If you belong to the GTE Federal Credit Union and you need to rebuild your credit because you have bad credit, or you simply never had credit in the first place, then you’ll want to look at the GTE Federal Credit Union Visa Secured credit card. This credit card is available to any customer of GTE, and no one can be turned down.
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In order to join the GTE Federal Credit Union, you have to live, work, or own a business in Tampa, Florida. More specifically you have to live in Hillsborough County. If you’re related to anyone who is already a member of GTE Federal Credit Union, then you automatically qualify as well.
GTE Federal Credit Union Visa Secured Credit Card Overview
This is a secured type of credit card. For those of you who aren’t familiar with secured credit cards, this is a credit card that requires you to open a bank account with GTE and maintain a balance of at least $500 in that account in order to get the card.
Although you can join the GTE Credit Union with as little as $12 to open an account, the minimum to open a secured Visa account is $500. If you try to remove any money from this account, which you cannot do without actually visiting the bank, your credit card account will automatically be closed. You will still be responsible for paying off the balance of your GTE FCU Visa Secured credit card.
GTE Federal Credit Union Visa Secured Credit Card Terms
Many people are surprised to find that the terms for a secured credit card are the same as they would be for an unsecured credit card. The reason the terms are the same is because your account will be treated like a credit card account with reports being made to all three major credit scoring bureaus.
The credit card interest rate is 16.99%. This rate will be the same no matter what your credit score happens to be, and it’s based on the Prime Rate.
What’s particularly nice about this secured credit card is the lack of fees associated with the card. As is standard with GTE, the only fee is a foreign transaction fee, which is 1% of each transaction. As with any credit card, you’ll pay a fee if you’re late on your payment or if your payment is returned; in this case, the fee is $25.
GTE Federal Credit Union Visa Secured Credit Card Verdict
You’ll find that some credit unions actually offer a lower interest rate for their secured card than other credit card issuers. However, very few have so few fees associated with their card as you will find with the GTE FCU Visa Secured credit card. If you need to rebuild your credit, then the terms of this card are very nice.
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