If you’re someone with bad credit, getting a credit card can be an exasperating experience. Many companies will offer you a credit card if you’re willing to pay an application fee of $75-$250, the full amount of which will be deducted from your total credit limit, which is generally $300. An alternative to this is to get a secured credit card like the Marriott Employees’ Federal Credit Union Visa Secured credit card.
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A secured credit card, as defined by the Federal Reserve, is a credit card that requires you to put down a cash deposit to act as security against you defaulting on your credit card payments. It’s important to note that, even though you have an account that acts as a security deposit, if you default on your credit card payments it will still be reflected in your credit report.
Marriott Employees’ FCU Visa Secured Credit Card Details
One of the first things that you’re going to discover about this particular credit card is that it has a fairly high interest rate. At 17.88% for the starting rate, this rate is particularly high for a credit union. In fact, if you look at some of the other secured credit cards offered by credit unions, you’ll find that some secured credit card rates are as low as 8%.
The 17.88% interest rate does apply to any kind of purchase, including cash advances and balance transfers. The one piece of good news is that there is no penalty APR if you miss any payments. However, the Marriott Employees’ Federal Credit Union does reserve the right to cancel your account if you miss two consecutive monthly credit card payments.
This credit card also has a $25 annual fee. A credit card annual fee for a secured card is not unusual, as many banks use this fee to maintain the account that you’re using to secure your debt. This fee is charged to you once a year rather than broken down into a monthly maintenance fee.
Other fees associated with this credit card are a foreign transaction fee, which is 1% of your transaction total, a cash advance fee, which is 2% of your transaction total, and a balance transfer fee, which is also 2% of your transaction total.
The credit card late payment fee and the return payment fee can both go as high as $35. Exactly how much this will be depends on the total balance on your credit card. This is due to regulations from the Federal Reserve regarding credit card rules.
A Unique Offer from the Marriott Employees’ FCU Visa Secured Credit Card
There’s no getting around the fact that the interest rate for this credit card is pretty high.
However, the ME FCU offers something that might make you still want to choose this credit card. The minimum credit limit for this credit card is $500, but once you have $250 in your account you can get your credit card and start using it.
The catch to this is that you have to make arrangements for deposits of at least $20 a month to go into your account until you have reached an amount of 10% more than your credit limit. This means for a credit limit of $500 you’ll have to have $550 deposited into your account.
Another benefit to choosing this credit card is that the credit union will also allow you to make monthly deposits into your account until you reach the $250 mark. This account will be inaccessible to you while you’re making your deposits, so be sure that you’re ready for this type of account before you sign up for it.
The Bottom Line about the Marriott Employees’ FCU Visa Secured Credit Card
If you’re having a hard time getting a secured credit card on your budget, then having the ability to make monthly deposits until you have enough money in your account is an excellent option. The downside here is that the interest rate for this credit card is very high, and you can easily find secured credit cards with better rates.
Not mentioned above is the fact that you also have to be a member of this credit union in order to qualify for this credit card. In order to become a member you have to work at a Marriott or one of its subsidiary or sponsor companies. This includes places like the Ritz-Carlton, Concorde Hospitality, Gateway Hospitality, White Lodging Services Corporation, and more.
Family members of qualified members are also able to become members of the credit union. This includes siblings, spouse, grandparents, grandchildren, parents, children, and even roommates that live in the same household.
Before you make the decision about this credit card, make sure you compare credit cards first. There are a lot of options available, making it possible to get an excellent deal on a secured credit card.
We can help you with this credit card comparison with our FREE tool below!
- Marriot Employees’ Federal Credit Union Visa Classic Credit Card
- Merced School Employees Federal Credit Union Visa Share Secured Credit Card
- Anheuser Busch Employees’ Credit Union Secured Visa
- Marriott Employees’ Federal Credit Union Visa Platinum Credit Card
- Marriott Rewards Credit Card
- Massachusetts Institute of Technology Federal Credit Union Classic Secured Credit Card
- Marriott Rewards vs. Marriott Rewards Premier