Not everyone has the best credit score. As a way to help these people repair their credit history, many banks today are offering secured credit cards. The Arkansas Federal Credit Union makes one of these special credit cards available to their members.
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The Way a Secured Credit Card Works
A secured credit card allows someone with no credit history or a damaged credit history have access to a credit card by requiring a collateral deposit. When the cardholder is first approved for the card, they have to put down a minimum deposit before the credit card is sent to them.
Most providers require a minimum deposit of at least $200. If the cardholder cannot make the deposit immediately, some providers allow them to make regular payments until the required deposit amount is reached. Once the deposit has been made in full the card will be mailed to the cardholder.
This secured deposit protects both the cardholder and the credit card provider. Since the deposit determines the cardholder’s credit line, they cannot default on the card.
Arkansas Federal Credit Union Visa Secure Terms
This credit card offers an annual percentage rate ranging from 14% to 18%. The rate will be determined by the cardholder’s personal credit score. Even at 18%, this is a very low annual percentage rate for a secured credit card.
This same interest rate also applies to balance transfers and cash advances. The fee for foreign transactions is a very low 1%. The returned payment fee for this card is $25. If the cardholder is more than seven days late with their monthly payment, they will be charged a late payment fee of $35.
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