The Golden 1 Credit Union Secured Visa is a credit card designed for those who need to repair bad credit or have no credit history and need to establish it. You must be a member of Golden 1 Credit Union in order to apply for its secured credit card.
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Secured credit cards are different from traditional credit cards. Traditional credit cards are built upon the idea that the cardholder has steady income with which to pay the credit card charges. However, when a person has a history of not paying his bills, many traditional credit card companies or banks do not want to extend credit to him.
The Golden 1 Credit Union Secured Visa Is Different
Ironically, the best way to repair bad credit or to build credit when someone does not have any credit history is to get a loan or some sort of credit and then pay it off. As these loans are paid, a person’s credit score goes up. This is where secured credit cards come in. The New York Times recommends a secured credit card as one of the best tools for repairing bad credit.
A secured credit card’s line of credit is based on money already in an account.
With Golden 1, you must have a qualifying savings account.
The money in that account is the collateral for the card, and will be used to pay off the card if you default on payments. The credit union knows that the cardholder is good for the charges on the card since the money is already in their account.
Golden 1 Credit Union requires that you keep one and a half times the amount of the credit card’s credit line in the savings account. The credit line can range from $250 to $1,500. For example, if your income warrants a $1,000 credit limit, you’ll need to maintain a balance of $1,500 in the savings account to keep the card active.
Golden 1 Credit Union Secured Visa Rates
Secured credit cards come with a higher-than-average APR. Golden 1 Credit Union Secured Visa card’s APR is 17%. Experts recommend paying these balances off completely each month as that will raise credit scores even more and not cost extra in finance charges. There’s no annual fee for this card.
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