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Last updated on March 4th, 2021
American Savings Bank Secured Visa Card
Build a Positive Credit History
- Repair credit with on-time payments and responsible use
- Potential for a credit line increase with no additional deposit after 7 months
- Chance to get your security deposit returned after as little as 11 months
- Regular Purchase APR: 24.24% variable based on the Prime Rate
- Balance Transfer APR: 24.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 25.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $35
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $35
- Minimum Deposit Required: $300
At a Glance
The American Savings Bank Secured Visa Card is a basic-yet-effect secured credit card for those new to credit or seeking to rebuild a damaged credit score. The card is from American Savings Bank, a Hawaii-based bank.
Ideal for Those Who:
- Have bad credit or no credit history
- Live in Hawaii
- Already bank with American Savings Bank
- Plan to pay their balance in full
American Savings Bank Secured Visa Card Review
Having bad credit can cause a wide variety of problems in everyday life. From struggling to rent an apartment to being turned down for mortgages, auto loans, and other financial products, a bad credit score can keep you from enjoying life to its fullest.
Fortunately, secured credit cards, like the American Savings Bank Secured Visa Card, are a great way to build a positive credit history with on-time payments and responsible usage. Because secured credit cards require a security deposit, they are easier to receive than unsecured credit cards – making them ideal for anyone seeking to boost their credit score.
Request Your Credit Limit
The American Savings Bank Secured Visa provides a large credit limit window for applicants. For those with limited funds, the minimum deposit is $300, with the maximum security deposit $5,000.
At the lower end of the deposit spectrum, $300 is reasonable but not ideal. Most secured cards feature a $300 minimum deposit, but this may still be too high for some consumers. Other cards, like the Discover It Secured or the Assent Platinum 0% Intro Rate Mastercard, feature a $200 deposit – making them much more accessible options for those with limited cash-on-hand.
Modest Annual Fee
The annual fee with the American Savings Bank Secured Visa is equally middle-of-the-road. That charge – $35, is decent, but not exceptional, given what is on offer. The previously mentioned Discover It, for example, has no annual fee – as do other secured cards from Capital One and Citi.
Cards with a comparable annual fee, such as the Oakstone Gold Secured Mastercard, First Progress Platinum Select, or OpenSky Secured Visa, feature lower interest rates – sometimes almost half of what is on offer with the American Savings Bank Card.
A Higher-Than-Average APR
The purchase APR with the American Savings Bank Secured Visa is rather high. That interest rate is over 24%. The national average APR for a secured credit card is currently around 18% – meaning the American Savings card is over six percentage-points higher than the national average.
Other comparable cards feature a much lower interest rate. Cards like the Assent Platinum 0% Intro Rate Mastercard feature interest rates as low as 13%, with other cards, like the Applied Bank Secured Visa having an APR below 10%.
Fortunately, interest rates are easily avoidable by making on-time payments and ensuring the entire balance is paid in full before the end of the statement period. For those planning on carrying a balance, however, the American Savings Bank Card struggles versus competitors.
Credit Line Increases
Fortunately, the card more than makes up for this shortcoming with the chance at a credit limit increase without an additional deposit. Making seven regular on-time bill payments can lead to a higher credit limit with no extra cash deposit. This feature is excellent and the perfect opportunity for anyone who wants to transition from secured to unsecured credit cards.
With further good financial habits, the cardholders can even have their deposit returned and the card converted to the unsecured American Savings Bank Platinum Edition Visa. This process can be done in as little as eleven months, subject to credit approval.
Other Card Features
All American Savings Bank credit cards come with the features of Visa Traditional credit cards. These protections and perks include:
- Visa Zero Fraud Liability
- Roadside Dispatch, which offers 24-hour access to roadside assistance like tire changing, jump-starting, or towing.
- Complimentary access to your FICO credit score each month
- Online account management
- Visa Global Services
Should You Apply for the American Savings Bank Secured Visa Card?
The American Savings Bank Secured Visa Card is a decent secured credit card that struggles against some of its larger competitors. The card’s minimum deposit requirements, annual fee, and APR aren’t exceptional, making other options a better bet for many.
Those who want no annual fee, for example, have plenty of options to consider from larger banks – including Capital One, Discover, or Citi. Those who are okay with paying the $35 fee also have plenty of great options – with the OpenSky Visa being a notable competitor.
The interest rates with the card are also rather high, given the yearly membership charge. Other cards that feature the same fee come with noticeably lower APR on purchases. The Assent Platinum 0% Intro Rate Mastercard, for example, features a slightly higher annual fee but an APR half that of the American Savings Bank Secured Visa. It also comes with 0% intro APR on purchases for the first six months – something few other secured cards can provide.
For those banking in Hawaii or already having accounts with American Savings Bank, the American Savings Bank Secured Visa Card is a decent option to consider. The card is the ideal entry-way to the bank’s unsecured credit card options, meaning existing customers can get real value out of their credit building journey.