The Sierra Central Credit Union Visa Secured credit card is designed to help members with low credit scores to rebuild their credit. SCCU is a not-for-profit financial institution located in northern California.
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SCCU serves any resident of California who lives within 25 miles of a branch. Many area businesses are affiliate members as well. This allows their employees to become SCCU members too. Additionally, family members of any SCCU member can also apply no matter where they live. Membership requires a $5 deposit into a savings account.
The SCCU Visa Secured Card Secures Credit
When people have a poor credit score, it’s often difficult for them to get any credit at all. Banks usually don’t want to give them car loans or mortgages, and it’s also hard to get a credit card. That’s where secured credit cards come in.
A secured credit card is different from regular credit cards because it has collateral. It is “secured” by an amount of money already in an account with the lending institution. This amount becomes the credit limit. Banks are willing to issue the card because they know that they already have the funds to pay the bills in their systems.
Many experts recommend having a secured credit card to help increase credit scores. Making small regular purchases and then immediately paying them off can raise your credit score.
However, the Visa Secured credit card from Sierra Central Credit Union does not have a grace period.
This means that your purchase will immediately start earning interest.
Unless you pay it off that day, you’ll be paying more for each purchase. If you can’t pay it, that will hurt you credit score even more. FICO, the same people who compute credit scores, offers many other ways to raise your credit score in an article on the myFICO website.
SSCU Visa Secured Credit Card Rates
In order to receive the Visa Secured card from SCCU, you must first deposit the amount of the credit limit plus $200 into a special share certificate account. This amount must be maintained separate from your payments. The credit limit minimum is $1,000 with a maximum of $2,000. The APR for this account is 22.99%.
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