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Last updated on July 19th, 2021
BrightStar Credit Union Visa Platinum Secured
BrightStar Credit Union Visa Platinum Secured
- Regular Purchase APR 14.99% to 18% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 14.99% to 18% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 14.99% to 18% variable based on creditworthiness and the Prime Rate
- Annual Fee None
- Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Poor , No Credit Required
- Processing Network Visa
- No annual fee
- Same APRs as a regular credit card
- Reduced introductory balance transfer APR for 6 months on balance transfers
- Cash advance APR equal to regular purchase APR
- Regular Purchase APR: 14.99% to 18% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 2.99% for 12 months on transfers made within 60 days from account opening date
- Balance Transfer APR: 14.99% to 18% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 14.99% to 18% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: $1 ATM Cash Advance Fee
- Foreign Transaction Fee: up to 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $25
- Minimum Deposit Required: $550
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At a Glance
The BrightStar Credit Union Visa Platinum Secured features an APR range that mirrors that of some regular non-secured credit cards. New cardholders can benefit from a reduced introductory APR for six months on balance transfers – all for no annual fee.
Ideal for Those Who:
- Have no credit or poor credit but don’t want prepaid cards or debit cards
- Want to improve their credit report with a good payment history
- Don’t want to pay an annual fee
- Want a low APR for a secured card
- Need to transfer a balance and intend to pay it off in 6 months
BrightStar Credit Union Visa Platinum Secured Review
The BCU Secured Card from BrightStar Credit Union is unique among secured credit cards. For starters, it features a range of annual percentage rates (APRs) that are equal to those of this Florida-based credit union’s other credit cards.
What’s more, secured cardholders have access to the same credit limits that feature on Brightstar’s other credit cards. In short, this credit card offers many of the same features as a regular credit card, which is rare among secured cards.
The only difference is that cardholders must pay a security deposit in order to open an account. However, this is a standard feature on most – if not all – secured credit cards.
The Brightstar Secured Visa Platinum also offers new cardholders a reduced APR for six months on balance transfers. Additionally, cardholders never have to pay a fee when transferring a balance. Keep reading to learn more about this credit card’s unique features.
Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?
A Secured Card in Disguise
The BrightStar Credit Union Visa Platinum Secured is almost like an unsecured card in disguise. Many secured credit cards present cardholders with a lot of restrictions in addition to high fees and rates. However, BrightStar believes that a customer shouldn’t be punished for trying to improve his or her credit rating.
That’s why this secured card has many of the same features as BrightStar’s regular credit cards. This includes not having to pay an annual fee. Cardholders also get the same interest rates and credit limits it extends to its other customers. New accounts have access to a promotional APR on balance transfers, which is rare among secured cards.
The Brightstar Secured Card features credit lines of up to $50,000, though these limits are secured through a deposit. The minimum deposit is $500. Cardholders must supply a deposit that is 110% of their credit limit, so a $500 limit requires $550 deposited.
What is great about having a high credit limit with a secured credit card is that you can keep this card over a long period of time, and thus greatly improve your credit rating. Many secured cards may only offer a $5,000 credit limit. As time progresses, you may find that this amount is not enough to satisfy your financial needs.
You may need a higher credit limit, but your credit rating isn’t yet good enough to qualify for another type of card. There’s no need to worry about that with this card.
Another unique feature of BrightStar’s Secured Visa Card is that it offers applicants a range of interest rates. What’s more, these APRs are the same that are available on this credit union’s regular credit cards.
Your creditworthiness is a reflection of your credit history. If you are applying for a secured card, chances are that you have no credit history or poor credit history. Because of this, most banks will just offer secured card applicants a single (usually higher) interest rate.
BrightStar Secured Card applicants can be approved for a range of interest rates – a unique feature.
No Fees and Low Fees
Another great feature of the BrightStar Credit Union Visa Platinum Secured is that its fees are significantly lower than what many other financial institutions offer. First, there is no annual fee you have to pay to use this card. This distinguishes BrightStar’s secured card from many of its competitors, which may charge you a fee.
There are also no balance transfer fees with this card. When paired with this card’s introductory balance transfer offer, this makes for an attractive package of features.
Cash advances usually incur a high fee in addition to an increased APR on many other credit cards. That’s not the case with BrightStar. You only pay $1.00 for an ATM cash advance. What’s more, the cash advance interest rate is the same as the regular purchase APR.
Foreign transaction fees on this secured card are some of the lowest in the industry. Typically, only high-fee travel rewards cards offer low or no foreign transaction fees. With this card, you only pay 0.80% for every foreign transaction.
Coupled with the fact that Visa is the most widely accepted credit card in the world, you can rest assure that BrightStar’s Secured Visa is everywhere you want to be.
Reduced Intro APR on Balance Transfers
Many secured credit cards are pretty skimpy when it comes to offering cardholders benefits. While the BrightStar Credit Union Visa Platinum Secured doesn’t offer the same perks like a rewards card, it does feature one attractive detail.
New cardholders can take advantage of a reduced APR for six months when they transfer a balance from another credit card. Once you sign up for this card, you have 60 days (about two months) to transfer a balance and take advantage of this deal. The promotional interest rate is less than half of the lowest APR you can receive with this card.
Should You Apply for the BrightStar Credit Union Visa Platinum Secured?
The Visa Platinum Secured Card is one of the most competitive secured credit cards in the industry. It features no annual fee, high credit limits, and potentially low APRs. What’s more, you can take advantage of an introductory balance transfer offer. All these features are rare in secured credit cards.
One small drawback, however, is the security deposit requirement. Many secured credit cards require a $300 security deposit, which is lower than the BrightStar Requirement. However, those cards may only have a credit limit of a couple of thousand dollars. Something to definitely take into mind when selecting a card.
BrightStar customer care is another great feature. BrightStar Care Center is here to assist you with any questions for card members (day and night).