The Community First Credit Union Shared Secured Visa Credit Card is a great choice for someone that has never had a card before and wants to prevent any overspending. This is also a good choice for someone that has damaged their credit score and is looking for a way to repair it and get their financial life back on track.
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It can be hard for people with no real credit history or damaged credit. That three-digit number can mean the difference between getting a home loan and having to stay in an apartment. It can even mean the difference between getting a job and having to continue the search. Since having the best credit score possible is so important, people should stay as informed on the subject as possible. Advice from experts such as Suze Orman can help with this.
How a Secured Credit Card Works
With a secured credit card, the cardholder must provide a security deposit of sorts as collateral. Their credit limit is the same as their deposit amount. The credit card provider usually requires a minimum amount for the deposit before they will issue the card.
It is important for the cardholder to know what type of account their deposit will be kept in because this can influence their decision if they are thinking about canceling the card. When the cardholder cancels the card, the deposit is refunded. Most providers keep the deposit in a regular saving or money market account. If the provider keeps the deposit in a Certificate of Deposit, the cardholder could be charged a fee for canceling the card early.
After a few months of using a secured credit card responsibly, the provider might upgrade the cardholder to an unsecured card automatically. In addition, they might increase the card’s credit limit without requiring an additional security deposit.
Interest for this Secured Credit Card
Since the cardholders that have secured credit cards have such low credit scores, their interest rates are higher. This secured card has an interest rate of 15.99%. While this is higher than the rates of the other credit cards offered by this credit union, it is pretty low compared to other secured cards.
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