Digital Federal Credit Union Visa Platinum Secured Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 11.5% to 18%.
  • Purchase intro APR: None.
  • Rewards: None.
  • Annual fee: $0.
  • Late fee: Up to $35.
  • Credit score: Poor to Fair (300-570).
  • Compare cards here.

Benefits

  • Great for borrowers with poor credit: This card is a good option for borrowers who don’t have the best credit history. Borrowers with poor to average credit are welcome to apply, and the card helps you build up good credit and improve your score with a history of on-time payments.
  • No annual fee: Another perk of the DCU Secured Visa is that there’s no annual fee. This makes it an affordable option for borrowers who are looking for fee-free cards to help them build good credit.
  • Reasonable APR: With an APR of 11.5% (18% if you make a late payment), this card offers much more reasonable rates than many of the cards offered to borrowers with poor credit. This means that cardholders will pay less in interest and save money in the long run.

Drawbacks

  • High security deposit: This card is a secured card, which means that in order to open the card borrowers must first secure it with a deposit. For the DCU Visa Platinum Secured Credit Card, the required deposit is $500. Some borrowers who have hit tough financial times and are trying to rebuild their credit may find this amount difficult to afford.
  • No rewards: Aside from the opportunity to start building good credit, this card offers no other rewards in the form of cash back, travel rewards, or other benefits. This means that it’s not a good fit for borrowers looking to maximize their rewards and benefits.
  • Applicants must first join the credit union: To be eligible for the card, applicants must become a member of the Digital Federal Credit Union. While it’s not too hard to open up an account, this is an added step that may deter some customers.

What Can You Expect From the Digital Federal Credit Union Visa Platinum Secured Card?

The Digital Federal Credit Union Visa Platinum Secured is designed to help borrowers who may have fallen on tough times rebuild their credit through responsible borrowing and on-time payments. The card has no annual fee and a reasonable APR.

A Secured Card Good for Building Credit

This card is a good fit for borrowers who have enough cash on hand to afford the $500 deposit but may be struggling with poor credit. It’s an excellent option for borrowers looking to improve their credit history. There’s no annual fee associated with the card, and the APR is a reasonable 11.5% to 18%.

Technological Perks

The card also comes with a variety of technological perks, including EMV chip technology. The card is compatible with mobile wallet systems like Apple Pay, Google Pay, and Samsung Pay. It also features optional overdraft protection, with the option to transfer funds from a DCU checking account in case you overdraft.

Must Be a Member of Digital Federal Credit Union to Qualify

Applicants interested in the DCU Visa Platinum Secured Credit Card must become a member of the credit union in order to qualify. Based in Massachusetts, Digital Federal Credit Union is a member-oriented credit union with low fees and robust online banking tools.

To become a member, applicants must work for a participating employer, be a member of an underserved community where there’s a DCU branch, or be related to a current member. If you don’t meet any of these qualifications, you can also become a member by donating to a participating organization.

Who Should Get the Digital Federal Credit Union Secured Card?

The Digital Federal Credit Union Visa Platinum Secured is a great option for borrowers with poor to average credit who are motivated to start raising their credit score through responsible borrowing and a history of on-time payments. Since the card is secured, borrowers will have to pay a $500 security deposit in order to be able to use it. While this may be out of reach of some borrowers who are still getting their feet financially, it makes this card a good option for those who have a solid cash cushion but a lackluster credit history.

The card doesn’t offer any other benefits in the form of rewards, points, or cash back. This means that it’s probably not a good option for borrowers who may be able to qualify for better cards with additional perks and benefits. However, with an APR of 11.5%, it offers decent rates and is a competitive option for customers with poor credit who are looking to find their financial footing.

Compare other secured cards and learn more here.


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