Credit Builder Secured Visa credit card full review
Gain control over your credit by opening an Armed Forces Bank Credit Builder Secured Visa® Credit Card.
Introducing the Credit Builder Secured Visa Credit Card
Armed Forces Bank, serving active, retired, and civilian customers since 1907, offers the Credit Builder Secured Visa credit card. This card is designed to help individuals establish or rebuild their credit.
How does the Credit Builder Secured Visa credit card work?
The Credit Builder Secured Visa credit card requires an initial deposit into a Credit Builder savings account. The minimum deposit is $300, but additional funds of $50 or more can be added over time, with a maximum limit of $3,000. Your credit limit will increase within 1 to 2 business days after each deposit.
For instance, if you apply for a $500 Secured Credit Card, you must deposit $500 into your savings account. Monthly payments equal to at least the minimum payment amount shown on your statement are required. There are no application or annual fees for this card.
Your responsible use of the Credit Builder Secured Visa credit card may lead to an upgrade to an unsecured card. However, this will depend on your performance.
This card has a fixed annual percentage rate (APR) of 25.99% and a $5.00 quarterly fee for the Credit Builder Savings account if not enrolled in e.Statements. Other fees can be found here. There are no application or over-limit fees.
While this card does not offer a rewards program, making regular on-time payments will demonstrate your financial responsibility and may improve your credit.
Credit Builder Secured Visa credit card benefits
- Identity Theft Protection
- Consideration for individuals with bad credit
- Reports to multiple credit bureaus
- Possible upgrade to an unsecured card
Drawback: Foreign Currency and Transaction Fees
The Credit Builder Secured Visa credit card charges fees related to foreign currencies and transactions, making it less suitable for international travel. These fees include:
- Currency Conversion Transaction: 1.0% of each transaction in US dollars, if currency conversion occurs
- International Transaction Fee: 0.8% of each transaction in US dollars, if no currency conversion occurs
How to apply for the Credit Builder Secured Visa credit card
If you’re interested in the Credit Builder Secured Visa credit card, you have a high chance of approval when applying. Once approved, you’ll receive your card within approximately two weeks. The recommended credit score for this card is between 300 to 689.
Click on the green button below to learn how to apply for the Credit Builder Secured Visa credit card!
