For some people, secured credit is the best way to build credit. Secured credit cards such as the Visa Share-Secured credit card from SchoolsFirst FCU allow you to build your credit, either from scratch or after coming back from a rough time in your credit history. This then lets you qualify for a traditional credit card again.
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The SchoolsFirst FCU Share-Secured credit card is only available to members of the SchoolsFirst Credit Union. In order to qualify for membership, you have to be an educator or a student at any elementary, middle, high school, or college in certain counties of Southern California.
Getting the SchoolsFirst FCU Visa Share-Secured Credit Card
In addition to qualifying for membership to the SchoolsFirst FCU, you do have to open a savings account specifically designed for securing your credit card. What this means is that your account will be inaccessible to you unless you close your credit card account and pay off your total debt.
The maximum credit line that you can get with the Share-Secured Visa is $5,000. However, if you choose a credit line over $2,500, then SchoolsFirst FCU will run your credit report and base your APR on your credit score. If you desire a credit line less than $2,500, they will not check your credit.
The minimum account that you can get for the Share-Secured credit card is $250. You can add to your account at any time to increase your credit limit.
Terms for the SchoolsFirst FCU Visa Share-Secured Credit Card
When you open your account with SchoolsFirst, your account will be an interest-bearing account. It will be based upon your total deposit and will not be affected by how much you charge on your credit card.
The APR is 13.9%, but it may be higher if you request a higher credit line and you have very bad credit.
This rate is variable based on the prime rate.
Lastly, there is no annual fee, balance transfer fee, or cash advance fee when you use your Share-Secured credit card. You also qualify for the 25-day grace period for all new purchases.
Verdict for the SchoolsFirst FCU Visa Share-Secured Credit Card
If you need to rebuild your credit or you have no credit at all, then the terms for the SchoolsFirst FCU Visa Share-Secured credit card are very good. With no maintenance fees or annual fee, you’ll find that many credit cards cannot compare.
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