Secured credit cards are generally reserved for people who have poor credit and are looking to rebuild their credit. Secured cards are also for people who might be just starting out in life and have not built up any credit. Either way, most secured cards tend to charge high interest rates and little benefit to customers. However, this is not the case with the Visa Platinum Secured Card from First Community Credit Union of Houston.
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FCCU of Houston Visa Platinum Secured Card Rates, Fees and Benefits
The Visa Platinum Secured Card from FCCU of Houston offers an extremely low introductory annual percentage rate of 2.9%. This promotional rate is valid for the first year that the account is open, and when that initial period is complete, the interest rate will increase to the regular rate. This rate is variable and depends on many factors, including your credit score.
The interest rate on your Visa Platinum Secured Card is the same on purchases as it is for cash advances and balance transfers. This means that if you have a high interest credit card, you can transfer the balance onto your FCCU Visa Secured Card to save money on interest.
First Community Credit Union of Houston Visa Platinum Details
As with all credit cards that are secured, you must make the initial deposit in order to open the account and establish the credit line. In many cases, this amount must be at least $500 and sometimes can be as much as $10,000.
Keep in mind that if you have $10,000 in available cash to open a secured type of credit card, you may be better off simply using that money to pay off existing cards. Balance transfers make sense when you are using another credit card, but it is more financially sound to pay off your cards. In addition, FCCU of Houston also charges a balance transfer fee of 2% on top of any interest you are paying.
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- First Community CU of Houston Visa Platinum Credit Card
- First Community CU of Houston MasterCard Platinum Rewards Credit Card
- First City Credit Union Share Secured Visa Platinum Credit Card
- First Community Credit Union Visa Classic Secured Credit Card
- First Community Credit Union Visa Platinum Credit Card
- First Community Credit Union Visa Gold Credit Card
- First Community Credit Union Visa Platinum Preferred Credit Card