Washington State Employees Credit Union, or WSECU, knows that sometimes people need help establishing or rebuilding their credit. That’s where its Visa Secured Classic credit card comes in. It is specifically designed for just these people and is a good credit card to help them rebuild credit.
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To apply for this Secured Visa Classic card, you must be eligible to join WSECU and open a member account with them. While this only requires a small deposit, membership is restricted to employees of government agencies in Washington State. This includes school districts, and city, county, and state employees, as well as students in certain state schools.
WSECU Secured Visa Classic Credit Card Secures Your Credit
For people who are trying to re-establish a good credit score, having some credit is key. Having a loan and then paying it off immediately will raise scores fast. The problem is that banks often don’t want to lend these types of people money to begin with.
This is where a secured credit card can help.
The reason it is a secured card is that it is “secured” by collateral–a specific amount already in the bank–usually a savings account from the same institution that issues the card. Usually the credit line of the card is equal to the amount in the bank. This assures the lender that you can immediately pay off the card, since the money is already in their system.
Experts suggest using the card to make a few small purchases regularly, and then immediately paying them off, never carrying a balance. The credit card will report your good credit practices to the credit bureaus, and your score will rise. This is why it’s important to get a secured credit card and not a pre-paid card, since these generally don’t report to the credit agencies, says MSN Money.
WSECU Secured Visa Classic Credit Card Rates
The APR for the WSECU Secured Visa Classic card is 11.75%. There’s no annual fee associated with this card. There’s also no inactivity fee. You’ll have a 25-day grace period to pay off the credit card’s monthly statement without incurring interest charges.
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