If you have struggled in the past to find the right credit card because of a poor credit history, you may need to apply for a secured credit card. While a secured credit card requires an upfront deposit, it can help you take the necessary steps to rebuild your credit. The Unitus Secured Visa is an excellent option if this is the route that you have to take.
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Unlike many other secured cards, the Unitus Secured Visa offers a seamless conversion to a traditional credit card once you make on-time payments for a year.
Applying for a Unitus Secured Visa
In order to apply for a Unitus Secured Visa credit card, you must make an initial deposit into a savings account with Unitus. The credit limit on your secured Visa is based on your initial deposit.
Your deposit must be 1 1/2 times the credit limit of the card. So, for example, if you deposit $900, your available credit limit on the secured Visa will be $600. The more money you add to the savings account, the higher your credit limit will be.
It is important to remember that, while those funds in your savings account are securing your credit card, you will not be able to withdraw that money unless your credit card is closed and has a zero balance.
Rates and Fees for the Unitus Secured Visa
The annual percentage rate is a variable rate between 9.99% and 17.49%, depending on your credit history and score.
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There is no annual fee and no over- -limit fee for the Unitus Secured Visa. If you are late with a payment you will be charged a $20 late fee, but your annual percentage rate will remain the same and not convert to a much higher penalty rate.
Finally, when you have made 12 consecutive on-time payments with your Unitus Secured Visa, the card will automatically be converted to a Unitus Classic Visa. Additionally, as long as the secured credit card has a zero balance, your funds will be available to you once again as cash.
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