When you’re comparing credit cards you might come across a DCU Visa Platinum Secured Credit Card that pops out. Its low interest rates and fees are certainly great benefits, but there is more to this card than meets the eye.
Keep reading to understand how to apply, main benefits and how everything works. We will include some observations on the security deposit and DCU membership users must start when they wish to use this secured credit card.
DCU Secured Visa Platinum
Free travel insurance Upgrade to a regular cardHow does the DCU Visa Platinum Secured Credit Card work?
DCU Visa Platinum Secured Credit Card aims to make financial services more accessible to those with a poor score. That’s why all you must do to get started is make a security deposit (about which we’ll talk further below).
Another benefit that could attract your attention are the low fees and rates. This way, you won’t have to give up on any financial health plans to get started with a credit card.
DCU, also known as the Digital Federal Credit Union, is a non-profit organization that aims to make credit more accessible to everyone. Because of that, there are some specific eligibility criteria that you might have to meet before getting started. We’ll discuss everything in detail when talking about applications for this card.
Benefits of issuing a DCU Visa Platinum Secured Credit Card
Anyone who has been researching secured credit cards knows that their benefits aren’t stellar. DCU Visa Platinum Secured Credit Card is no different, offering little to no benefits at all. But for most users it has slightly better conditions than most options in the market.
Most who hire this option claim that the ability to control their payments and wallet via app is one of the greatest advantages. The application is available for Google and Apple Apps, allowing anyone to keep their finances under control.
Some clients can also get some advantages while shopping. There are a few retailers that offer extended warranties for payments with the DCU Visa Platinum Secured Credit Card. For the online shoppers, the card is extremely secure thanks to Visa’s own fraud prevention program.
Cons of issuing a DCU Visa Platinum Secured Credit Card
For someone with bad or limited credit, DCU Visa Platinum Secured is almost as good as it can get. But some people might be put off by the fact that you must become a DCU member to be eligible for this type of credit card.
There are also no rewards or cashback programs related to this type of secured credit card. Which means that when compared to a regular card it can be quite the let down. However, the low interest rates (again, compared with other secured options in the market) make up for it quite well.
Another problem that consumers might encounter is the necessity for a minimum deposit when applying. This could mean you’ll have to save up a bit before getting started. Usually, the deposited amount is equal or equivalent to the limit you’ll get, so think this detail through.
Interest rates and fees for the Secured Credit Card
Interestingly, DCU has one of the lowest interest rates in the market for a secured credit card! It stays as low as 11.5%, going up to 13.5% according to your credit and spending patterns. But you must be mindful of your payment dates to keep such APRs low!
There is a penalty APR of 18%. Late payments also incur up to $35 in fees.
If you often have the need for balance transfers (those who have multiple credit cards can use this technique to avoid getting worse credit scores), can rest easy. There is no additional APR in this case.
DCU Visa Platinum Secured Credit Card security
Visa cards are traditionally quite safe to use and DCU Visa Platinum Secured Credit Card follows this trend. Since you must have a DCU account, there are also advantages to avoid extra fees there. When someone overdrafts money from their account, for example, the DCU credit card will be charged instead avoiding extra fees and high APR rates.
There are some fraud protection policies in place that might be quite interesting for most users. In case of identity theft or even credit card loss, you won’t be held responsible for any payments made in the period. Just be sure to report the problem right away.
Visa’s own chip and signature technology also avoid credit card cloning when making purchases.
Travel benefits when using this credit card
Are there any travelers with low credit scores around here? This is the go to credit card for anyone who wishes to spend some time on the road. If you rent a car with this card you’ll have collision damage coverage even after refusing the rental company’s insurance.
Purchasing tickets on airlines, trains, buses or ships with the DCU secured card also earns you insurance. You can get up to $500.000 coverage for death or dismemberment in these cases.
Are you looking for a hotel or apartment? The room will remain available without problems as long as you use this card for the reservation.
How does the security deposit work?
There is a minimum $500 security deposit that you must make before getting the DCU secured card. The amount sounds quite high at first glance, which could keep many people from even trying. But it can be a great investment as a credit builder card, especially if you consider that it is a refundable deposit.
After your first year as a credit card holder, DCU allows you to get in touch and study the upgrade to an unsecured credit card. If that happens successfully the security deposit is recovered. To get approved for the unsecured card version the bank will credit your credit score, payment history and income.
You will have to become a Credit Union member
The DCU Visa Platinum Secured Credit Card is not available for everyone! You must become a member before applying. The company reserves the right to decide if the applier has anything in common with other members before acceptance.
If you have family members who are already part of the DCU or work for a participating employee the process is faster. There are also worship, work and study communities that are eligible to be part of the DCU.
Application for the DCU Visa Platinum
To apply for the DCU Visa Platinum Secured you must first become a DCU member. If you’re in doubt, first visit the website to find out conditions for applying. The non-profit organization tends to allow only those related to someone already a member or part of a company or community that are included in the list.
Afterwards, all you must do is access DCU’s credit card page and fill in a form with personal data. After the $500 security deposit you just have to wait for the card’s approval.
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