A secured credit card, like the one offered by the Chartway FCU, is specifically designed to help people with no credit history or a damaged credit score improve their credit score. Having a good credit score is necessary for everything from getting a loan for a car, a home, or even being able to get a cell phone.
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The credit card chaser will give you a side-by-side comparison of the rates and terms of these credit cards. If you want to compare the customer ratings of those cards, you can go JD Powers and Associates website
The Terms for the Chartway FCU Share Secured Visa Credit Card
This secured credit card has an annual percentage rate of 17.89 percent. While this is high compared to most unsecured credit cards, it is a pretty decent interest rate for a secured card. Unlike most secured credit cards, the Chartway Secured card has no annual fee and no fees for balance transfers and cash advances.
To qualify for this card the cardholder has to be a member of the Chartway Federal Credit Union. They also have to be at least 18 years old.
The Way a Secured Credit Card Works
With this type of credit card, the cardholder has to put down a deposit to act as collateral for the account. This security deposit prevents the cardholder from defaulting on the card and damaging their credit score further.
The amount of money the cardholder puts down to secure the account will determine the credit limit for the card. The minimum amount that the cardholder can put down with this card is $500 and the maximum is $5,000. If the cardholder handles the account responsibly for an extended period of time, the card provider will eventually review the account and determine if they are eligible for an unsecured card.
Use the credit card chaser now to find the best online credit cards and compare them to Chartway’s secured credit card!
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