The fees associated with using this card are kept to a minimum. Be aware, however, that to be able to apply for this loan, you will first need to join the credit union that will be providing it, and the initial deposit will be very large. Regarding the secured-card sector, that has its fair share of shady characters, DCU stands out as a provider of trustworthy products like DCU Visa® Platinum Secured Credit Card. DCU card boasts a variety of consumer-friendly characteristics that are commendable for secured card.
But, the card's appeal is diminished since to apply for it, one must first become credit union member; also, no opportunity to receive incentives for spending money. In addition, the minimum deposit needed is much more than that of its leading rivals. Because of this, individuals living paycheck to paycheck hoping to establish or repair their credit using a secured card will not be able to get the card. The card is useful for a subset of people who shop for secured credit cards, namely, those with credit problems but solid cash flow.
Pros
- No annual charge.
- Sent its information to the three main credit reporting agencies.
- You may qualify despite having limited or poor credit.
- No costs for transactions with foreign countries.
Cons
- No rewards.
- You need to be a member or client.
- Needs a minimum deposit.
Basics
- Card type: Secured.
- Rewards: None.
- Required deposit: $500.
- Foreign transaction fees: None.
- Balance transfer fees: None.
- Cash advance fees: None.
Why You May Want to Get Your Hands On This Card
No fees
Cards designed for those with poor credit have a well-deserved reputation for charging exorbitant costs on various fronts, including yearly, monthly, processing, application fees, and so on. DCU card eliminates almost all of them, including several common to the majority of credit cards. In addition to having no annual cost, the card does not levy a foreign transaction fee—other cards often charge 3%—for any transactions made outside the United States. Cash advances do not come with additional fees; the interest rate on advances is the same as the standard rate. When you first start the account, you must make a sizable security deposit that is later returned to you. Yet other than that, the card doesn't cost too much at all.
Low-interest rate
The continuing annual percentage rate (APR) is a 15.75% Variable. It is around ten percentage points lower than the rates normally made available to those with bad credit, and it is even lower than the rates made available on many cards to people with strong credit. It's a great practice to avoid carrying a debt from one month to the next on a credit card if possible. If you pay off your bill in full each month, you won't be subject to any interest charges, and maintaining a low balance is beneficial to your credit score. If you find yourself in a position where you must carry a balance, using this card will allow you to do so at a lower overall cost than many other cards would.
No limit to your credit line
DCU is secured card, which means you must make a collateral deposit equivalent to your credit limit. But, no upper limit is placed on how much of a credit line you may get with DCU. You will have complete freedom in your spending decisions as long as you keep the credit union with sufficient funds to satisfy the obligation if you fail to make payments.
Credit-building help
Your credit history may be repaired with a secured credit card, the card's primary goal. This is impossible if the company that issued your credit card does not disclose your card activity to the businesses responsible for compiling credit reports, which are the foundation for credit ratings. Several smaller, community-based financial institutions may only report to one, two, or none of the three big credit bureaus. It will be much simpler to get back on track toward developing excellent credit if you use DCU since it reports to all three major credit agencies. You will also get free entry to your FICO credit score, allowing you to monitor your improvement over time.
