DCU Visa Platinum Secured Credit Card

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  • $0 annual fee
  • A low APR when payments are made on time
  • Low credit score requirements for approval


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  • $0 foreign transaction fee
  • Credit limit matches secure deposit
  • $0 annual fee


The DCU Visa Platinum Secured Credit Card Summary

The DCU Visa Platinum Secured Credit Card offers customers with a bad credit record an opportunity to rebuild their credit. While the card does not come with any flashy features that some might be looking fee, these sacrifices do allow for a product that comes with significantly lower costs compared to competitor secured credit cards.

The DCU Visa Platinum Secured Credit Card does not come with an introductory offer like some competitor options, which is something worth mentioning. Additionally, there are no bonus offers provided to customers, and the cardholder is not able to enjoy rewards on the purchases that they make with the card.

On the other hand, the DCU Visa Platinum Secured Credit Card provides a significantly lower APR compared to other cards that are available to people with poor credit health. There are also no added fees on Balance Transfer transactions, as well as on Cash Advances. Foreign transactions are also not charged an additional fee.


PROS:
  • $0 foreign transaction fee
  • Credit limit matches secure deposit
  • $0 annual fee

CONS:
  • Requires qualifying credit union membership
  • Security deposit required for credit line
  • No intro offers


Best Features

The $0 annual fee is one of the top features that we found with the DCU Visa Platinum Secured Credit Card, along with the fact that the customer does not require an excellent credit score to be approved for this particular product. In fact, individuals with a credit score as low as 300 can be approved for the card.

While the card does require a security deposit, the DCU Visa Platinum Secured Credit Card grants the customer with a credit line that is equal to the deposit made. This allows the person to build up a healthy credit record without taking on too much debt. The low-interest-rate of 13.75% APR is also one of the major benefits, as most of these cards tend to have relatively high APRs attached to each transaction.

Customers do not have to worry about additional fees being charged on a Cash Advance or on Balance Transfers. The card also does not charge a foreign transaction fee.


Drawbacks

For most individuals interested in the DCU Visa Platinum Secured Credit Card, the fact that a security deposit is required for a credit line to be granted would likely be the most significant drawback.

Additionally, the card does not offer the customer access to an introductory offer like some of the competitor cards have. There is also no reward system offered with the issuance of the DCU Visa Platinum Secured Credit Card.


Overall Summary

The DCU Visa Platinum Secured Credit Card makes up for its lack of “flashy’ features and bonuses with an attractive opportunity for the consumer to build a healthy credit record. The product does not come with any type of annual fees, and customers do not have to worry about additional transaction fees when using the card in a foreign country. At the same time, the lack of an 0% APR offers as an introductory offer may be a disadvantage for some people. The regular APR, however, is lower than what the majority of alternative cards have to offer.


Who this card is best for

The DCU Visa Platinum Secured Credit Card is an option for those with a poor credit score who would like a card that gives them an opportunity to build a healthier credit record, without the need to worry about the high fees that come with many of the cards that are available today. This card is not, however, the most ideal option for people who want some added bonuses, such as a reward system, or perhaps a 0% intro APR period.


 

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