People with poor or fair credit scores are always interested in new ways to work their way to a better score. That’s important to be eligible for better and more advantageous financial services, such as insurance and even mortgages. That’s why the Total Visa Credit Card has been catching some eyes all around lately.
One of its main advantages is the fact that it’s unsecured. This means that you don’t have to make a security deposit as collateral. So even someone who wouldn’t like to put down their savings in this type of deposit can begin to rebuild their credit score through responsible use.
The approval is fast, so if you have the minimum requirements, which we’ll mention throughout the text, it shouldn’t take more than 60 seconds. You’ll also be able to try a prequalification that doesn’t harm your score.
Maybe this is your opportunity to build a better relationship with the major reporting authorities in the USA. Find out everything about the Total Visa Credit Card. We’ll get into the details, which include how to apply, main benefits, fees and interest rates. This way you can start shopping responsibly and make your financial health much better over time.
Total Visa Credit Card
No security deposit 34,99% APRHow does the Total Visa Credit Card work?
This is an unsecured credit card that allows almost anyone to get a credit limit to spend as they see fit. Even people who have problems with their credit scores will be able to start using the credit card. That’s why we call it a credit builder card, it allows you to create a history that should help your FICO scores get a bit better over the next few months.
According to FICO, the payment history is 35% of your score (quite the high number). Your credit utilization ratio amounts to another 30% and both of these values can change with adequate credit card use.
That’s why a Total Visa Credit Card gives you control over your finances. If you keep making timely payments, you should be able to build a reliable history. The same applies for the utilization ratio, that you can keep low by avoiding reaching your full credit limit utilization.
Is this a good choice of credit builder card?
That’s this credit card’s main purpose. If you already have at least good credit scores, then we don’t strongly recommend this choice. While it is unsecured, the interest rates and fees are higher than for your average credit card.
Considering the interest rates, all of which you’ll read about a bit further ahead, you shouldn’t carry a balance either. Even just a few dollars that you leave over from your monthly payments could suffer a huge increase after a couple of months. If the objective is transferring balances from other cards, we recommend other choices not aimed at poor credit scores.
There’s another warning we must give for first time sailors: while this card could help improve your score, using it without responsibility could harm it. The Total Visa Credit Card reports to all three reporting bureaus, so late and returned payments are also informed monthly.
Main advantages for the Total Visa Credit Card
The greatest reason that drives credit card users to the Total Visa Credit Card is the fact that it reports monthly to the most important bureaus in the USA. That’s the draw for any credit builder card you’ll find around, without much else when it comes to perks and rewards.
Other advantages for using this credit card include:
- Fast approval process;
- Easy prequalification that doesn’t harm your credit score;
- Reports every month to all three bureaus;
- Free Experian credit monitoring service provided by TransUnion;
- No security deposit needed;
- Intro offer for cash advance fees.
New cardholders get a bonus when they apply for the Total Visa Credit Card: no cash advance fees for 12 billing cycles. Of course that doesn’t mean that you can freely get money at an ATM without costs. The interest rates still apply, so you should use this perk responsibly (preferably not that often).
Cons for this credit card
Most card users complain that the Total Visa Credit Card has high fees and they’re absolutely right. But it’s conventional for most unsecured cards for poor scores to be this way. That happens because banks and card providers consider this public as a risk. To make up for it, the interest rates and fees are usually high.
When it comes to the Total Visa Credit Card, they are fairly standard when compared to others in this category. However, that makes it riskier to hold a balance instead of paying what you owe in full every month.
Interest rates and fees that apply
Interest rates for unsecured credit cards for people with poor scores are usually higher than most other card categories. Check all of them below before you try to get your approval for the Total Visa Credit card:
- $75 annual fee for the first year;
- $48 annual fee after the first 12 months;
- $40 late payment fee;
- $89 account opening fee;
- $0 introductory monthly servicing fee ($75 afterwards);
- $41 returned payment fee;
- $10 or 3% cash advance fee (after the first 12 months);
- 34,99% fixed APR.
As you can see, there’s no shortage of fees for this credit card. In total, you’ll spend more than $150 a year to keep the card working, that is if you don’t decide to hold a balance. If there’s a possibility of saving up some cash for a secured card, maybe you should look for an option without as many charges.
There are also limitations in the way you can use this credit card. It can’t be used outside of the USA or at fuel pumps (regular gas stations are ok, though), as well as some other types of purchases. If you happen to get the Total Visa Credit Card, read the terms and conditions in detail so that you won’t be subjected to the $50 unauthorized purchase fee.
Conclusion
The Total Visa Credit Card is a viable option for individuals with poor or fair credit who are looking to rebuild their credit scores. Its key benefits include no requirement for a security deposit, a fast and easy approval process, and regular reporting to all three major credit bureaus. These features make it a strong candidate for those aiming to improve their credit history through responsible usage.
However, it’s important to weigh these benefits against the card’s high fees and interest rates. The card comes with a range of charges, including an annual fee, account opening fee, monthly servicing fee, and high APR. These costs can add up, especially if you carry a balance or incur late payment fees.
For those who can manage their spending and pay off their balance in full each month, the Total Visa Credit Card can serve as an effective credit-building tool. If you are able to save for a secured card with lower fees and interest rates, that might be a better long-term solution. As always, carefully read the terms and conditions to ensure you fully understand the obligations and limitations associated with this card.
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