The S.C. State Credit Union Visa Secured credit card is a great option for someone that has damaged their credit in some way or wants to start building their credit responsibly and safely. This credit card protects the cardholder and credit union from a possible default by requiring the cardholder to put a down payment on the card before it is issued. This also prevents the cardholder from going over the credit limit and getting into more debt than they can handle.
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Since credit card debt is such an issue for so many people, and odds are if someone needs a secured card they have already damaged their credit in some way, many people need as much helpful information as they can get. The FDIC website has excellent information on how to handle debt and credit.
S.C. State Credit Union Visa Secured Rates
It is normal for a secured credit card to have higher interest rates compared to the other cards offered by banks and credit unions. This Visa Secured card from S.C. State Credit Union is no different.
The interest rate for cash advances, balance transfers, and purchases is 15.9%.
This interest rate is actually quite low compared to other secured credit cards, which can easily reach well over a 20% interest rate. There is no minimum interest charge or penalty interest rate for this credit card at this time.
S.C. State Credit Union Visa Secured Fees
Typically, this type of credit card has quite a few fees. Most credit unions will not require certain fees for unsecured cards, but still charge them to a secured credit card. This secured card is not one of those cards. Just like all of the other S.C. State Credit Union credit cards, this card is not charged an annual fee, balance transfer fee, cash advance fee, or foreign transaction fee.
There are also not a lot of penalty fees for this card. Since a cardholder cannot really go over their credit limit with a secured credit card, the only penalty fees that apply are the late payment and returned payment fees. Both of these fees can be as much as $25, depending on the amount of the outstanding balance.
Even if you have bad credit, you can find a great secured credit card for FREE right now!
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