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Last updated on November 8th, 2021
University Credit Union Secured Mastercard
- Regular Purchase APR 9%
- Balance Transfer APR 7.99
- Cash Advance APR 9%
- 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.Poor , No Credit Required
- Processing Network Mastercard
- No annual fee
- Build credit without any hidden fees
- Low fixed APR
- Regular Purchase APR: 9%
- Balance Transfer APR: 7.99
- Cash Advance APR: 9%
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $20
- Return Payment Penalty Fee: Up to $25
- Minimum Deposit Required: $500
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At a Glance
The University Credit Union Secured Mastercard is a great way to rebuild credit or establish a solid credit history – especially if you are a South Florida student. The card offers a very low fixed APR of 9% for balance transfers, purchases, and cash advances, no annual fees, and the suite of protections and benefits cardholders have come to expect from a worldwide leader like Mastercard.
Ideal for Those Who:
- Are a member of the University Credit Union or live in South Florida
- Want a secured card with an exceptionally low APR
- Want to rebuild or establish your credit score
- Want a straightforward credit card experience
University Credit Union Secured Mastercard Review
Secured credit cards are a great way to establish sound credit history through timely payments. The University Credit Union Secured Mastercard is no different in that regard, offering South Floridians (and especially students) a chance to build their credit score without an annual fee. As with all other secured cards (hence the name), the credit limit of University Credit Union Secured Mastercard is determined through an initial deposit made by the applicant – and with this card, a minimum of $500 must be placed into a University Credit Union savings account.
As mentioned, the credit limit is tied to the amount of money in a credit union-tied savings account, meaning it is essential that students and other cardholders always ensure they monitor the funds in their savings account. Depleting a savings account once the credit card account is opened may reduce the spending limit and make purchases with the University Credit Union Secured Mastercard that much more difficult.
Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?
While it is always advisable to pay off the entire balance on credit cards – and this is especially true with secured cards – when life happens, and it becomes impossible not to hold a balance, the University Credit Union Secured Mastercard offers an extremely low, fixed APR of 9% for purchases, balance transfers, and cash advances.
Typically, secured cards tend to have APRs on the higher end (usually around 25%); the fact that the University Credit Union Secured Mastercard offers such a low APR makes it an excellent option that should be given strong consideration – especially as the APR is much lower than those found with the vast majority of unsecured cards.
Should You Apply for the UCU Secured Mastercard?
Beyond the ability to establish or rebuild credit, the UCU Secured Mastercard offers a slew of perks that you’d find with a typical Mastercard product. Cardholders can expect travel accident insurance of $250,000, for example, online account management, as well as the benefits of worldwide acceptance and an EMV chip card.
Overall, the card is a decent card with an average interest rate. The First Progress Platinum Prestige Mastercard® is another excellent secured card that features a tantalizingly-low APR. The regular purchase APR is one of the lowest in the nation. While the card does have an annual fee, the low annual percentage rate more than makes up for it – especially for those who plan on carrying a balance.
Related Article: What Are the Best Secured Cards for Building Credit?