A secured credit card is specifically designed for people that have no established credit score or a severely damaged credit score. By reporting directly to the three major credit bureaus, a secured credit card can help the cardholder build up good credit.
Having a good credit score is vital in today’s society. A poor credit score can keep someone from getting a home loan, financing a new car, and even from being approved for a new cell phone contract.
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The United States government offers a free website named My Money that can help consumers better understand how to handle their money in certain life events. This source can help a person with a low credit score decide how to handle financial changes like having a child, getting married or divorced, buying a home, and handling the death of a loved one.
Landmark Credit Union Secured Visa Gold Credit Card Rates
Since the person that has this type of card will have a low credit score, they will have a higher interest rate than if they applied for an unsecured credit card.
The interest rate for purchases is 18% and the interest rate for cash advances is 21%. There is an annual fee of $49 for this card.
Landmark Credit Union Secured Visa Gold Credit Card Procedures
Like all other secured credit cards, the one offered by the Landmark Credit Union requires the cardholder to put down a collateral cash deposit. This deposit becomes the credit line for the card, so if the cardholder wants a higher credit limit they will have to put more money down on the card. If the cardholder chooses to cancel their credit card account or is upgraded by the provider to an unsecured card, their deposit will be refunded.
This deposit protects the provider because it prevents the cardholder from defaulting on the account. The cardholder cannot do further damage to their credit score because the security of a back-up bank account eliminates the risk that they’ll default.
You can make a FREE credit card comparison right now by using the credit card chaser tool on this page!
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