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Last updated on March 4th, 2021
- 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
- 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
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.