This review is for the Fairwinds Credit Union Visa Secured Credit Card. It is one of the three credit cards available through the Fairwinds Credit Union, but is the only one that is secured. If you secure a credit card this means it is funded by an initial deposit from you, the cardholder. If you are looking for a traditional credit card from Fairwinds Credit Union, you can apply for either the Visa Platinum Credit Card or the Visa Platinum Rewards Credit Card.
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Fairwinds Credit Union Visa Secured Credit Card Details
In general, people apply for and receive secured credit cards when they are unable to obtain a traditional credit card due to their credit history. In most cases, the secured card can help you re-establish or build up your credit.
Keep in mind that when you are using your Fairwinds Credit Union Visa Secured Credit Card, you are actually borrowing money from yourself and in turn paying interest to the credit union for holding your money.
Learn more about secured credit cards by reading the recently conducted secured credit card survey by Consumer Action.
Unlike the two traditional cards offered by Fairwinds Credit Union, the secured card requires that your minimum payment is 4% of your total balance rather than 2%. You however, can use the card at the millions of places worldwide that Visa cards are accepted.
Benefits with the Fairwinds Secured Credit Card
Using the Fairwinds Credit Union Visa Secured Credit Card entitles you to all the protection and insurance programs offered through Visa. These include car rental insurance coverage, protection through the Zero Liability credit card program, and roadside assistance.
The Fairwinds Credit Union Visa Secured Credit Card also allows you to set up automatic payments from your checking or savings account so you never miss a payment.
Fairwinds Credit Union Visa Secured Credit Card Bottom Line
While secured credit cards can help you rebuild credit, remember that you must make a substantial initial deposit in order to receive a card. Once you have the card, you are only borrowing your own money and paying the bank interest and any fees. Other options are available, such as opening a checking account and using a debit card, so be sure to look at all your choices before making a decision.
Use the credit card chaser now to view online credit cards to help you rebuild your credit!
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