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$0
Annual fee
11.5%
Purchase APR (variable)
300
Recommended credit score
Product Name | DCU Visa® Platinum Secured Credit Card |
---|---|
Card type | Visa |
Annual fee | $0 |
Purchase APR | 11.5% variable |
Balance transfer APR | 11.5% variable |
Balance transfer fee | None |
Cash advance rate | 11.5% variable |
Cash advance fee | None |
Penalty APR | 18% fixed |
Foreign transaction fee | None |
Interest free period | Up to 25 days |
Late payment fee | $35 |
Additional cardholder fee | $0 |
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Julia Cameron is a writer and editor who has experience in finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.
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, with a minimum of $500. So if you qualify for $1,000 credit limit, your deposit will need to be $1,000.
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:
You’ll find out if you’ve been approved for the card instantly when you apply online.
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:
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:
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.
The online reviews for DCU are a mixed bag, from “absolutely perfect” to “terrible technology, poor training.”
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.