This review is for the American Savings Bank Student Secured Visa. Designed for full-time students looking to build or establish credit, the American Savings Bank Student Secured Visa offers many benefits not available on traditional credit cards.
The American Savings Bank Student Secured Visa is only available to full-time undergraduate or graduate college students who are at least 18 years old.
American Savings Bank Student Secured Visa Benefits
The American Savings Bank Student Secured Visa is ideal for a student who does not want to carry around large amounts of cash, is looking to build credit, and would like the benefits of having a Visa card.
In addition, cardholders can earn points through the TravelAwards Plus Program, which they can redeem for many different rewards, including gift certificates, travel packages, and other merchandise.
The American Savings Bank Student Secured Visa is funded with a contribution from the student. That amount must be at least 110% of the cards limit. For example, a card with a $1,000 credit limit must be secured with at least $1,100. This money is held in a savings account with the American Savings Bank and does earn interest.
Cardholders can access their money through cash advances at ATM’s throughout the world that show the Visa logo, and can receive a replacement card 24 hours day.
In addition, students will receive free access to the credit card account online, free statements through email, zero liability for unauthorized purchases, travel insurance, as well as rental car insurance.
American Savings Bank Student Secured Visa Details
The American Savings Bank Student Secured Visa card offers a fixed annual percentage rate of 15.00% and monthly payments that may be made on an automatic basis. The interest rate on the savings account and the APR are not published online. Interested customers must call the American Savings Bank customer service department to get a current list of rates.
American Savings Bank Student Secured Visa Bottom Line
While the American Savings Bank Student Secured Visa card is geared towards a college student looking to rebuild his or her credit, it can still be an expensive card to own. The money available on the card is a security deposit, so a cardholder is borrowing money from himself and the paying a bank interest to borrow it.
If disciplined enough, an individual can put the money into a bank account rather than on a secured card and access their money on their terms with no additional costs.
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