Choosing a secured credit card is sometimes necessary when you have bad credit and you cannot get another credit card to help rebuild your credit. The question you might be asking is which secured credit cards are right for you. Palmetto Citizens FCU thinks that its Share Secured Visa card is the answer to this question.
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The Palmetto Citizens FCU Share Secured Visa is one of five personal credit cards offered by this credit union. The Share Secured Visa offers many of the same benefits found with the credit union’s other credit cards, but you need to keep reading to learn how it compares with other secured credit cards.
Terms for the Palmetto Citizens Share Secured Visa Credit Card
In order to apply for the Share Secured Visa credit card, you will first have to become a member of the Palmetto Citizens FCU. This can be done by living, working, going to school, or going to church in one of several South Carolina counties.
In addition to being a member, you will have to open a savings account at the credit union. The minimum deposit for a secured credit card is $250; however, you can deposit money into your savings account over time to meet that amount if you don’t have it up front.
The interest rate for the Share Secured Visa starts at 18% APR. This is probably the biggest downfall to this credit card because you can find much lower rates from other credit unions, as well as from direct credit card companies.
There are no other fees for this credit card other than the late payment or over-the-limit fees, should these fees apply. There is no annual fee, nor do you have to pay ATM or balance transfer fees.
All of the fees charged by the Palmetto Citizens FCU are compliant with the Federal Reserve’s rules. The laws for secured credit cards are the same as they are for any credit card.
Comparing the Palmetto Citizens Share Secured Visa Credit Card
As mentioned above, the interest rate is pretty high for this credit card as compared to many other cards.
However, one difference that you don’t see often with secured credit cards is that this is a rewards credit card.
You can earn one point each time you spend a dollar and you can redeem those points for travel, gift cards, merchandise, and more.
In addition, the fees for the Share Secured Visa are virtually non-existent, which is unusual for a secured credit card.
Verdict for the Palmetto Citizens FCU Shared Secured Visa Credit Card
While the lack of fees is pretty great, the interest rate is very high for this credit card. You should compare rates with other secured credit cards because you are likely to find a better deal out there.
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- Palmetto Citizens Federal Credit Union Visa Platinum Credit Card
- Palmetto Citizens Federal Credit Union Visa Gold Credit Card
- Palmetto Citizens Federal Credit Union Visa Equity Credit Card
- Palmetto Citizens Federal Credit Union Visa Classic Credit Card
- Community First Credit Union of Florida Shared Secured Visa Credit Card
- Los Angeles Federal Credit Union Share Secured Credit Classic Visa Credit Card
- Vons Employee Credit Union Share Secured Visa Platinum