Rebuild your credit with Excent Secured Visa Card | finder.com

Review: Excent Secured Credit Card – November 2018

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Build credit safely with the Excent Secured Credit Card

If you have poor or no credit, the Excent Secured Credit Card could help you get back on track. It reports to all three national credit bureaus, so with responsible spending and on-time payments, you’ll see your credit score rise. And you’re guaranteed approval as long as your monthly income is at least $100 greater than your monthly expenses.

Product NameExcent Secured Credit Card
Card TypeVisa
Annual Fee$39
APR (Annual Percentage Rate) for Purchases13.99% variable
Cash Advance Rate18.99% variable
Foreign Transaction Fee3% of the transaction value
Cash Advance Fee$5 or 5% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Late Payment Fee$29
Returned Payment Fee$29
Additional Cardholder Fee$0
Minimum Age18 years of age

The basics

If you have a damaged credit score, or no credit history at all, the Excent Secured Credit Card can help you improve your credit with responsible spending and on-time payments. It comes with a relatively low APR as far as secured cards go, but watch out for the card’s many fees.

The application process is easy, but in order to open this secured card, you must maintain at least $200 in a savings account, which acts as a security deposit. This security deposit sets your credit limit. However, the card’s annual fee is deducted from your security deposit, meaning that if you put down a $200 security deposit, once the $39 annual fee is deducted, you’ll end up with a credit line of $161, not $200.

You can increase your credit limit by depositing more funds into your savings account in $50 increments, but beware: You’ll be charged a credit limit increase fee of up to $49.

The perks

  • No application fees. When you apply, you don’t have to worry about paying any application fees. Additionally, the company does not require any processing fees.
  • Builds credit. As a cardholder, you can build your credit. The card reports to all three U.S. credit bureaus.
  • Easy approval. All applicants are guaranteed approval, according to Excent, if their identity, address and ability to make monthly payments are successfully verified.
  • Flexible credit score requirement. This card is a great option if you have no credit history, or damaged credit. The company does not list a minimum credit score requirement.

Watch out for

  • Minimum monthly income. Your income level must exceed your expenses by at least $100.
  • Privacy policy. First Choice Bank collects private information like your Social Security number, income information, account balance, transaction history, credit history and credit score. The company can choose to share this information depending on what product or service you have.
  • Annual fee. The card includes an annual fee of $39, which is deducted from your security deposit/credit limit.
  • Additional fees. This card has a variety of additional fees, including fees for statement duplicates ($5 per copy), credit reinstatement ($29), stop payments ($29), additional cards ($0), replacement cards (No), automated account inquiries ($0.50 per inquiry) and card upgrades ($49).
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How to apply for the Excent Secured Credit Card

Applying for this card is easy, and requires applicants to meet the following eligibility requirements:

Eligibility criteria:

  • US citizen
  • At least 18 years old (19 in AL, NE and NV; 21 in MS)

The application is online, and requires the following information and documentation:

Required documents & information:

  • Full name
  • Residential address
  • Time at residence
  • Previous address
  • Date of birth
  • Phone number
  • Email address
  • Proof of employment and income amount

How likely is approval?

You are guaranteed approval as long as your monthly income exceeds your monthly expenses by $100.

I got the card! Now what?

  • Avoid interest. Purchases come with a grace period before they start accruing interest. Pay your balance in full each month in order to avoid paying interest on your purchases.
  • Avoid fees. This card is chock full of fees. Carefully review the rates and fees so you are aware of them.
  • Customer service. You can reach First Choice Bank through snail mail: First Choice Bank, Credit Card Department, P.O. Box 9201, Old Bethpage, NY 11804; or by phone: 800-768-9897.

Bottom line

If you have no credit history or bad credit, the Excent Secured Credit Card could be the solution you are looking for, as long as you use your card responsibly and make on-time payments. But make sure you are fully aware of all of the fees you could incur. Before choosing this card, be sure to compare it with other credit card options.

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Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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