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Last updated on March 16th, 2021
Latino Credit Union Visa Secured Card
Build or Rebuild Your Credit
- Regular Purchase APR 7.75% to 18% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 7.75% to 18% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 7.75% to 18% variable based on creditworthiness and the Prime Rate
- Annual Fee None
- Credit Needed Poor , No Credit Required
- No annual fee
- Build credit with financial responsibility
- Regular Purchase APR: 7.75% to 18% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 7.75% to 18% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 7.75% to 18% variable based on creditworthiness and the Prime Rate
- Late Payment Penalty Fee: $10
- Return Payment Penalty Fee: $5
- Minimum Deposit Required: $500
At a Glance
The Latino Credit Union Visa Secured Card is an excellent option for those who are new to the United States, new to banking, or new to credit, who want to grow their credit score with financial responsibility. The card, offered by North Carolina credit union, Latino Credit Union, is available to anyone across the U.S., provided they join the credit union and pay the $10 education fee.
The card features a low APR, no annual fee, and no hidden fees for things like balance transfers, cash advances, other charges. The card also boasts no penalty APR. The minimum deposit required is $500, which is returned once the account is closed (and in good standing).
Ideal for Those Who:
- Are new to banking or have recently arrived in the U.S.
- Want to rebuild their credit score or establish a credit score for the first time
- Don’t want to pay an annual fee
Latino Credit Union Visa Secured Card Review
The Latino Credit Union Visa Secured Card is a straightforward secured credit card from North Carolina lender, Latino Credit Union. The card, like all secured credit cards, is available to those with little-to-n credit history and is opened via a security deposit that acts as both collateral and the line of credit.
Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?
The Benefits of Secured Cards
Secured credit cards are an excellent option for anyone new to credit, or those with a poor credit score that they hope to improve through on-time payments and good financial habits. In that vein, the Latino CU Visa Secured is a powerful tool for those looking to work their way up to an unsecured credit card in time.
The card requires a minimum deposit of at least $500, which is steep considering that many other secured cards need as little as $200 to open an account. For that $500 deposit (which can rise as high as $15,000), cardholders get an exceptional APR – one that is considerably lower than those rates found with the credit unions unsecured card, the Latino CU Visa Card.
Related Article: What Are the Best Secured Cards for Rebuilding Credit?
With regular payments and sound financial practices, holders can eventually work their way up to a unsecured credit card and receive their security deposit untouched. With financial mistakes and missed payments, however, they might forfeit some – or all – of their deposit.
Tips for Building Credit
Rebuilding credit (or establishing credit for the first time) might sound daunting, but it doesn’t have to be. Here are a few simple tips to help boost your credit score:
- Make on-time payments
- Try to keep your credit utilization below 30% (or below 10% if possible)
- Always pay your balance in full each month
What Makes the Latino CU Visa Secured Worthwhile?
Many secured credit cards come with an annual fee. Credit unions, such as the Latino CU, however, don’t charge their members an annual fee – even on their secured cards. This makes the Latino Secured Visa a quality choice: there’s no annual fee, no over-the-limit fee, no cash advance fee, and no balance transfer fees. There is also no penalty APR, but as this is a secured credit card, paying your bill on time is essential, so hopefully, this won’t be an issue anyway.
Should You Apply for the Latino Credit Union Visa Secured Card?
The Latino CU Visa Secured Card is a very good secured credit card for those who are either new to banking in the U.S., have limited experience with credit cards, or simply have fair, poor, or no credit history and want a great APR while they build a positive credit score.
The card is secured with a deposit ranging from a minimum of $500 to a maximum of $15,000 (which also acts as the line of credit). Since most credit cards require at least a year of credit history, this is the perfect step towards the unsecured Latino CU Visa Card, which can further help individuals up the credit ladder.
The card also benefits from a very low APR – much lower than even found with the unsecured version of the same card. It also benefits from no annual fee, and no hidden fees for a variety of services, which is always nice.