Golden 1 Platinum Secured Visa® Card

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Last updated on March 15th, 2021

Golden 1 Platinum Secured Visa® Card

Establish Credit While Earning Dividends

Golden 1 Platinum Secured Visa® Card
  • Regular Purchase APR 13.79% variable based on the Prime Rate
  • Balance Transfer APR 13.79% variable based on the Prime Rate
  • Cash Advance APR 13.79% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Poor , No Credit Required
  • Processing Network Visa
Best Benefits
  • No annual fee
  • Funds used for deposit will earn dividends
  • Credit limit: $250 to $3000
  • Low APR
Rates & Fees
  • Regular Purchase APR: 13.79% variable based on the Prime Rate
  • Balance Transfer APR: 13.79% variable based on the Prime Rate
  • Cash Advance APR: 13.79% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $5 or 2.5% of the amount of each cash advance, whichever is greater
  • Foreign Transaction Fee: Up to 1.4% of each transaction in U.S. dollars
  • Late Payment Penalty Fee: Up to $15
  • Return Payment Penalty Fee: Up to $25
  • Minimum Deposit Required: $250
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At a Glance

The Golden 1 Platinum Secured Visa® Card is a no-frills secured credit card offer from Golden 1 Credit Union. With no annual fee, no balance transfer fee, and a low APR for purchases, this card is ideal for anyone who wants to establish, build, or repair their credit.

Ideal for Those Who:

  • Need to build (or repair) your credit history
  • Don’t want to pay an annual fee or balance transfer fee
  • Want to earn dividends from your security deposit
  • Will take advantage of a low purchase APR
  • Are a member of the Golden 1 Credit Union

Golden 1 Platinum Secured Visa® Card Review

The Golden 1 Platinum Secured Visa® Card is designed for anyone who is looking for a competitive rate even as they are building or repairing their credit. Credit card issuers often eschew applicants who have little, no, or bad credit history, and it may seem impossible to rebuild your reputation with the credit bureaus.

Golden 1 Credit Union has a generous offer – with a purchase APR of 15.79% (enticingly low, as far as the APR for a secured card goes – often this rate can be as high as 25%!), you’ll be able to save money even if you carry a balance.

It’s recommended to not carry a balance with a secured card, as bank and credit issuers pay close attention to secured card cardholders’ activity; after all, you’re meant to be demonstrating responsible financial behavior, and the best way to do this and have your card upgraded to a rewards credit card is to pay your balance in full, each billing cycle.

Once you’ve demonstrated responsible fiscal behavior, you can be upgraded to a credit card that offers cash back rewards from gas, grocery and restaurant purchases, like the Golden 1 Platinum Visa® Card. There are many other credit cards with great rewards programs, so it’s good incentive to improve your credit quickly.

Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?

A Deposit That Earns Interest

A great perk of the Golden 1 Platinum Secured Visa® Card is that cardholders will be able to earn dividends on the funds that are held in their savings account; essentially, whatever deposit is made for the credit limit will earn dividends as long as it remains in the account.

The credit limit for this Platinum Secured card ranges from $250 to $3,000, and is determined by the security deposit made at the time the account is opened; in order to use this card, you will need a Golden 1 savings account. You can even use this card to get a cash advance for a fee of $5, or 2.5% of the amount of the cash advance (whichever is greater).

Unlike some other secured cards (like the Discover It Secured), Golden 1 does not offer any option for converting a secured card to an unsecured version after at least six months of on-time payments and good standing. Instead, the credit union seeks to build credit, thus allowing cardholders to apply for an unsecured card later on down the line. 

Should You Apply for the Golden 1 Platinum Secured Visa® Card?

All in all, the Golden 1 Platinum Secured Visa® Card is a solid secured credit card offer – with no annual fee, no balance transfer fee, and an extremely competitive, middle-of-the-road purchase APR, repairing or building your credit will be easy. Since there’s no fee for balance transfers, you can easily transfer your balance from a previous card and start making payments immediately without having to pay a cent more than you need to. Establish your credit today!

Other Options to Consider:

Because of the low APR and no annual fee, it’s tough to argue against the Platinum Secured if you’re an existing Golden 1 member. That said, there are other secured cards that offer better rates, though with the addition of an annual fee.

first progress prestige

The First Progress Platinum Prestige Mastercard® Secured Credit Card, for instance, features a regular purchase APR of 9.99%. While it comes with an annual fee of $49, it also has a minimum deposit of $50 less than the Golden 1 Platinum Secured. This lower deposit and enticing interest rate essential wipes out the benefits of the Golden 1 Card for non-credit union members, and makes this option ideal for those who want to carry a balance.

Related Article: What Are the Best Secured Cards for Rebuilding Credit?

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