Credit Builder Secured Visa Credit Card

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Credit Builder Secured Visa Credit Card

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  • Low credit score requirement of 300
  • Automatically reports to major credit bureaus
  • Custom Credit Line features


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  • Up to $3,000 credit limit
  • Automatically reports to major credit bureaus
  • Custom Credit Line features


The Credit Builder Secured Visa Credit Card Summary

The Credit Builder Secured Visa Credit Card is a product from the Armed Forces Bank and focuses on equipping the customer with the ability to improve their credit score. The card does not require a good credit score for approval, as the minimum score is set to 300. While entry requirements for the product are low, there are certain factors that may be concerning for customers.

The card comes with an annual fee, which is something that many competitors secured credit cards do not have. Additionally, the APR charged on transactions is relatively high. Fortunately, there does not seem to be a high penalty APR charged on late payments. There is a minimum deposit to be made into the savings account, which will then be matched by a credit limit if the customer is approved.

Customers are able to earn interest on the money that is in the savings account that comes with this card, which is not something that is offered by many competitors secured credit cards. Additionally, Armed Forces Bank reviews accounts and may offer customers an unsecured card if all payments are made on the correct date with no overdue debt over a specific period of time.


PROS:
  • Low credit score requirement of 300
  • Automatically reports to major credit bureaus
  • Up to $3,000 credit limit

CONS:
  • $49 annual fee
  • 3% foreign transaction fee
  • No intro APR offer


Best Features

The Credit Builder Secured Visa Credit Card has a very low entry requirement. Customers with a poor credit score of as low as 300 can apply for this card and gain an opportunity to build on their existing credit health.

This is also one of the very few cards that offer customers the ability to earn interest on the money that they deposit into the Armed Forces Bank Credit Builder Savings Account, which accompanies the issuance of this particular product. Once approved, the amount that is deposited onto this Savings Account will be matched as a credit limit on the credit card that was issued to the customer.

The card also comes with a Custom Credit Line feature, where the credit limit can be increased by making additional deposits, with $50 increments required, into the accompanying savings account.


Drawbacks

The annual fee of $35 is one of the most important drawbacks that many customers will notice in regards to the Credit Builder Secured Visa Credit Card. Additionally, the APR that is charged on transactions is also relatively high, which is something that customers need to consider when they are interested in applying.

There is also a minimum deposit of $300 that needs to be made into the Armed Forces Bank Credit Builder Savings Account that the customer is provided when they get approved for this particular credit card.


Overall Summary

Individuals who are looking for a card that is able to provide them a match on their initial deposit and an opportunity to build their own credit record, even when their existing credit health is considered poor, might consider the Credit Builder Secured Visa Credit Card a beneficial option. The card has a few concerns, however, such as the addition of an annual fee, as well as a foreign transaction fee – two particular charges that many alternatives do not have.


Who this card is best for

The Credit Builder Secured Visa Credit Card is an ideal option for people who are currently serving in the military or have served in this industry in the past. The card is also open to regular civilians, however. The product offers most benefits to people who do have a minimum amount to deposit into the savings account that is issued with this card and would not serve as the most ideal option for those who do not want to worry about an annual fee or a high APR.


 

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