DCU Secured Credit Card Review
Digital Federal Credit Union, also known as DCU it offers an unsecured credit card to those with poor credit or no credit history as a means to improve or improve their credit. Credit cards with secured features require the deposit of security to obtain the card however, once you have it the card can function like every other type of credit card. When you make sure to pay the DCU secure credit card in time every month and it will help boost your credit rating yours. 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 in Massachusetts as well as New Hampshire, you can be a member regardless of the location you reside. If you’re a relative of someone who is a DCU member or are employed by an employer who is a member, you are eligible. If you do not meet the criteria you can become a member of one of these “participating organizations” for a nominal cost to access DCU.
How It Works
To obtain a secured credit card, you must make a secure payment of 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. Then, you use the card exactly like a regular Visa credit card, to purchase. When the bill arrives and you have to pay it as you would with every other card. The initial deposit that you made will not be used to pay the balance. It is your responsibility to pay your credit card bill using other funds. Security deposits are used to serve as collateral for DCU in the event that you not be able to 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 utilize the card properly and make regular payments each month You should increase 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 require or want to use the DCU security card are able to end the card and then you’ll have access to the deposit that you initially made.
- In the event that you fail to pay your entire credit card balance by the time your bill is due any balance remaining is charged interest at an annual rate of 13.75 percent. (If you pay your bills late, the rate could increase to 18% in the event of penalties.)
- Annual Fee: None.
If you are looking to establish or improve your credit score and rebuild credit, it is the DCU Visa Platinum Secured Credit Card is an excellent option to achieve this. It has no annual fees and a low rate of interest for a secured card it’s a good choice compared with the other credit card with secured features available on the marketplace.
As we have stated above, we award this card 5 stars.