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 Name||Excent Secured Credit Card|
|APR (Annual Percentage Rate) for Purchases||13.99% variable|
|Introductory Purchase APR|
|Introductory Balance Transfer APR|
|Cash Advance Rate||18.99% variable|
|Foreign Transaction Fee||3% of the transaction value|
|Cash Advance Fee||$5 or 5% of the cash advance amount, whichever is greater|
|Interest Free Period||Up to 25 days|
|Late Payment Fee||$29|
|Returned Payment Fee||$29|
|Additional Cardholder Fee||$0|
|Minimum Age||18 years of age|
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.
- 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.
- 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:
- 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.
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.