DCU Secured Credit Card Review
Digital Federal Credit Union, also known as DCU it offers secured credit cards for people with low credit scores or those with no credit history to help them build or repair their credit. Credit cards with secured features require the deposit of a security to be granted the card, however, once you have it the card functions as the other cards. When you make sure to pay the DCU secure credit card in time every month this should help boost the credit rating.DCU Secured Credit
Since DCU is an institution of credit which means you need to be a member to qualify for a DCU Visa Platinum Secured Credit Card. Although DCU branches are located Massachusetts in Massachusetts and New Hampshire, you can be a member regardless of the location you reside. If you’re a parent of a DCU member or are employed by an employer who is a member, you are eligible. Even if you don’t have the right qualifications it is possible to sign up with one of the “participating organizations” with a modest cost for access to DCU.
How It Works
To obtain a secured credit card, you must make an initial security deposit equal to the amount you wish to use a credit line on your card. If you’d like to have an amount of $500 in credit that is why you have to make a $500 deposit through DCU so that you can receive the card. The card is then used exactly like a regular Visa credit card, to purchase. When the bill is due you must pay it as you would with every other card. That initial security investment you put in does not go towards paying the balance. It is your responsibility to pay your credit card balance using other funds. Your security deposit is to be used as collateral to DCU in the event that you do not pay. However, if you’d like your credit score to improve, you should pay punctually each month using cash that is not derived from the security deposit.
If you manage this card in a responsible manner, making regular payments each month will improve your credit score to eventually qualify for a normal credit card that is unsecured and doesn’t require a deposit. If this happens and you don’t desire or require to use the DCU security card are able to end the card and you’ll then gain access to the deposit that you originally paid for.
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- The interest rate is based on the fact that if you fail to pay the entire credit card balance by the time the bill is due, any balance remaining will be subject to interest at an annual rate of 13.75 percent. (If you make payments late, the rate could increase to 18% in the event of penalties.)
- Annual Fee: None.
If you’re looking to build or repair credit and rebuild credit, it is the DCU Visa Platinum Secured Credit Card is an ideal option to achieve this. With no annual cost and a low rate of interest for a secured card, it’s a good choice compared with others secured credit cards in the marketplace.
As we have stated in the previous paragraph, we rate this card 5 stars.