Los Angeles Federal Credit Union Share Secured Platinum Plus Visa Credit Card

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Los Angeles Federal Credit Union Share Secured Platinum Plus Visa Credit CardThe Los Angeles Federal Credit Union offers not one, but two secured credit cards. The focus of this article is going to be on the LA FCU Share Secured Platinum Plus Visa credit card.

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The Share Secured Platinum Plus Visa credit card is the premier secured credit card offered by the LA FCU. You have the option of up to $35,000 in secured credit, with a minimum of $5,000.

LA FCU Share Secured Platinum Plus Visa Credit Card Benefits

As stated above, a major benefit to this credit card is the fact that you can deposit up to $35,000 in your account to increase your credit line.

Because secured credit cards are often for people with no credit or people with bad credit, it’s possible that you will not be able to benefit from this option.

However, if you’re trying to rebuild your credit, having a very high line of credit that you don’t use will actually have a very good impact on your overall credit score. If you start using your credit card and raising your balance, this could negatively impact your credit score.

This credit card offers a variety of features that benefit the users. These features include:

  • No annual fee
  • Rental car insurance
  • Travel accident insurance
  • Baggage delay insurance
  • Life insurance
  • Unemployment insurance
  • 2.9% introductory APR
  • Fixed APR

LA FCU Share Secured Platinum Plus Visa Credit Card Terms

The terms for this credit card are much like you would find with any credit card. You have to pay your bill every single month or the credit union will report your lack of payment to the credit card reporting agencies. The fixed APR for this credit card is 8%, after the introductory APR, which lasts for six months.

You may not be aware of this, but according to the Federal Reserve, no banking institution is allowed to offer an introductory benefit to their credit cards unless it lasts for at least six months.

The fees associated with this card are minimal, including an ATM fee of $1.50 per transaction. There are late payment and returned payment fees that are associated with the balance of your credit card. Outside of that, there aren’t any fees that you have to pay.

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