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Last updated on November 1st, 2021
UNIFY Visa® Share Secured Card
UNIFY Visa® Share Secured Card
- Regular Purchase APR 11.49%
- Cash Advance APR 11.49%
- Annual Fee None
Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Fair , Poor , No Credit Required
- Processing Network Visa
- No annual fee
- Optional debt protection feature
- Auto rental collision damage waiver through Visa®
- No fees for balance transfers and cash advances
- Regular Purchase APR: 11.49%
- Cash Advance APR: 11.49%
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $25
- Minimum Deposit Required: $500
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At a Glance
The UNIFY Visa® Share Secured Card is an ideal option for consumers who are new to credit or those who need to repair their credit. It features a low maximum credit limit, which can help cardholders avoid racking up unwieldy credit card debt. However, just because it’s a secured card doesn’t mean that it has no benefits. Cardholders are eligible for many of the same perks offered on UNIFY’s other credit cards.
Ideal for Those Who:
- Are just starting to build their credit
- Need to repair lower credit
- Want the debt prevention measures that a secured card offers
- Don’t want to pay annual fees or fees on various transactions
UNIFY Visa® Share Secured Card Review
The Visa® Share card is a UNIFY Financial Credit Union’s secured credit card option. This is an ideal card for consumers who are looking to get their feet wet in the world of credit. This is a particularly useful card for young consumers, like new high school graduates. The great thing about the UNIFY secured card is that it features many of the same benefits present on UNIFY’s other cards. These include no annual fees and no fees on cash advances.
Feel Secure with a Secured Card
A secured card functions differently from a regular credit card. An applicant is required to make a minimum deposit in order to get approved for a line of credit. The deposit amount typically equals the credit limit that a cardholder will be approved for.
Because an applicant for a secured card typically doesn’t have enough of a positive credit history, credit card issuers are reluctant to issue a line of credit to such applicants based on the hope that they will pay their debts. This deposit functions as a collateral if a secured cardholder fails to pay off his or her credit card debt. The credit card issuer simply uses the cardholders deposit to pay off that debt. This way, there is no risk of a cardholder falling into debt.
For the Share secured card, UNIFY requires a $500 minimum security deposit from applicants. This will equate to a $500 credit limit. Cardholders can have a maximum credit limit of $2,500, but they must provide a security deposit of that same amount. In short, a cardholder’s credit limit amount will equal the security deposit amount.
Related Article: What Are the Best Secured Cards for Rebuilding Credit?
Get Used to No Fees with UNIFY
UNIFY credit union doesn’t charge any annual fees on any of its credit cards, and this extends to its secured card. Also, secured cardholders don’t have to worry about having to pay fees for cash advances or balance transfers.
Just because someone is new to credit doesn’t mean that he or she shouldn’t explore the world. UNIFY understands this and charges no foreign transaction fees. This means that you can visit other countries with your Visa® secured card and pick up some great souvenirs.
One Low Interest Rate
Many types of credit cards offer a range of interest rates, and applicants won’t really know what interest rates they’ll be approved for until they have applied for the credit card. The UNIFY secured Visa® is different because it only offers one standard interest rate to all cardholders. This way, you know exactly what you are getting into before you apply.
The interest rate on UNIFY’s secured card is low enough to keep monthly payments manageable while providing consumers who are new to credit with the experience of accumulating and paying off interest.
A Few Extra Perks
The Visa® Share Secured card offers a couple of additional benefits to cardholders. Cardholders can opt to participate in an overdraft protection program. This feature will allow UNIFY credit union to transfer some funds from your secured credit card to your checking account if you are overdrawn. Keep in mind that this is considered a cash advance and will accrue interest.
Cardholders can also access a Visa® rental car perk. If you use your secured card to reserve and pay for a rental vehicle, you qualify for a collision damage waiver. This is like an added layer of protection for you just for being a Visa® cardholder.
Should You Apply for the UNIFY Visa® Share Secured Card?
The UNIFY secured Visa® card is an ideal option for people who need to build up their credit and do not qualify for one of the other credit card options that UNIFY offers. This card is particularly good for young adults, especially those who are just entering college. Credit card debt can be a huge problem for a lot of young people and owning a secured card can help a young adult learn how to use a credit card responsibly without the risk of falling into unmanageable debt.
The minimum deposit requirement is reasonable for a secured card, and the maximum credit limit is generous for someone who has little to no experience dealing with credit. The lack of fees is a great bonus and really sets UNIFY apart from a lot of its competitors. The added perks are a nice touch but are not really a selling point for this card. Start with this secured card and you may end up wanting to upgrade to one of UNIFY’s other non-secured credit cards.
Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?