This review is for the American Airlines Federal Credit Union Visa Platinum Secured Credit Card, one of the three cards offered by the AAFCU and the only one of the three that is a secured card. A secured card is just as it sounds – the available credit is determined from the money you deposit for the card, thus securing it.
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The AAFCU Visa Platinum Credit Card and the AAFCU Visa Platinum Rewards Credit Card are also available through the credit union, which requires that you or a family member be a current or past employee of American Airlines or another company affiliated with the transportation industry.
American Airlines Federal Credit Union Visa Platinum Secured Card Details
The AAFCU Secured Visa Card offers a fixed standard annual percentage rate of 12.24%. This rate will jump to 18% if you are late with a payment. In order to get the card secured, you must deposit anywhere from $250 to $5,000 into an interest-earning saving account.
The amount that you deposit will become your credit card limit, and you can use the AAFCU secured card to make purchases that take money out of your account.
American Airlines Federal Credit Union Visa Platinum Secured Credit Card Benefits
The benefits of the AAFCU credit card are to help you build your credit history back up. Many times poor credit choices can lead to difficulty securing a regular credit card, and you must give your own money to secure a credit line.
Although this might not seem ideal, it does allow you to build your credit score back up as the AAFCU card will be reported to all three major credit-reporting agencies.
In addition, like the other AAFCU cards, the secured card receives zero liability protection, which means you will not be held liable if you card is lost or stolen and unauthorized purchases are made.
American Airlines Federal Credit Union Visa Platinum Secured Credit Card Bottom Line
Like other secured cards, the AAFCU secured Visa offers some benefits, but is still a secured card that must hold your money in order to work. With the growing use of debit and check cards, you can put your money into a bank account and use your check card for purchases and in turn, not have to pay interest on borrowing your money.
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