So let’s say you don’t have any credit history, or maybe your credit is in a little troubled. Don’t worry, our Savings Secured VISA Platinum Card might just bail you out. A secured credit card is created to help you establish or rebuild your credit.

When applying for our Savings Secured Visa Platinum Card, no income verification or credit check is required. However, you are required to deposit at least $250 when you apply for the card. You will secure your balance by putting down a deposit in your Regular Share Savings Account. You should always pick an amount to deposit that you are comfortable paying back every month – maybe $300 and then you borrow against that whenever you use your card.

Your card will look like any other VISA credit card and you can use it to buy anything you would with an unsecured credit card. Secured credit cards at many financial institutions usually have a slightly higher interest rate than traditional cards. However, our Savings Secured Visa Platinum Card’s interest rate start as low as 7.24 percent APR* just like our unsecured VISA Platinum Credit Card.

Check it out. A secured credit card might be the perfect way to do a little credit building.

By Donovan B. Fox, SDFCU.org

* APR is Annual Percentage Rate. Rates are subject to change and will vary based on market conditions. Applicants may qualify for a different rate than what is stated due to the applicant’s credit-worthiness. Stated rate based on rates available on 9/15/2016.