This review is for the Andrews Federal Credit Union Visa Platinum Secured. The secured card is one of four cards offered by the Andrews Federal Credit Union, and the only one of the four that is a secured card.
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A secured credit card is one that is funded with the cardholder’s money – in other words, if you have a secured card, you are borrowing money from yourself and paying the credit card company interest and any associated fees to hold the money for you.
If you have a poor credit history or are looking to improve your credit score and cannot get a traditional credit card, a secured card may be your best choice. However, with the growth of “bad credit” credit cards, there are more and more options of rebuilding your credit that do not involve putting a large amount of money with a credit card company.
Learn more about managing credit cards and the debt associated with the cards by visiting http://www.mymoney.gov/category/topics/managing-debt-and-credit.html.
Andrews Federal Credit Union Visa Platinum Secured Details
The Andrews Federal Credit Union Visa Platinum Secured card can be funded with up to $10,000 to start. There is no annual fee for the card, and the interest rate is a variable one that equals the Prime rate plus 14.25%.
As with all Visa cards, the Andrews FCU card is protected from fraud in that if an unauthorized charge is made after your card has been reported lost or stolen, you are not liable for that purchase.
Andrews Federal Credit Union Visa Platinum Secured Benefits
The main benefit to opening an Andrews Federal Credit Union Visa Platinum Secured card is the ability to rebuild your credit. Every time you use your card and make you payment on time, your credit score can improve.
Andrews Federal Credit Union Visa Platinum Secured Bottom Line
You can put a large amount of money in the bank and still be able to access it whenever you need it with a check or debit card. Opening a secured card is a last resort when it comes to rebuilding your credit. Be sure to shop around, compare rates and fees, and make an informed decision before tying up your money with a credit card company.
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