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The DCU Visa Platinum Secured Credit Card provides a way for people with low credit scores to improve their credit, creating a positive account history that will boost your score.
This is a secured credit card, which means it requires a security deposit when you’re first approved. You’ll also need to be a member of the DCU Federal Credit Union, and you can see eligibility requirements and learn how to join right here.
This card has low rates and fees, making it a good option for college students. Is it the right one for you? Keep reading to find out!
You won’t earn any rewards, like points or cash back, for using this card.
But you will be improving your credit as long as you use it responsibly, and eventually you’ll be able to qualify for a card with rewards and better benefits.
You can’t expect to get incredible benefits with any secured card, but the ones you’ll get with the Visa Platinum Secured are a bit better than most of them. Benefits like these are common on most non-secured cards.
Optional Overdraft Protection
If you overdraw from your DCU bank account, your card will be charged so you can avoid overdraft fees.
You will not be held responsible for unauthorized use of your card.
For added protection when shopping. You can find more information on EMV technology here.
Eligible warranties can be extended by up to an additional year.
Added security when shopping – use a password instead of your card number.
Auto Rental Collision Damage Waiver
Collision damage or theft on auto rentals are covered if you rent the car with your card and decline the rental company’s coverage.
Travel Accident Insurance
Get up to $500,000 on death and dismemberment when you use your card to purchase a common carrier ticket on any airline, train, ship, or bus.
If you’re late to eligible hotels, motels, and resorts, you’re guaranteed that your room remains available.
The Costs & Fees
|Annual Fee||Purchase and Balance Transfer APR||Cash Advance APR||Foreign Transaction Fee|
|$0||11.75% *Variable||11.75% *Variable||2%|
|Penalty APR||Late Fee||Returned Payment Fee|
|18.00% *Variable||Up to $35||See Terms|
You’ll also need to pay a security deposit when you first open the account, and this will determine your credit limit. Your deposit will be returned when you close the card.
As you can see, there’s no annual fee so this card should be free to use, not counting the security deposit. As long as you pay off your balance in full each month, no interest charges will be accrued, making this a cheap option to improve your credit (although the interest rates on this card are actually very low, even for non-secured cards).
The Bottom Line: 4 Out Of 5 Stars
If you have low credit scores, or haven’t started building credit yet, the DCU Visa Platinum Secured Credit Card is a cheap and easy way to build up a positive credit history.
Secured credit cards are only meant for building credit, so don’t expect high-value rewards and benefits. Instead, use this card responsibly and with patience, and you’ll be rewarded with your credit scores moving up.
This is a pretty simple card. No annual fee to worry about, and no interest charges if you pay it off in full each month. But remember those extra benefits, which could be useful if you get in a tricky situation on the road or when shopping.
We gave this card 4 out of 5 Stars because many secured cards seem a bit like penalties for having bad credit. Instead, this card has no annual fee, low interest rates, and a few nice benefits. The main downside is that you need to be a member of the DCU Federal Credit Union, but many people should find themselves to be eligible.
Do you use the DCU Visa Platinum Secured Credit Card? How do you like it? Click here to leave your own review, we’d love to hear from you!