If you’re someone who has bad credit or no credit at all, and you’re looking for a guaranteed method of building your credit, then you’ll want to consider a secured credit card. This type of credit card is secured by your own money via a bank or credit union. One such secured credit card is the Kinecta Federal Credit Union Visa Platinum Share-Secured credit card.
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The advantage of a secured credit card is that the issuer of the credit card reports your spending, balance, and payments regularly to the credit scoring agencies just like they would any other credit card. There is no distinction between a secured credit card and an unsecured credit card when it comes to your credit score. Lastly, secured credit cards are protected under the Federal Reserve’s Credit Card Rules, just like any other credit card.
Kinecta Federal Credit Union Visa Platinum Share-Secured Credit Card Overview
In order to qualify for this credit card, you must open an account with Kinecta. However, Kinecta doesn’t state what the minimum deposit requirement is for this card. There is no maximum limit for opening a secured card account, so it can be as much as you want it to be.
When you choose a secured credit card option, you need to be aware that you don’t have access to your cash.
The money remains in the account for the duration of the time that you’ll have your credit card. If you choose to cancel your credit card and there is still a balance on it, Kinecta will pay off your credit card and then release the rest of your bank account balance to you.
This is a rewards credit card that participates in the Dream Points Visa program. Every $1 that you spend will earn you one point that you can be redeemed for travel, restaurant gift cards, merchandise, store gift cards, and more.
Kinecta Federal Credit Union Visa Platinum Share-Secured Credit Card Terms
This credit card has an annual fee of $25. In addition, the variable APR is 15.24% to 18% for balance transfers and purchases. The APR for cash advances is automatically 18%. As with any credit card, you’re required to make on-time payments every month. If you miss two consecutive payments, then you will pay a credit card penalty rate on this credit card of 18%.
All the other fees for this credit card are pretty standard, with a 3% or $10 fee for cash advances and balance transfers, as well as a late payment fee of $10 and a return payment fee of $19.
Kinecta Federal Credit Union Visa Platinum Share-Secured Credit Card Verdict
Strictly speaking, the interest rate for this credit card is far too high considering that you’re securing your credit card. You’ll find that some credit unions offer secured credit cards with interest rates as low as 9.99%. You definitely want to compare credit cards before choosing this option.
Use the FREE credit card chaser tool to compare available credit cards online today!
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