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.
|Product Name||DCU Visa® Platinum Secured Credit Card|
|Balance Transfer Rate (not intro)||13.00% variable|
|APR for Purchases ( Purchase Rate )||13.00% variable|
|Cash Advance Rate||13.00% variable|
|Interest Free Period|
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
|Up to 25 days|
|Foreign Currency Conversion Fee (VISA)|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
|0% of transaction value|
|Minimum Credit Score||Poor (Below 660)|
|Minimum Age||18 years of age|
|Min credit limit|
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|Over The Credit Line Fee||$0|
|Late Payment Fee||$35|
|Cash Advance Fee||$0|
The Digital Federal Credit Union 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.
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 card include:
- Low 13.00% 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 13.00% variable APR applies immediately.
How to apply for DCU Visa Platinum Secured Credit Card
Always consider your options and your financial situation before you apply for a 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
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.”
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.