A good credit card for those with bad credit history.
If your credit history is bad, you’ll find out that the majority of cards available for you imply high charges as well as high interest rates. This card changes the rules of the game. Actually, it is considered to be one of the best secured cards at the market.
Basic features and benefits of the card
This card is very attractive for those who have a bad credit score. It has no fee that potential cardholders are required to pay each year. The truth is that not many secured cards come with such an offer. The standard APR amounts to 12.50% which is very low. Consequently, it’s great for those who need to improve their credit scores.
Below you’ll find all the facts about the card that you should be aware of.
General information on the card
- No additional charges apply in case you need to make purchases with the card abroad.
- There is no fee to pay each year for using the card.
- If you have a limited or very bad credit score, you’ll be able to get this card.
- There are no rewards that potential cardholders can earn with this card.
- Special offer concerning APR: No offer for this card.
- Standard APR amounts to 12.50% but it may vary. Bear in mind that if you fail to pay off on time, the penalty fee of 18.00% applies. The penalty fee is also a subject to changes. The card comes with the Cash Advance fee of 12.50% that may vary.
- There is no fee to pay each year.
- Special Offer: No offer for this card.
More details concerning the card:
- The interest rate that applies in case of this card is one of the lowest rates among secured cards.
- You don’t need to spend extra money on paying the fee for the privilege of using the card.
- With this card, balance transfer as well as cash advance operations are carried out for free.
- There is a possibility for you to use a savings account as a proof that you have the necessary sum of money. In other words, you use the account instead of making a deposit.
- The card is designed so that you can make purchases via Apple Pay®, Android Pay™, and Samsung Pay with it.
- The card promises a set of perks for those who love travelling. In addition to it, you’ll get warranty perks and car rental perks.
- If there is a need, you can use the Overdraft Protection feature concerning your DCU Checking.
- Due to the Visa Checkout feature, you can make your purchases easily and safely.
- Since there is an EMV chip implemented in the card, your personal information is secured.
This card comes with benefits that no other secured card has. We believe t’s important for you to have a look at the perks that make this card beneficial before you make the final decision. The card will be a good choice for you if:
- You are the one who dislikes paying additional fees. If you already have a big debt, you’re looking for opportunities that will allow you to decrease it. This card turns out ti be the option we recommend you paying attention to. The crux of the matter is that it has no fee for balance transfer operations thus allowing you to save some money and use them towards paying off your debt. One more thing that causes unnecessary expenses is cash advance operations. As a rule, each time you carry out such an operation you’re required to pay a higher interest rate. Alternatively, the emitting bank may require you to pay extra charges. With this card, you’re not to expect any of the abovementioned. There is no fee and your interest rate for such like operations is equal to the standard interest rate.
- You’re the one who wants to get an unlimited credit limit with a secured card. Of course, this card implies that you need to make a deposit in order to get access to a credit line. The thing that makes it so outstanding is that there are no restrictions in terms of how high your credit line can be. There is only one requirement you need to meet if you prefer flexibility when it comes down to how much you can spend with this card. Your deposit should be enough to cover the sums you spend.
- You’re the one who is looking for a card that sends reports to 3 major credit bureaus in the city. The aim of a secured credit card is to help its cardholder improve his/her credit score. This process implies the need for an emitting bank to send reports to bureaus concerning the way you use your card. As a rule, local banks don’t send reports to more than 2 bureaus. The issuer of this card is different. The reports are sent to 3 bureaus thus making it a lot easier for you to successfully rebuild your credit score.
- You’re the one who needs to have an access to the FICO score. Of course, it’s very beneficial to be able to see the changes that happen to your credit score if you’re currently focused on increasing your score. This card comes with the feature that almost no secured cards have. It grants you a free access to your FICO score.
The reasons for you to consider applying for a different card and other options you may find to be more appealing
We really like this card. We hate to disappoint you, but the fact is that this card also has certain drawbacks that you should take into account.
First of all, we need to tell you that there are certain requirements to those who want to become clients of the bank.
Actually, the majority of the secured cards don’t require a potential cardholder to have an open account with the emitting banks’ retail bank. With this card it’s not so. You qualify under the following conditions:
- A person you’re related to is a client of the bank (his/her accounts is active).
- The company you either work at or retired has an open account in the bank that is used in order to pay salary to the employees.
- You are a client of the organization that’s related to the bank.
- You happen to live, work or attend the school that’s located in an underserved community and there is a branch of the issuer’s bank in it
Actually, these requirements are not a big deal. Still, they are one more step you need to make in order to qualify for the card.
- There are no rewards to be earned when using the card. Of course, if you have a big debt and you are in a need to rebuild your credit, the most important thing you focus on is paying off your debt. At the same time, some cardholders may feel sad about the fact that they can’t earn rewards with a credit card. If you want to have an opportunity to get rewards, we recommend you having a look at the Navy Federal Credit Union nRewards Secured. It has no annual fee that should be paid and offers the following rewards rates: 1 point /$1 (for any purchases you make). There is a lot of redemption options to choose from and there is the interest rate that’s lower than the one offered by the Digital Federal Credit Union Visa Platinum Secured Credit Card (from 9.74 to 18.00%). Keep in mind that the rate varies based on your score.
This card discloses other fees that may occur when you are using it only after you become a client of the Navy Federal Credit Union. In this respect it should be pointed out that it’s quite hard to become a member of it. The requirement here is the following: you or any of your family members should be affiliated with the U.S. Armed Forces, Department of Defense, Coast Guard or National Guard.
Summary: Is the Digital Federal Credit Union Visa Platinum Secured Credit Card worth paying attention to?
If you’re the one whose credit score is bad and you desperately need flexibility in terms of spending, the card is very beneficial for you. It implies some features that are either very rare or are not implied by all the rest secured cards at all. At the same time, you need to remember that the card implies certain requirements that should be met (if you’re aimed at becoming a member) and doesn’t offer any rewards.