Tag: annual fee secured card

Comprehensive Overview of Additional Secured Credit Cards

The Additional Secured Credit Cards, issued by a reputable financial institution, are specifically designed for individuals looking to build or rebuild their credit history while enjoying a variety of benefits. This card stands out not only for its secure funding model but also for its comprehensive rewards program and added perks. Below, we delve into the crucial aspects of this credit card, ensuring you have all the information needed to make an informed decision.

Card Type

The Additional Secured Credit Card is classified as a secured credit card. Unlike typical unsecured credit cards, secured cards require a cash deposit that serves as collateral. This arrangement makes it an ideal choice for individuals aiming to improve their credit scores or those with limited credit histories.

Annual Fee

One of the attractive features of the Additional Secured Credit Card is its annual fee. This card comes with a nominal annual fee of $35, which is relatively low compared to many other secured cards on the market, making it an economically viable option for users.

Rewards Program

The card offers an enticing rewards program, allowing cardholders to earn 1.5% cashback on all purchases, with additional bonus categories that earn 2% cashback on grocery and gas purchases. Rewards can be redeemed directly as cashback or applied as statement credits, giving users flexibility in how they can utilize their rewards.

Sign-Up Bonus

Upon approval, new cardholders are eligible for a sign-up bonus of $100 after spending $500 in the first three months. This bonus provides an immediate incentive, making the card a lucrative option for new applicants.

APR (Annual Percentage Rate)

The Additional Secured Credit Card offers a competitive regular APR of 18.99%, which is standard for secured cards. Additionally, it features a limited-time introductory offer with 0% APR on purchases for the first 12 months, allowing users to make larger purchases without incurring interest during this period.

Foreign Transaction Fees

For those who travel internationally, its important to note that the card charges a 3% foreign transaction fee. Users planning to use the card abroad should consider this fee when planning their purchases.

Balance Transfer Options

The card does offer balance transfer options with a 0% APR for the first 12 months on balance transfers made within the first 60 days of account opening. This feature is beneficial for users looking to manage existing credit card debt more effectively.

Additional Fees

While the card has a low annual fee, its important to be aware of additional fees. The card incurs late payment fees of up to $35 and a cash advance fee of either $10 or 3% of the transaction amount, whichever is greater. Understanding these fees can help cardholders avoid unexpected costs.

Card Benefits and Perks

Beyond basic functionality, the Additional Secured Credit Card includes valuable benefits such as purchase protection, which covers new purchases against theft or damage for a limited time. Cardholders also gain access to exclusive discounts on travel and entertainment, as well as concierge services to help manage travel arrangements.

Customer Protections and Insurance

Security and peace of mind come easy with the extensive customer protections offered. The card features $0 fraud liability, ensuring that cardholders are not held responsible for unauthorized transactions. Additionally, it provides rental car insurance when the card is used to pay for the rental, adding another layer of security during travels.

Eligibility and Credit Score Requirements

To qualify for the Additional Secured Credit Card, applicants typically need a credit score of at least 580. This makes the card accessible for individuals working to improve their credit standing, although a larger security deposit may be required based on the applicant’s creditworthiness.

Introductory Offers

As previously mentioned, the card provides a compelling introductory offer of 0% APR for the first 12 months on purchases and balance transfers. This advantage encourages new users to apply, especially those who anticipate carrying balances during this period.

Special Features or Unique Selling Points

What sets the Additional Secured Credit Card apart from its competitors is its commitment to helping users build their credit while providing substantial rewards and economic incentives. The cashback rewards for everyday purchases are particularly appealing, along with the opportunity for users to transition to an unsecured card after demonstrating responsible usage.

How to Apply

Applying for the Additional Secured Credit Card is straightforward. Applicants can fill out the application online on the card issuers official website here: ‘>Apply Here of the opportunity to enhance your financial future through responsible credit management.

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