SchoolsFirst FCU Share-Secured Mastercard® Credit Card

Advertiser Disclosure Editorial Disclosure

Last updated on March 4th, 2021

SchoolsFirst FCU Share Secured Mastercard® Credit Card

Get Up to a $5,000 Credit Limit

SchoolsFirst FCU Share Secured Mastercard® Credit Card
  • Regular Purchase APR 13.9%
  • Balance Transfer APR 13.9%
  • Cash Advance APR 13.9%
  • Annual Fee None
  • Credit Needed Fair , Poor
  • Processing Network Mastercard
Best Benefits
  • Establish or re-establish your credit history with this secured credit card
  • Get a credit limit with a deposit between $500 and $5,000
  • Get Mastercard Enhanced ID Theft Protection to monitor your identity
  • Compatible with Apple Pay
Rates & Fees
  • Regular Purchase APR: 13.9%
  • Balance Transfer APR: 13.9%
  • Cash Advance APR: 13.9%
  • Penalty APR: 17.9%
  • Foreign Transaction Fee: 2% of the transaction amount in U.S. dollars
  • Late Payment Penalty Fee: $25
  • Return Payment Penalty Fee: $20
  • Minimum Deposit Required: $500
Credit Card Deals
card
Over 150,000 hotels in top destinations. Book now! Reservations.com Offer Expires on Jan 01, 2023 See Details
card
33% + Extra 10% off Hotel Stays Longer Than 7 Nights. OYO Hotels Offer Expires on Dec 12, 2021 See Details
card
Bundle Sale: Get 35% off Tuffy Stereo Security Console and $75 off Alpine Radio. Morris 4x4 Offer Expires on Dec 12, 2050 See Details
card
FREE Shipping and returns with any MOLECULE purchase. MOLECULE Offer Expires on Jan 01, 2099 See Details
card
New Customers Offer - 15% off Your First Order of Contacts Plus Free shipping. Coastal.com Offer Expires on Jun 06, 2025 See Details
card
50% off Starter Kits. Candid Offer Expires on Dec 12, 2050 See Details
card
Shop New Textbooks with Free Shipping! AbeBooks Offer Expires on Jan 01, 2099 See Details
card
Special Offer 49% Off an Annual Membership! Receive 12-Months for Only $59.95! ABCmouse.com Offer Expires on Jan 01, 2099 See Details
card
Save 5% AVIS Offer Expires on Dec 12, 2030 See Details
card
Receive up to 50% off hotels in addition to a 1% rebate CheckINN Direct Offer Expires on Dec 12, 2030 See Details

At a Glance

The SchoolsFirst FCU Share-Secured Mastercard® Credit Card is a decent secured card that struggles due to its high refundable deposit requirements.

Ideal for Those Who:

  • Want to rebuild a bad credit score
  • Are new to credit
  • Can afford to part with at least $500 while the account is open
  • Don’t want to pay an annual fee

SchoolsFirst FCU Share-Secured Mastercard® Credit Card Review

The SchoolsFirst Share-Secured Mastercard® is a basic secured credit card that struggles due to its high minimum deposit requirements.

Minimum Deposit Requirements

The major talking point with the SchoolsFirst Secured Card is the minimum deposit requirement. Most secured cards feature a necessary deposit of around $200.

SchoolsFirst requires a minimum deposit of $500 (with a maximum of $5,000). The benefit of this high deposit requirement is a larger credit limit. The downside, however, is that many people might struggle to meet this minimum deposit. There are plenty of other secured credit card options on the market for those struggling to meet the deposit requirement.

Refundable Despite Earns Dividends

There is another benefit of the large deposit requirement with the Share-Secured Card. The security deposit accrued interest while the account is open and in good standing, meaning cardholders can build credit – and money – at the same time.

A Good APR

The SchoolsFirst Secured Card features a good – but not great – APR on purchases. That rate, currently fixed at around 14%, is significantly lower than the 18% average for a secured card – but higher than the fixed APR of other cards, like the Assent Platinum 0% Intro Rate Mastercard®, the Applied Bank Secured Visa® Gold Preferred® or the First Progress Platinum Prestige Mastercard®.

Where the SchoolsFirst Card excels versus these rivals is the lack of an annual fee, though the other options all feature lower initial deposit requirements.

Other Card Features

Other notable features of the School Employee Mastercard Credit Card include mobile wallet integration, free credit score monitoring, and customizable reports through SavvyMoney. Cardholders can also expect the usual Mastercard perks and protections, including Mastercard Enhanced ID Theft Protection, which provides 24/7 identity monitoring and fraud protection.

Should You Apply for the SchoolsFirst FCU Share-Secured Mastercard® Credit Card?

Secured credit cards are designed to establish a credit history for the first time – or repair a badly damaged credit score. Because of this, these cards require a security deposit to open. Here, the SchoolsFirst FCU Share-Secured Mastercard struggles because of the high, $500 minimum. While that deposit is refundable (and earns dividends), it is significantly higher than most other cards on the market.

The APR is also decent – but underwhelming. Better interest rates are available from other credit builder cards on the market, though they charge an annual fee. The SchoolsFirst Secured Card has no annual fee.

Ultimately, potential applicants must weigh the importance of three factors: security deposit, APR, and annual fee. If they have the funds for that deposit, the SchoolsFirst card is a decent option. If not, however, there are other compelling options available.

Browse Other Card Offers: