While Mazuma Credit Union offers a standard Visa Platinum credit card, if you find that you do not qualify because of either a poor credit history or no credit history, you can still obtain a quality credit card. The other card offered by Mazuma CU is the Visa Secured credit card. With many of the same benefits of the Visa Platinum, the Secured Visa can help you build or rebuild your credit score, and eventually obtain a traditional credit card.
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Secured credit cards, such as this one offered by Mazuma Credit Union, are different from regular cards in that you must make an initial security deposit to open the account. For example, if you deposit $1,000 into your Secured Visa account, your credit limit is $1,000. You are borrowing your own money when you use the card, not the credit union’s money. Any interest you pay, however, goes to the credit union.
Mazuma Credit Union Visa Secured Credit Card Rates and Fees
The Mazuma Secured Visa card offers the exact same interest rates as the Visa Platinum card, ranging from 9.9% to 18.9%. This is also the rate for cash advances.
As with the Mazuma Platinum credit card, there is no annual fee for the Visa Secured credit card.
This Secured Visa credit card has no fees for transactions, cash advances, or balance transfers. There is a late payment fee that ranges from $5 to $15, depending on your entire balance. There is a grace period of 25 days on all purchases.
According to a recent CNN Money article on “Controlling your personal debt,” the average American household has more than $10,000 in credit card debt. Learn strategies and ways to avoid getting in over your head by visiting the Better Business Bureau website.
Benefits of the Secured Visa Credit Card from Mazuma Credit Union
The Mazuma Credit Union Secured Visa offers free car rental insurance and travel accident insurance when you use your card to book your travel. In addition, if you make a large purchase with the card, you may automatically be covered by a warranty extender program.
Mazuma Credit Union is based out of Kansas City, Missouri, and offers many different banking products in addition to the two credit cards. Visit the website, call the toll-free number, or stop by a branch for more information.
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