SDFCU Savings Secured Visa Platinum Card
Originally established as the U.S Department of State Employees Federal Credit Union, the Virginia-based State Department Federal Credit Union provides its members with a comprehensive selection of financial products, including the SDFCU Savings Secured Visa Platinum Card. This secured SDFCU credit card has low interest rates and a variety of features that make it one of the most highly rated secured credit cards on the market today.
Who is the SDFCU Savings Secured Visa Platinum Credit Card for?
The SDFCU Savings Secured Visa Platinum is designed for anyone interested in rebuilding their credit and taking advantage of one of the best secured credit card options available. With no annual fee, a low APR, and a robust rewards program typically not offered with other secured cards, it offers several advantages over other secured credit cards. If you’re just starting out or rebuilding your credit, this SDFCU Credit Card is definitely worth a look.
How does the card work?
When you apply for the SDFCU Savings Secured Visa Platinum Card, a minimum deposit of $250 is required. However, there is no maximum limit, so you can put as much as you like on the card. The deposit is then held in an SDFCU savings account to be used or accrue interest. Unlike an unsecured credit card, there is no income verification or credit check required.
Like all secured credit cards, the credit limit is simply your deposit amount. When you receive the card, you’re free to use it just like a credit card. The account activity and payments will be reported to the three major credit bureaus: Equifax, Experian, and TransUnion. This makes it a great card for establishing or improving your credit.
How do I become eligible for the SDFCU Credit Card?
Qualifying for the SDFCU Savings Secured Visa Platinum Card is quite easy. In fact, there are no income or credit checks at all. Even if you have a bankruptcy or other serious items on your credit report, as long as you’re a U.S. citizen, you should be approved. Although SDFCU does do a soft Equifax credit inquiry, this is only done to verify your identity.
That being said, you must be an SDFCU member in order to apply. Free memberships are available for Department of State employees or members of the American Consumer Council. You can become a lifetime member of the ACC simply by paying $15. Free memberships are also available, if you’re willing to go through a few simple steps.
What will my credit limit be?
Your credit limit for the SDFCU Savings Secured Visa Platinum Credit Card will depend on how much you deposit onto the card after being approved. While there is a $250 minimum credit limit, there is no maximum. Best of all, unlike many other secured credit cards, you’ll earn interest on your deposit amount through a certified deposit or savings account. You can also add more money to the card to increase your credit limit at any time without the need for a hard credit pull.
Is there a rewards program?
Yes. Unlike many other secured cards, this SDFCU card has a rewards program for its members. Although there isn’t a sign up bonus, you can earn one FlexPoint for every $1 you spend. Similar to other rewards programs, the points you earn can be redeemed for merchandise, gift cards, and even free flights.
Unfortunately, it takes quite a bit of points to receive any real value from the rewards program. For instance, 7,500 points earns you a $50 Visa gift card, and you’ll need 12,500 for a $100 Visa gift card. Nonetheless, while there are other more lucrative rewards programs out there, it’s rare to see any rewards program at all for a secured card.
What are the rates and fees?
The rates and fees associated with the SDFCU Savings Secured Visa Platinum are some of the lowest around. To save you some time and effort digging through the site for the info, here’s the rundown on the numbers, or lack there of:
• Purchase and Cash Advance APR – Negligible
• Annual Fee – None
• Balance Transfers – None at the moment
• Foreign Transaction Fee – None
• Minimum Deposit – $250
Will the SDFCU Savings Secured Platinum Card help me rebuild my credit?
The card is reported as a “secured” card to all three major credit bureaus. True, regularly using a secured credit card will not help your FICO score as much as using and paying off a an unsecured card. However, it will still help and makes a solid starting point for rebuilding your credit.
Are there any other card benefits?
Like all credit and debit cards these days, the SDFCU Savings Secured Visa Platinum Card comes equipped with chip-enabled technology for improved security. You can also use the card at over 30,000 ATMs around the country in SDFCU’s network without worrying about ATM fees. When you factor in all of the benefits above, it’s easy to see why many consider this one of the best secured credit card options on the market today.
How does the SDFCU Savings Secured Visa Platinum Card compare to other credit cards?
SDFCU’s Savings Secured Visa Platinum Card offers you low rates and a generous rewards program. It comes with no annual fees and you can get free balance transfers. Overall this makes it really stand out in the crowded credit marketplace. With all that it offers, it’s an excellent card for earning points on purchases. Use it to pay off high-interest credit cards, and rebuilding your credit. With chip-enabled technology and no foreign transaction fees, it’s a great travel card as well.
Learn more about the SDFCU Savings Secured Visa Platinum Credit Card and apply today!