| Last updated on September 21st, 2023
ASE Credit Union Share Secured Visa
ASE Credit Union Share Secured Visa
- 8.99% to 17.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 8.99% to 17.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 8.99% to 17.99% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
Alabama State Employees Credit Union is a leading Alabama-based credit union that offers credit cards for everyday people. The ASE Credit Union Share Secured Visa Card is a secured credit card that can help open the door to a brighter credit future with timely payments and responsible credit use.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Build credit with regular payments
- Work your way up to an unsecured ASE Credit Union Visa in as little as one year
- Regular Purchase APR: 8.99% to 17.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 8.99% to 17.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 8.99% to 17.99% variable based on creditworthiness and the Prime Rate
- Penalty APR: 18%
- Foreign Transaction Fee: 1% of the transaction amount in U.S. Dollars
- Late Payment Penalty Fee: $25
- Return Payment Penalty Fee: $30
- Over Limit Penalty Fee: $25
- Minimum Deposit Required: $500
- You're new to credit or have a challenging credit history
- You already bank with Alabama State Employees Credit Union
- You want to earn rewards while they raise your credit score
- You do't want to pay an annual fee
ASE Credit Union Share Secured Visa Card Review
The ASE Credit Union Share Secured Visa Card is a secured credit card that can help holders quickly establish – or regain – their financial footing. The card requires an initial deposit to open the line of credit, with required deposits starting as low as $500 and as high as $35,000.
This security deposit acts as collateral for the credit card, as well as the line of credit. If you practice financial responsibility and make your payments on time, you may be able to make the jump to an unsecured credit card from Alabama State Employees Credit Card in as little as one year.
Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?
Why Choose a Secured Credit Card?
Secured credit cards make lots of sense for people who have had credit issues in the past, as well as people who are completely new to credit. Unsecured cards can be difficult to receive with no credit history or a poor or bad credit score.
The ASE CU Share Secured Visa makes rebuilding credit easy with regular payments and financial discipline. Practicing financial discipline and learning the right credit habits might not be exciting, but it’s critical if you want to boost your credit score.
Related Article: What Are the Best Secured Cards for Rebuilding Credit?
How to Boost Your Credit Score
Critical credit skills to master include:
- Paying your entire balance on time every month. While you can choose to pay off just the minimum due on each statement, this will lead to interest payments, which may become unwieldy and troublesome in the future. Paying the entire balance helps teach only paying for what you can afford.
- Keeping your credit utilization low. Ideally, you want to keep your credit utilization – the amount of your credit limit you use – below 10%. For many secured cardholders, however, this may not be realistic – especially if your credit line if low. Always try to keep your credit utilization below 30%. If your limit is $1,000, for example, try to use only $300 max each month.
Perks of the ASE CU Share Secured Visa Card
The ASE Credit Union Share Secured Visa Card acts in the same way as the ASE CU Visa Credit Card. It’s unsecured sibling. Cardholders can expect no annual fees, no fees for balance transfers or cash advances, and lower-than-average fees for late-payments returned payments or over-the-limit charges.
The card also earns the same single point for every dollar spent on eligible purchases in the UChoose Rewards Program. While it is unlikely that a secured cardholder will earn enough rewards for redemptions like airfare, merchandise, or lucrative gift cards, the points can be transferred to the unsecured ASE CU Visa, and the real earning can begin!
Should You Apply for the ASE Credit Union Share Secured Visa Card?
Building credit isn’t glamorous, but it’s something that everyone needs to do. The ASE CU Share Secured Visa Card makes the building – or rebuilding – of credit easy thanks to no annual fee and a selection of nice perks.
Like the unsecured version of the card, the ASE CU Visa, the Share Secured Card earns a single reward point for every dollar spent, which is a nice feature not found in many secured cards. Many secured cards with rewards charge and annual fee, but the ASE CU card does not, which is always welcome. This perk makes you feel good as you build your credit with timely payments.
And, since Alabama State Employees Credit Union reports to all three major credit bureaus – Equifax, Experian, and TransUnion – making on-time and in-full payments each month is a great way to work your way up to an unsecured card in as little as a year.
For more information on secured credit cards, visit our Comprehensive Secured Card Reference Page, featuring the best-secured card offers, detailed advice, and tips to help you build your credit history.
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