A secured credit card is a special type of credit card for people with no credit history at all or a very damaged credit score. The Municipal Credit Union wants to make good credit card with great rates available to all of its members–even the ones that can find it difficult to get a good card elsewhere.
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Someone that needs a secured credit card probably has a significant amount of credit card debt, a history of late payments, or even charged off credit cards. To find more information about how to handle these types of situations, including the lasting effect a charged off credit card can have on a credit score, you can go to the Suze Orman website and read her answers to some related questions.
Municipal Credit Union Visa Secured Credit Card Rates and Fees
Unlike secured cards offered by banks, this secured Visa credit card has a low, fixed, annual percentage rate of 11.9%. Usually a secured credit card has a very high interest rate, since the cardholder most likely has a very low credit score.
This low rate applies to balance transfers and purchases. The rate for cash advances is quit a bit higher at 17.9%. It is very common for the credit card cash advances rate to be more than the interest rate for purchases and balance transfers.
There is no annual fee for this card, and there is also no fee for balance transfers.
The transaction fee for cash advances is 3% of the total advance amount, with a minimum charge of $1 and a maximum charge of $30. The foreign transaction fee is 1%. There is a late payment fee of $25 and a fee of $20 for any returned payments.
How a Visa Secured Credit Card Works
What makes this secured credit card so different from a regular or unsecured credit card is that the cardholder has to put down a security deposit to insure that they cannot default on the card’s balance. This protects the provider, as well as the cardholder’s already-sensitive credit score. As long as the card is used responsibly, the provider will report favorably to the credit bureaus and this will help raise the cardholder’s credit score.
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