| Last updated on December 11th, 2023
Valley Visa® Secured Card
Valley Visa® Secured Card
- 29.24% variable based on the Prime Rate Regular Purchase APR
- 29.24% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Valley Bank Visa Secured Card is ideal for anyone who is either building or re-building their credit history and wants a simple credit card that can aid in that journey. The card has no annual fee and you can set your own credit line via a refundable security deposit.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Flat-rate purchase and balance transfer APR
- Credit limit up to $5,000
- Ability to earn interest on the security deposit
- Visa protections and perks, such as extended warranty coverage
- Regular Purchase APR: 29.24% variable based on the Prime Rate
- Balance Transfer APR: 29.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
- Minimum Deposit Required: $300
- You have poor or very little credit history
- You're looking for a credit-building card with no annual fee
- You want convenience in the form of a mobile app where you can keep track of your account and make payments
At a Glance
The Visa® Secured Credit Card from Valley National Bank is an uncomplicated card that can help you reset your credit with no fuss, even if you’ve recently been denied a traditional credit line. Simply provide a security deposit between $300 and $5,000, pay the annual fee, and await your approval.
Ideal for Those Who:
- Prefer to bank with regional institutions
- Can afford to put down at least $300
- Want a secured card that accrues interest on the security deposit
- Don’t mind paying an annual fee
Valley Visa® Secured Credit Card Review
If you’re looking for a straightforward secured card from a trusted regional bank, the Valley National Bank Visa® Secured Credit Card is just that. Once you receive approval from this institution, your security deposit will start earning interest. With only the $35 annual fee to worry about and no extra frills, you can focus on getting your credit back on track.
Building Credit Made Simple
Once you’ve damaged your credit, it can be difficult to bounce back financially, let alone apply for a new line of credit. Fortunately, options like this Valley National Bank (also known as Valley National Bancorp) credit card are designed to help you start over. By offering a flat-rate APR, it ensures that no matter how low your credit score is, it won’t affect your interest rate if you’re approved. This card also has no penalty APR if miss your payment.
This doesn’t mean you can neglect your monthly bill, as missed payments still negatively affect your credit. However, it does take some of the guesswork out of the equation, making it easier to get approved. This also makes it easier to calculate your interest payments if you need to carry a balance.
Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?
Set Your Limit
As with any secured offer, this secured Visa card requires that you make a minimum security deposit at the time of application. To apply for this particular card, you’ll need to put down at least $300, which is about average for most secured credit cards.
You have the option to submit as much as $5,000, however. This deposit is used to determine your credit limit since it’s what you’ll borrow against when using your card. For this reason, you’ll want to think realistically about how you plan to use the card and the amount you can afford to put down before you apply. Note that deposits must be made out in increments of $100.
Grow Your Security Deposit
With some secured cards, your security deposit just sits in an account until you’re ready to reclaim it and upgrade to an unsecured card. Not so with the Valley Secured Visa Card. Instead, your deposit starts building interest in a Secured Savings Account while you’re busy building credit.
It’s important to note that this interest rate is usually fairly small, though the larger your deposit, the more you’ll potentially earn. Once you’ve successfully rebuilt your credit, you can retrieve this deposit with your accrued interest and apply for a credit card with significant rewards.
Secured Visa® Card Protections
All Visa credit cards, like this one, bring along certain protections for cardholders. While you may never take advantage of them, it’s good to know the following features are available should you ever need them:
- Travel emergency assistance
- Manufacturer’s warranty extensions
- Zero fraud liability
- Collision waivers for auto rentals
Should You Apply for the Valley Visa® Secured Credit Card?
Secured cards aren’t for everyone. Yet when used properly, the Valley Visa Secured Card can really help you turn your credit around. When it comes to determining if this particular secured option is right for you, it helps to compare it to similar cards.
While the $35 is on par with the majority of secured cards on the market, the APR is on the higher end of the spectrum. Moreover, there are a few cards in this category that still offer rewards points and other perks.
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