DCU Visa® Platinum Secured Credit Card review – November 2018

A secured card to rebuild your credit with no annual fee.

It’s hard to build credit if you have poor or no credit. APRs on loans and credit cards can be sky-high, if you’re approved at all.

Digital Federal Credit Union offers the no-frills Visa Platinum Secured Card, which reports to the three major credit bureaus to help you rebuild your credit history.

The basics

The DCU Visa® Platinum Secured Credit Card stands out for being light on fees — you’ll pay no annual fee and no fees for balance transfers, cash advances or foreign transactions.

Getting the card will require a membership with the Digital Federal Credit Union, which you can get by joining Reach Out for Schools for $10 when you open a DCU savings account with a minimum opening deposit of $5.

Then, based on your creditworthiness, you’ll receive a credit limit that will require you to put down a deposit matching that limit in your savings account. So if you qualify for $1,000 credit limit, your deposit will need to be $1,000.

Learn more about joining the DCU here.

The perks

If you have poor or no credit, a secured credit card can help improve your credit score. Your initial line of credit is based on your security deposit. So through everyday spending, you’re building credit with every swipe of your card. Other benefits you’ll find with DCU Visa® Platinum Secured Credit Card include:

• Low 13.5% variable APR. This purchase, balance transfer and cash advance APR is low among secured cards.
• No annual fee. It’s a good choice for those looking for a low-cost credit card.
• No fees for advances or balance transfers. Save more with free cash advances and balance transfers.
• Compatible with Apple Pay, Android Pay and Samsung Pay. Use your mobile device to pay your bills at millions of stores.

You’ll also like:

• Free auto rental collision damage waiver. With a DCU Visa® Platinum Secured Credit Card, you’re covered for collision damage or theft on auto rentals.
• Extensive Visa travel services. You’ll receive $500,000 in free travel insurance coverage when you charge tickets for flights, trains and more on your card.

What to watch out for

The DCU Visa® Platinum Secured Credit Card aims to help you build your credit to meet your financial goals, but consider the following before you apply:

• Required DCU membership. You must be a DCU member to apply for the card.
• No rewards. Like many secured cards, this card offers no points or cash rewards.
• No intro APR. Once you’re approved, the 13.5% variable APR applies immediately.

How to apply for DCU Visa® Platinum Secured Credit Card

Before you can apply for a DCU Visa® Platinum Secured Credit Card, you’ll need to become a DCU member. You’ll also need to be at least 18 years old, a US resident and able to provide a valid Social Security or tax ID number. You’ll also need to provide:

• Your employment status
• Your monthly income
• Your monthly housing expense

• 1. Go to the DCU website and select Credit cards.

  Hover on Loans & Credit Cards. Click Credit Cards from the resulting window.

  

• 2. Click Apply Now under the DCU Visa Platinum Secured section.

  

• 3. Select your options.

  Select if you have a co-applicant, then choose the card type. Click NEW VISA and Continue.
  

• 4. Confirm personal details.

  DCU will walk you through the remaining steps, which include providing your personal, financial and contact information.

• 5. Confirm and apply.

  After you review the terms and conditions and fund your security deposit, confirm the information you’ve provided and submit your application.

How long will it take to be approved?

You’ll find out if you’ve been approved for the card instantly when you apply online.

I got the card. Now what?

You’re on your way to rebuilding your overall credit history and financial health. Here are some important tips to help making your payments a little easier.

• Manage your account online. Set up an online account to monitor and stay on top of your spending.
• Maintain your minimum deposit and credit line. Make sure you keep at least $5 in your savings account, plus the total amount for your credit line. For example, if your card’s credit limit is $500, you’d need at least $500 in your account, which includes the minimum $5.
• Avoid unnecessary interest. After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
• Avoid fees. Returned payments come with hefty fees of up to $35, so consider signing up for autopay for automatic payments ahead of your due date.
• Contact information. Contact DCU at 800-328-8797, log in to your account to send a secure email or initiate a live chat.

What customers are saying about DCU

The online reviews for DCU are a mixed bag, from “absolutely perfect” to “terrible technology, poor training.”

Bottom line

If you’re looking to build or improve your credit score, the no-frills DCU Visa® Platinum Secured Credit Card could help with regular reporting to the three major credit bureaus. You can even use it to build up to an unsecured rewards card. But before you decide on this secured card, make sure to compare your other options.

Frequently Asked Questions

• Where are DCU branches located?

  DCU branches are located in Massachusetts and New Hampshire only.

• Are my online DCU transactions secure?

  Yes. DCU recommends using the following browsers for stronger encryption: Internet Explorer 8.0 or higher, Mozilla Firefox 4.0 or higher or Safari 6.0 or 3.0 .

• Is this secured card good for students?

  Yes, this card allows students to build their own credit history with a co-borrower. Responsible spending and on-time payments can help them build toward a higher credit limit.

• How much is my deposit?

  The deposit for this secured card works a little differently from other secured cards. Your deposit isn’t held separately as collateral. You borrow against your savings account, so this card acts more like a debit or checking card. Your deposit isn’t held and then returned after closing the account; it’s always available.

  You need to have at least $5 in your account, and then however much you have up to your credit limit is how much you can put on the card. For example, if your limit is $1,000, you’d need at least $1,000 in your account, which includes the minimum $5.