A secured credit card like the Visa Shared Secured card offered by the HAPO Community Credit Union is a great credit card choice for anyone that is trying to build or rebuild their credit score. This type of card requires the credit card provider to report directly to the three major credit bureaus–Experian, TransUnion, and Equifax–and this is how the card can raise a person’s credit score.
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There is much more that a person can do to increase their credit score than just get a secured credit card. To learn more about these methods go to MyMoney’s webpage on “Managing Debt and Credit.
The Way the HAPO Community Credit Union Visa Shared Secured Credit Card Works
The way a secured credit card works is very simple. The cardholder must put down a type of security deposit to insure they will not default on the card. While there is typically a deposit minimum between $300 and $500 for most secured credit cards, the cardholder can deposit much more than that if they wish. Since the deposit amount reflects the credit limit amount for the card, many cardholders do choose to make a larger deposit.
This deposit is kept in a savings account and will be returned to the cardholder if they cancel the card. Because of this deposit the cardholder does no have to worry about becoming overdrawn or defaulting on the card. As long as the cardholder keeps a consistently high balance and pays their bill on time each month, their credit score will improve.
The credit card issuer will review the cardholder’s account periodically and, if they feel it has been earned, they can increase the card’s credit limit without requiring an additional deposit. They might even upgrade the cardholder to a regular, unsecured card.
HAPO Community Credit Union Visa Shared Secured Credit Card Rates
The annual percentage rate for this credit card is a flat 18%. While this is higher than the other cards offered by this credit union, it is average for a secured credit card.
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