Learn how to apply for the Credit Builder Secured Visa credit card
I’m interested in the Credit Builder Secured Visa credit card. What are the next steps?
There are a variety of cards aimed at building or stabilizing credit, but not all are equal, both in terms of fees and how to use them.
The Credit Builder Secured Visa credit card has a special proposition that you don’t see all the time. When you start using it, you set your own credit limit.
Credit Builder Secured Visa credit card
Apply for your Credit Builder Secured Visa credit card right now.Apply now
* You will be directed to an external website
You can set your own credit limit between $300 and $3,000 based on the amount you deposit into your Credit Builder Savings account. From there, you can increase your credit limit by adding funds in increments of $50 to the savings account.
Following the day of the deposit, it will take approximately 1 to 2 business days for your credit limit to increase.
But don’t lose sight of the Credit Builder Secured Visa credit card’s raison d’être: this is a credit builder card.
This means that by simply using your card for everyday purchases and paying it off each month, you can have a positive impact on your credit score. Making on-time payments and keeping your balances low can help successfully build your credit over time.
That is the reason you came to this card, so keep that idea in mind.
Briefly, some things you need to know about this product:
- 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.
Who can apply for the Credit Builder Secured Visa credit card?
Anyone who wants and needs to build or rebuild credit. Thus, the Credit Builder Secured Visa credit card will consider people who have bad credit.
Even if you have poor credit, you may still have relatively good approval odds. The credit score range for the Credit Builder Secured Visa credit card is between 350 – 600.
A word of caution is necessary since you may be in doubt between this card and another: this is not a great card for people who carry a balance. It has a variable purchase APR starting at 20.99%
How to apply?
Just go to the Armed Forces Bank website, click apply now, and start filling out the form you will be asked to submit.
4-5 business days is the average turnaround time to get approved for the Credit Builder Secured Visa credit card. After your application is approved, you will receive your card in approximately two weeks.
Is it worth applying for the Credit Builder Secured Visa credit card?
This card can help you with credit stabilization or reconstruction. Its annual fee is $0, which is a nice attraction.
Also, the fact that you set your own credit limit —between $300 and $3,000— is an encouragement to develop a more responsible relationship with money.
If you do not plan to shop abroad, this card is still a good option for your credit recovery.
The Credit Builder Secured Visa credit card allows joint account owners. That could be a reason to get this card.
With good performance, you can graduate from the Credit Builder Secured Visa® Credit Card to an unsecured product, meaning a “regular” credit card that doesn’t require a security deposit.
Credit Builder Secured Visa credit card vs Amazon Credit Card
Here we have two cards with different approaches.
While the Credit Builder Secured Visa credit card is aimed at building credit, the Amazon Store Card card is a restricted-use card for shopping at Amazon (although you can find just about anything at that store). Therefore, you need to consider what your current situation is.
By becoming an Amazon Store cardholder you can get 5% cash back on your Amazon purchases. Sounds like a great deal, don’t you think?
So if you recognize yourself as an avid Amazon shopper, click the green button below to learn more about the Amazon Store Card.
Credit Builder Secured Visa credit card pros:
- Set your own credit limit.
- No application fee.
- No over-limit fee.
- Accepts poor credit.
Amazon Store Card pros:
- 5% cash back for Prime members.
- $0 fraud liability on unauthorized charges.
- $0 annual fee.
- Promotional financing offers.