If you are looking for a secured credit card with low fees that provides you with the ability to graduate to a non-secured credit card when your credit is good enough, then you will want to investigate the possibility of the Earthmover Credit Union Visa Secured credit card. Read on for an overview of this card, the terms it offers, and a final verdict to help you decide if this is the best credit card for you.
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Credit card that are secured are typically used by people who are trying to rebuild their credit after a bankruptcy, foreclosure, or judgment. However, those of you with no credit can also build credit with your first credit card by using a secured one like this.
Earthmover Credit Union Visa Secured Credit Card Overview
A secured credit card is a credit card that requires you to place a balance of money into a savings account. This account is your collateral to ensure that you make payments on your credit card.
Earthmover Credit Union requires a minimum deposit of $150 in order to qualify for the secured credit card. There is no cap on the amount of money you can put in your account. Whatever amount is in your account is the amount of credit you have on your credit card.
As with any credit card, when you use this card, you’re depleting your credit limit. You are required to make monthly payments just like a regular credit card. Your compliance with your terms is reported to all three major credit-reporting agencies. If you miss a payment or default on your payments this is also reported to the major credit reporting agencies.
As your credit score improves, your interest rate will go down. The interest rate for this card is low; however, Earthmover does not say what that interest rate will be. According to the Federal Reserve credit card rules, your interest rates will be disclosed to you before you are approved for a credit card.
Earthmover Credit Union Visa Secured Credit Card Terms
The terms for this credit card are not disclosed on the Earthmover website. Because this is a credit union, you can probably guess correctly that this is a low interest credit card. You will find this card has no maintenance fees associated with it.
Earthmover Credit Union Visa Secured Credit Card Verdict
If you have bad credit, you can’t do much better than getting a credit union secured credit card for bad credit like this one. You do have to be a member of this credit union in order to qualify. You will still want to compare the terms for this credit card with other secured credit cards.
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