Learn how to apply for the Credit Builder Secured Visa credit card
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Applying for the Credit Builder Secured Visa Credit Card
If you’re interested in the Credit Builder Secured Visa credit card and want to take the next steps, here’s what you need to know.
When it comes to credit cards aimed at building or stabilizing credit, not all cards are created equal. The Credit Builder Secured Visa credit card stands out with its unique proposition. With this card, you have the ability to set your own credit limit.
You can determine your credit limit by depositing an amount between $300 and $3,000 into your Credit Builder Savings account. And if you want to increase your credit limit, you can simply add more funds to your savings account in increments of $50. Your credit limit will be adjusted within 1 to 2 business days after the deposit.
However, it’s important to remember that the primary purpose of the Credit Builder Secured Visa credit card is to help you build credit. By using the card for everyday purchases and paying off the balance each month, you can have a positive impact on your credit score. Consistently making on-time payments and keeping your balances low can lead to successful credit building over time.
Key Details about the Credit Builder Secured Visa Credit Card
- No Annual Fee
- 25.99% fixed annual percentage rate (APR)
- Credit Builder Savings Account required
- $5.00 quarterly fee charged to the Credit Builder Savings account if not enrolled in e.Statements
- No application fee
Eligibility for the Credit Builder Secured Visa Credit Card
Anyone who wants to build or rebuild credit can apply for the Credit Builder Secured Visa credit card, including individuals with bad credit. The card’s credit score range is between 350 and 600, meaning even if you have a poor credit score, you may still have relatively good approval odds. However, if you tend to carry a balance on your credit cards, this may not be the best card for you, as it has a variable purchase APR starting at 20.99%.
How to Apply
To apply for the Credit Builder Secured Visa credit card, simply visit the Armed Forces Bank website and click on the “Apply Now” button. Fill out the required form and submit your application.
On average, it takes about 4-5 business days to get approved for the Credit Builder Secured Visa credit card. Once your application is approved, you can expect to receive your card in approximately two weeks.
Is It Worth It?
The Credit Builder Secured Visa credit card can be a valuable tool for credit stabilization or reconstruction. Not only does it have a $0 annual fee, but it also allows you to set your own credit limit, encouraging responsible financial habits. If you don’t plan on making international purchases, this card is a good option for credit recovery. Additionally, the Credit Builder Secured Visa credit card offers joint account ownership, which may be appealing to some individuals. With good performance, you can even graduate to an unsecured credit card in the future.
Credit Builder Secured Visa Credit Card vs Amazon Store Card
While both the Credit Builder Secured Visa credit card and the Amazon Store Card have their own unique benefits, they serve different purposes. The Credit Builder Secured Visa credit card is focused on building credit, while the Amazon Store Card is designed for shopping at Amazon. The Amazon Store Card offers 5% cash back on Amazon purchases, making it a great option for frequent Amazon shoppers. Consider your current needs and priorities before deciding which card is the best fit for you.
Pros of Credit Builder Secured Visa Credit Card:
- Set your own credit limit
- No application fee
- No over-limit fee
- Accepts individuals with poor credit
Pros of Amazon Store Card:
- 5% cash back for Prime members
- $0 fraud liability on unauthorized charges
- $0 annual fee
- Promotional financing offers
