Los Angeles Federal Credit Union Share Secured Credit Classic Visa Credit Card

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Los Angeles Federal Credit Union Share Secured Credit Classic Visa Credit CardThere are many different kinds of secured credit cards available today. Some are offered by credit card companies that run their own banks, such as Capital One credit cards, while others are offered by banks and credit unions. Each source offers different credit card terms and benefits. This review is for the Los Angeles Federal Credit Union Share Secured Credit Classic Visa credit card.

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To become a member of the LA FCU, all you have to do is live in Los Angeles. In addition, any blood-related family member, or their spouse, can also become a member if you become a member first. Anyone living in your household also qualifies as a member, even if they aren’t related to you.

LA FCU Share Secured Credit Classic Visa Credit Card Features

This secured credit card offers some interesting features. For example, it offers an introductory APR of 2.9%, something you don’t often see with a secured credit card. In addition, your monthly payment will be based upon your balance total, with a maximum of 3% of your balance owed each month. For example, if you owe $800 on your credit card, then your monthly payment will be $24.

With the LA FCU Share Secured Credit Class Visa, you also have the option to design your own credit card. You can use a personal image or you can select an image from a database offered by the LA FCU.

If you pay for a rental car using this credit card then you’ll receive free rental car insurance coverage, as well as travel accident coverage. There’s also no annual fee or maintenance fee for this credit card.

LA FCU Share Secured Credit Classic Visa Credit Card Terms

In order to apply for this secured credit card, you have to open an LA FCU savings account with a minimum of $500. The savings account is inaccessible to you as long as you have your credit card. If you close your credit card account, then you can access your savings account; however, the balance of your debt will first be removed from your savings account to pay off the credit card.

The maximum credit limit for this credit card is $5,000. The only way to get this $5,000 credit limit is to add the money to your savings account. You can add this money over time, or in one lump sum; whatever is most convenient for you.

The APR for this credit card is 10% fixed, which means it doesn’t change with the market. This means if the Prime rate, goes up or down, your rate will stay the same.

The LA FCU Share Secured Credit Classic Visa credit card has no annual fee, and late payment and return payment fees are determined by your overall credit card balance. The ATM fee is $1.50, and there are no other fees listed for this credit card.

LAFCU Share Secured Credit Classic Visa Credit Card Verdict

Overall, the terms for this credit card aren’t bad at all. Just like any credit card, your secured credit card will help to build your credit as long as you make your payments on time.

This is certainly a credit card you want to consider if you live in Los Angeles and you have bad credit, or need to build credit for the first time.

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