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Liberty Bank Secured Visa® Card

Liberty Bank Secured Visa® Card

Qualify for a Credit Line of Up to $5,000

Liberty Bank Secured Visa® Card
  • Regular Purchase APR 20.99% variable based on the Prime Rate
  • Balance Transfer APR 20.99% variable based on the Prime Rate
  • Cash Advance APR 23.99% variable based on the Prime Rate
  • Annual Fee $35
  • Credit Needed Poor , No Credit Required
  • Processing Network Visa
Best Benefits
  • Establish or rebuild your credit
  • Earn interest on your secured deposit
  • Receive a credit limit of up to $5,000
  • Access Visa benefits, such as zero fraud liability, extended warranty coverage and auto rental insurance
Rates & Fees
  • Regular Purchase APR: 20.99% variable based on the Prime Rate
  • Balance Transfer APR: 20.99% variable based on the Prime Rate
  • Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
  • Cash Advance APR: 23.99% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
  • Annual Fee: $35
  • Foreign Transaction Fee: Up to 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
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At a Glance

The Liberty Bank Secured Visa® Card allows those with no credit or bad credit to build up their credit ratings. It features a $35 annual fee. This card also requires cardholders to submit a security deposit to open an account, which equals the credit limit amount. Furthermore, cardholders have access to some basic

Ideal for Those Who:

  • Have no credit history and need to establish their credit rating
  • Have a poor credit rating and need to repair it
  • Don’t plan on keeping high balances on your Liberty Bank Visa credit card
  • Need features to avoid them falling into debt
  • Aren’t worried about a rewards card or rewards points
  • Like knowing what their interest rate will be before applying for a credit card

Liberty Bank Secured Visa® Card Review

The Secured Visa® Card from Liberty Bank can be an ideal credit card for those who don’t have the best credit or any credit at all. Secured credit cards like this Visa® Card require that you submit a security deposit when you first apply.

This security deposit can help you avoid debt. As such, this Liberty Bank Visa® can be a great option for young people who have never had their own credit card before.

The credit limit for this card is reasonable compared to competing credit cards. Additionally, there is only one flat interest rate to worry about when applying. However, cardholders must pay an annual fee to use this card.

As with most secured cards, there aren’t many perks or bonuses that this credit card offers cardholders. However, Visa® does include a handful of basic perks you should know about in order to take full advantage of this card.

How the Liberty Bank Secured Visa® Card Can Help You

When you apply for the Liberty Bank Secured Visa® Card, you need to submit a security deposit. While you use your credit card, Liberty Bank will send reports about your usage to three major credit bureaus. If you use your card responsibly and pay your credit card balance every billing cycle, you can improve your credit rating little by little. Over time, your credit history will be good enough for you to apply for a regular credit card.

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

Your Security Deposit

In order to get a Liberty Bank Secured Visa® Card, you must submit a security deposit of at least $300. The maximum amount you can deposit is $5,000.

Whatever the amount of your deposit is will be the amount of your loan amount – your credit limit. In other words, if you deposit $1,250, your credit limit is $1,250.

Liberty Bank holds keeps your security deposit in a savings account. If you cannot make your payments, Liberty Bank will use your security deposit to pay off your balance and close your account. However, don’t see this as a free pass. If this happens, it can greatly harm your credit, which defeats the purpose of having the Secured Visa® Card.

If you find that you no longer want to have this credit card account, you can decide to close it. Once you close your account, Liberty Bank will return your full deposit to you if you paid your balance in full.

One APR for All

One of the frustrating parts of applying to a credit card is trying to determine what your interest rate will be. With the Liberty Bank Secured Visa® Card, there is no guesswork. This credit card features a flat interest rate that applies to every cardholder. While it is a high-interest rate, you don’t have to wonder what your interest rate will be with this card.

Visa® Perks

While the Liberty Bank Secured Visa® Card doesn’t provide any perks through the issuer, cardholders do have access to some attractive benefits through Visa®. These benefits are standard in most Visa® credit cards.

Is It Worth a Fee?

The Liberty Bank Secured Visa® Card charges an annual fee for all the features mentioned above. While it’s a pretty low credit card fee, this may not be something you want to pay.

Should You Apply for the Liberty Bank Secured Visa® Card?

While some of Liberty Bank’s other features attractive perks and competitive rates, the secured card doesn’t measure up to its sibling cards.

The few Visa® perks that you receive with this card come standard in all Visa cards. As such, they’re not a particular draw to this card.

Additionally, there are many secured credit cards out there that don’t charge cardholders an annual fee. And a lot of these no-fee cards feature lower interest rates.

If you’re looking to build up your credit, you don’t necessarily need to pay a fee and higher interest rates. It’s enough that you have to pay a security deposit.

Read Also: What are the best secured cards of 2020?

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