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Over the Past 60 Days!
Foreign Transaction Fee 2%
Balance Transfer Fee $10 or 3%, whichever is greater
Cash Advance Fee 3%
Penalty APR N/A
Annual Fee $39
$0 Fraud Liability No
Auto Rental Insurance No
Extended Warranty Program No
Roadside Assistance No
Purchase Protection No
Travel Assistance No
Flight Accident Insurance No
Lost Luggage Reimbursement No
Concierge Service No
The UNITY Visa Secured Credit Card was designed to give people with poor or limited credit a chance to improve their credit scores with a secured line of credit. It is similar to a prepaid card, except the balance for the card is provided in the form of a security deposit. The card reports to all three major credit bureaus and approval is guaranteed as long as your monthly income exceeds your monthly expenses.
The interest rate on this card is 17.99% (fixed) and there is also a $39 annual membership fee. For those with damaged credit, these rates are a small price to pay for the chance to rebuild your credit. As long as you pay your bills on time and not using more than 25% of available credit, then you are working towards improving your overall credit history.
The UNITY Visa Secured Credit Card allows cardholders an option to use a secured line of credit in an effort to rebuild credit history, as well as to make payments and purchases online with a credit card without having to load and reload a prepaid card. The credit limit is entirely dependent on the security deposit provided by the cardholder at the opening of the account.
The UNITY Visa Secured Credit Card can help those who do not have good credit to get begin to rebuild it. Though the card does require you to put in a security deposit (acting as the "limit" on the card), the payments you make toward it are reported to the credit bureau. Once you keep up with those payments for six months to a year, you should be able to qualify for a different card.
The main benefit of the UNITY Visa Secured Credit Card is that it allows cardholders a chance to build their credit. The interest rate remains at a competitive 17.99% and the fees are very similar to what you would find with an unsecured credit card.
This card does come with an annual fee of $39 each year.
Editorial Note: This content is not provided by OneUnited Bank. Any opinions, analyses, reviews, or recommendations expressed on this page are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by OneUnited Bank.