Visa^® Platinum Secured

A secured credit card is a type of credit card that requires a cash deposit as collateral. This deposit acts as your credit limit and serves as a safety net for SCU Credit Union in case you're unable to make payments. It’s an accessible way for individuals with limited or poor credit histories to start building or improving their credit scores.

The credit limit on a secured credit card is typically equal to the amount of the cash deposit you provide as collateral. For example, if you deposit $300, your credit line will be $300. This allows you to have control over your spending while demonstrating responsible credit use.

Absolutely! Your Visa® Platinum Secured credit card can be used for everyday purchases like groceries, gas, and online shopping. The key is to ensure that any spending aligns with your budget and that you can pay off the balance in full each month to avoid interest.

If you're unable to make a payment, your collateral may be used to cover what you owe. However, it's important to communicate with the us as soon as possible to explore potential solutions and avoid any long-term negative impacts on your credit score.

Yes, your deposit is refundable. Once you transition to an unsecured credit card or close your secured card account in good standing, your deposit will be refunded to you. Keeping your account in good standing involves making timely payments and adhering to the credit card’s terms.

As you build a positive credit history with your Visa® Platinum Secured credit card, you may become eligible for an unsecured credit card from SCU Credit Union. This decision typically depends on your credit score improvement, consistent payments, and overall financial history.

By using your Visa® Platinum Secured credit card responsibly and making on-time payments each month, your activity is reported to major credit bureaus. This activity helps build your credit history and can positively impact your credit score over time.