Credit Builder Secured Visa credit card full review
Take control of building your credit by opening an Armed Forces Bank Credit Builder Secured Visa® Credit Card.
What do I need to know about the Credit Builder Secured Visa credit card?
Armed Forces Bank is a full-service military bank serving active, retired, and civilian customers since 1907.
As part of a family of banks with over $1.6 billion in assets, the Armed Forces Bank provides a vast array of affordable, easily accessible financial products to both active and retired military and civilian clients in all 50 states and across the world.
Armed Forces Bank connects approximately 346 banks and credit unions with over 800,000 ATMs and 2.3 million point-of-sale locations that are often in or near military bases both in the United States and overseas.
The Credit Builder Secured Visa credit card is an Armed Forces Bank product designed to help establish or rebuild credit.
How does the Credit Builder Secured Visa credit card work?
The Credit Builder Secured Visa credit card allows you to make a deposit and then spend up to that limit. In this case, you must deposit at least $300 into your Credit Builder savings account. This is how you start using this card.
Over time you can increase your limit by adding funds of $50 or more to the savings account that you set up for the card, up to a limit of $3,000. Following the day of the deposit, it will take approximately 1 to 2 business days for your credit limit to increase.
As an example, if you are applying for a $500 Secured Credit Card, you will need to deposit $500 into a savings account. You will then be expected to make monthly payments equal to at least the minimum payment amount shown on your monthly statement.
There’s no application or annual fee for the Credit Builder Secured Visa credit card.
Depending on you, the Credit Builder Secured Visa credit card can be just an initial step in your new relationship with money. Do a good job of organizing yourself, and paying your bills on time, and soon you may be able to get an upgrade to an unsecured card. This step, however, will depend on your performance.
The Credit Builder Secured Visa credit card has a 25.99% fixed annual percentage rate (APR) and a $5.00 quarterly fee charged to the Credit Builder Savings account if not enrolled in e.Statements. Be sure to check other fees related to this card.
On the other hand, there is no application fee or over-limit fee.
Given that this is a card aimed at stabilizing or building credit, it does not offer a rewards program. Focus on making regular on-time payments, because that will demonstrate your financial responsibility and may help improve your credit.
Credit Builder Secured Visa credit card benefits
- This card offers Identity Theft Protection.
- This card will consider people who have bad credit.
- Armed Forces Bank Credit Builder Secured Visa® Credit Card reports to multiple credit bureaus.
- You can upgrade to an unsecured card with good performance
What would be one of the drawbacks of the Credit Builder Secured Visa credit card?
Armed Forces Bank Credit Builder Secured Visa® Credit Card charges some fees related to foreign currencies and transactions. Therefore, this card would not be your best option if you need to travel abroad and spend money there. Let’s see:
- 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 are interested in the Credit Builder Secured Visa credit card proposal, the good news I bring you is that your chance of being approved when applying for the card is high. After your application is approved, you will receive your card in approximately two weeks.
The recommended credit score for this card is between 300 to 689.
So, click on the green button below to learn how to apply for the Credit Builder Secured Visa credit card!