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Last updated on December 18th, 2020
National Bank of Arizona AmaZing Launch Secured Credit Card
Build or Rebuild Credit With a Low APR
- Low interest rate for a secured card - at least 2% lower than the national average APR for a secured card
- Establish, or rebuild credit
- Travel Accident Insurance and Auto Rental Insurance
- Visa Zero Liability
- Regular Purchase APR: 12.99% variable based on the Prime Rate
- Balance Transfer APR: 12.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 12.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $25
- Foreign Transaction Fee: 3% 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: $300
At a Glance
The National Bank of Arizona AmaZing Launch Secured Credit Card is a simple, no-frills financial tool with a competitively low APR when compared to other secured card offers.
Ideal for Those Who:
- May not qualify for a traditional credit card due to poor credit, or a lack of a credit file
- Wish to demonstrate financial responsibility to build their credit and qualify for an unsecured credit card offer
- Are willing to open a National Bank of Arizona (NB|AZ) bank account to hold their deposit
- Don’t mind a small annual fee
National Bank of Arizona AmaZing Launch Secured Credit Card Review
The National Bank of Arizona AmaZing Launch™ Secured Credit Card offers consumers a way to avoid high-interest charges while building their credit profile. Cardholders who demonstrate financial responsibility will save money even as they establish a good credit score.
Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?
Secured by an NB|AZ® Savings Account
For folks who have not established their credit, or who have had issues with their credit, applying for credit cards can be a daunting prospect. Luckily, secured cards like the NB|AZ AmaZing Launch Secured Credit Card can be a vehicle for financial stability, with proper use.
The National Bank of Arizona AmaZing Launch Secured card, like most secured cards, is easy to use. Once approved, a new cardholder will need to open a savings account with the issuer, National Bank of Arizona. This account will hold the deposit that serves as collateral, which must be a minimum of $300.
The credit limit for each cardholder is determined by the amount of their deposit. Each credit limit will be 90% of the balance of the cardholder’s NB|AZ savings account, which means that the minimum deposit of $300 would mean a credit limit of $270.
Low, Competitive Interest and Fees
The variable APR from the National Bank of Arizona AmaZing Launch Secured Credit Card for purchases and balance transfers maybe its strongest feature. It sits at approximately two points below the national average for secured credit cards.
Typically, banks and card issuers charge a higher interest rate for their secured card. Customers with poor credit are seen as a risk, so banks take measures like these to protect themselves in the event that a cardholder misses several payments or defaults. A high APR can add to up big charges when a cardholder isn’t careful.
However, the APR for the secured card from NB|AZ is competitively low. National card issuers like Discover also offer secured cards, but the APR assigned to these cards is usually significantly higher. Smaller issuers like credit unions typically offer the best interest rates for secured cards.
Using the National Bank of Arizona AmaZing Launch Secured Credit Card to Build Credit
Once a credit limit is established, the NB|AZ AmaZing Launch sECUREDcard functions just like a normal credit card would. It can be used everywhere Visa® is accepted, and retailers and merchants will not know it is a secured credit card. Use it for everyday purchases – gas, groceries, movie tickets – or for larger purchases (so long as you’ve established a high enough credit line with your deposit), and make your payments on-time to ensure that you build your credit responsibly.
When using a secured credit card like the NB|AZ AmaZing Launch Secured card to establish or re-establish credit, it is extremely important to demonstrate financial responsibility. This includes paying your statement balance in full each month, not making late payments, and, most importantly, never missing a payment.
Financial behavior is reported to the major credit bureaus regularly, and this can lead to an increase in your credit score in as few as eight months after beginning to use the National Bank of Arizona AmaZing Launch Secured Card. However, missing a payment – or even making a payment after its due date – can be a big setback, particularly for those who have already had credit issues in the past.
NB|AZ provides all cardholders with important consumer protections, including:
- Purchase Alerts
- Emergency Card Replacement and Emergency Cash Disbursement
- Travel Accident Insurance
- Auto Rental Insurance
- Visa Zero Liability
Should You Apply for the NB|AZ AmaZing Launch Securedd Credit Card?
The National Bank of Arizona AmaZing Launch Secured Credit Card is a rudimentary secured card whose strongest feature is its low, competitive standard APR. While there are no bells and whistles that accompany it, it makes establishing or rebuilding credit a cinch by helping cardholders cut down on extra fees thanks to a comparatively low-interest rate.
Perhaps the biggest thing to consider is the minimum deposit. Remember, if you want a secured card, you’ll need to budget enough money to make the deposit in an amount you can afford – and you’ll also need to make sure you have enough money budgeted to cover the cost of the purchases you make. As such, a card with a lower minimum deposit may be best for anyone whose budget is already thin.