel. One idea would be to place the vacation spending funds on deposit within your account and request a Secured Card against those funds. Using the Secured Card while on vacation will earn reward points to perhaps use towards a future vacation. It is also a good idea to travel with more than one card so carrying the Secured Card in addition to your debit card can be a safety net just in case of an issue.
We have parents that choose to use a Secured Card as a way to budget the amount of money given to their child. The Secured Card is a safer alternative to handing over cash which, if lost, is gone forever. A Secured Card can be a great tool for a child who may be away from home due to school trips, traveling for sports or going away for college.
The qualification process for the Secured Card is minimal. A credit bureau check is necessary and a source of income is required. Easy, right? There is a minimum credit limit amount required of at least $250.00. The funds on deposit securing the Secured Card earn the same interest rate as your savings account. It is also important to remember that if you happen to experience fraud on your Secured Card, you will not be liable for those charges once they are reported to MasterCard. Apply for this great product today!