VISA® Credit Card Secured Loan
Establish or rebuild the credit you need. A secured deposit account will be used as collateral, but you can use and repay alotted funds just like a traditional card.
- No annual fee
- No processing fee
- Earn CURewards®
- Available only for VISA® Classic Credit Card
- Minimum credit limit of $200 with a maximum credit limit of $10,000
Effective Date: Thursday, August 16, 2018
|Minimum Credit||Maximum Credit||Purchase Rate||Cash Advance|
|$500.00||$10,000.00||10.50% APR||12.50% APR|
APR: Annual Percentage Rate. This is a variable rate account.
Visa® Secured Card periodic rate of 0.02877% is valid on new purchases; Visa® Secured Card periodic rate of 0.03425% is valid on cash advances.
Pledged shares must be retained in a corresponding VISA® Secured Share Savings account equal to the total credit limit and/or secured credit increase, and retained as collateral until such time as the debt is repaid in full and the secured credit card account is terminated.
The funds are released upon successful completion of the loan terms and regular timely payment. Your VISA® credit card is a revolving line of credit. The minimum payment is 2% of your Total New Balance, or $20.00, whichever is greater, plus the amount of any prior minimum payments that you have not made, and any amount you are over your credit limit.
The savings for credit cards is based on lowest available Credit Union APR and assumes your balance remains constant for one year. Finance charge computation is based on the daily average balance.
Annual Fee: None; Over the Limit Fee: $20.00; Late Fee: $20.00; Return Check Fee: $30.00; Card Replacement: $25.00 normal processing; $75.00 rush order; Past Due Fee: $20.00 after the 20th day following the due date. VISA® International Exchange Conversion Fee: Applicable cost to the Credit Union at the time of transaction.