If you find you cannot qualify for any unsecured credit cards, then you might want to consider the Eastman Credit Union Visa Secure credit card. You will have to join date Eastman Credit Union in order to qualify.
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The only criterion for joining the Eastman Credit Union is that you live in certain counties in Tennessee or Virginia. You can also work, go to school or own a business in these counties and qualify for an account.
Eastman Credit Union Visa Secure Credit Card Overview
This is a secured credit card; which means it is a card for folks with bad credit. Secured credit cards must follow the same credit card rules established by the Federal Reserve as any unsecured credit card.
The minimum deposit to qualify for the Visa Secure credit card is $300 and the maximum limit is $2,500. If you have an account with Eastman Credit Union and you can provide the minimum deposit, you will not be turned down for this card. What’s more, your payments and increased credit limit via new deposits will be reported to the major reporting credit agencies.
You will be establishing credit for yourself. This will lead to the ability in the near future for you to improve your credit score and qualify for a non-secured credit card. Of course, this also depends upon what is on your credit report.
Eastman Credit Union Visa Secure Credit Card Terms
As with any credit card, the secured card comes with specific terms. The good news is that the Eastman Credit Union has virtually no fees. In fact, the only fee is a late payment fee with the maximum amount of $25. You will not be charged any other fees for using your card.
The interest rate for this card is a fixed APR of 10.9%. There is no annual fee and you have a 25-day grace period to pay off your new purchases to avoid being charged interest for them.
Eastman Credit Union Visa Secure Credit Card Verdict
If you have bad credit and cannot get a credit card, a secured card is the way to go. With virtually no fees, this is an excellent option. The only downside is that the maximum limit is $2,500 and you may be able to do better elsewhere. However, if you intend to carry a balance, this low interest credit card is the way to go.
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