UNITY Visa Secured Credit Card

Information verified correct on April 26th, 2017

The UNITY Visa Secured Credit Card is offered by OneUnited Bank, and designed to help get your credit back on track.

This card is similar to a credit card — the only difference is that it requires a cash collateral deposit, and sets your credit limit. It is often referred to as “The Comeback Card,” and is accepted anywhere that takes Visa.

If you want to someday buy a house or car, the UNITY Visa Secured Credit Card can help you prepare, and strengthen your credit. One cardholder boosted her credit score by 90 points. In general, customers who use the card usually see an increase in credit.

Product NameUNITY Visa Secured Credit Card
Intro APR for Balance Transfer9.95% Intro APR for 6 months (with minimum $10 or 3% balance transfer fee)
APR for Purchases ( Purchase Rate )17.99%
Annual fee$39 p.a.
Cash Advance Rate17.99%
Card TypeVisa
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
Returned Payment Fee$25
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.
2% of transaction value
Minimum Interest$1
Minimum Age18 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.
$250
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$10,000
Annual fee$39 p.a.
Returned Payment Fee$25
Over The Credit Line Fee$0
Late Payment FeeUp to $10
Cash Advance FeeEither $10 or 3% of the amount of each transfer, whichever is greater (maximum fee: $150).
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.
2% of transaction value

UNITY Visa Secured Credit Card Review

The UNITY Visa Secured Credit Card reports to three major credit bureaus, and can help you strengthen and build your credit. It is not a prepaid card, and people of all credit scores are encouraged to apply. To sign up, you will need to provide personal, income and deposit information. Applying is free of charge, but you will need to put down a cash collateral deposit. APR is a fixed rate of 17.99%.

The secured card process is simple, and works in four steps. To start, you will complete the online application. If you have provided all of the information correctly, you will most likely hear back from the company right away. Once you are approved for the card, OneUnited Bank will fund your security deposit through ACH. After that is funded, you will receive your new card in the mail.

  • Limited Time Offer: New cardmembers get a $25 rebate* – To be eligible, applications must be submitted between now through 12/31/16 and accounts must be in good standing for 90 days after opening.
  • Unlike your Prepaid Card, UNITY Visa secured card can help you build your credit. Apply online in less than 5 minutes, and you could be approved today!
  • No Minimum Credit Score required; low fixed interest rate of 17.99%; Fully refundable FDIC security deposit* required at time of application; if you have a min of $250 to deposit immediately, you can start now!
  • No application fee or penalty rate
  • Monthly reporting to all 3 major credit bureaus
  • 24/7 online access to your account
  • *See the Cardholder Agreement for more details.

Benefits of the UNITY Visa Secured Credit Card

  • No application fee. The application is quick, easy and online. You don’t have to worry about an application fee.
  • Customer service. If you have any questions about your card, you can contact customer service over the phone, free of charge.
  • Builds credit. The card reports to three major credit bureaus. OneUnited Bank also provides a “How to Rebuild Credit” program.

Features

  • APR. You can expect a fixed APR of 17.99%. This rate will not change throughout the life of your card. For the first six months you have the card, you will have a special introductory 9.95% fixed rate for balance transfers.
  • Interest charges. To avoid paying interest, you must pay your balance at least 25 days after the close of your billing cycle. If you pay your balance by the monthly due date, you won’t accrue interest charges. Periodic interest charges will always be more than 25.
  • Online access. You can view and manage your account online.
  • Secure. Your security deposit will be FDIC insured.
  • Credit limit. The minimum credit limit is $250, and the maximum is $10,000.
  • Annual fees. To maintain the card, you are required to pay a $39 p.a..
  • Late payments. If you make a payment after the due date, you will rack up a fee of Up to $10.
  • Returned payment. Each returned payment will give you a fee of up to $25.00.
  • Penalty fees. To increase your credit limit or replace a card, you will have to pay $10. You are not charged a penalty fee if you go over the credit limit. Stopping a payment costs $25, and if you want to expedite your card delivery, it will set you back $35.

How to apply for the UNITY Visa Secured Credit Card

Eligibility criteria:

  • 18 years old
  • US citizen

Required documents & information:

  • Name
  • Residential address
  • Email address
  • Phone number
  • Birthdate
  • Form of identification (driver’s license, passport, etc.)
  • Requested credit limit
  • Income information
  • Deposit information

If you are looking for a credit card to help rebuild and strengthen your credit, the UNITY Visa Secured Credit Card could be a helpful solution. Before choosing this card, be sure to compare it with other credit card options.

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