Tag: comerica secured visa

Comerica Secured Visa Overview

The Comerica Secured Visa is an innovative credit solution designed to help individuals build or rebuild their credit history while enjoying basic credit card benefits. With increased acceptance and enhanced security features, this secured credit card offers a practical approach to responsible financial management.

Card Type

The Comerica Secured Visa is classified as a secured credit card. This type of card requires a cash deposit that serves as collateral, making it an ideal choice for those with limited or poor credit histories.

Annual Fee

One of the appealing aspects of the Comerica Secured Visa is its affordability. This card comes with no annual fee, allowing cardholders to build their credit without incurring additional costs year after year.

Rewards Program

Although it is primarily a secured card, the Comerica Secured Visa offers a unique rewards structure. Users can earn 1% cashback on all eligible purchases. This feature sets it apart from many secured cards, which typically do not offer rewards. Cashback can be redeemed easily as statement credits, contributing to both a rewarding experience and effective credit building.

Sign-Up Bonus

New applicants of the Comerica Secured Visa can benefit from an enticing sign-up bonus. Those who make a qualifying purchase within the first 90 days of account opening may enjoy a bonus cashback amount, contingent on a minimum spend requirement. Details of the specific bonus and qualifying amounts can be found on the cards official website.

APR (Annual Percentage Rate)

The regular APR for the Comerica Secured Visa is competitive at 22.99% variable. Additionally, the card may offer an introductory APR of 0% for the first six months on purchases, allowing an ideal period for new cardholders to manage their spending responsibly.

Foreign Transaction Fees

For those who travel internationally, the Comerica Secured Visa charges a 1% foreign transaction fee. This fee is relatively standard among credit cards, but its important for cardholders to consider if they plan to use their card overseas.

Balance Transfer Options

While primarily aimed at building credit, the Comerica Secured Visa does not typically offer attractive balance transfer options. Cardholders should be aware of potential fees associated with balance transfers. It is advisable to review the specific terms before utilizing this feature.

Additional Fees

Cardholders should be mindful of several other important fees that may apply if payments are missed or cash advances are made. The late payment fee could reach up to $39, while cash advance transactions may incur a fee of either $10 or 3%, whichever is greater.

Card Benefits and Perks

The Comerica Secured Visa facilitates a range of benefits that enhance the cardholder experience. This includes access to Fraud Liability Protection, purchase protection for eligible items, and extended warranty coverage. However, the suite of travel-related benefits is more limited than that of premium unsecured cards.

Customer Protections and Insurance

This secured card also comes equipped with various customer protections. Cardholders enjoy zero liability protection for unauthorized transactions, ensuring peace of mind in case of lost or stolen cards. Additionally, there is purchase protection, which covers eligible items against damage or theft for a limited time after purchase.

Eligibility and Credit Score Requirements

The Comerica Secured Visa is an excellent vehicle for individuals looking to improve their credit score. Generally, applicants with a credit score of 300 to 669 may qualify. The requirement to make a refundable security deposit, which typically serves as the credit limit, also makes this card accessible to many.

Introductory Offers

Beyond the competitive regular APR, the card may offer introductory periods that allow users to experience the benefits of 0% APR on purchases for the first six months, facilitating easier budgeting and more flexible payment options during that timeframe.

Special Features or Unique Selling Points

One of the unique aspects of the Comerica Secured Visa is its focus on building solid credit while providing cashback rewards. This feature distinguishes it from many conventional secured cards that do not offer rewards, allowing users to not only secure their financial future but also earn returns on their spending.

How to Apply

Comerica Secured Visa is straightforward. Interested individuals can submit their applications online via the ‘>Official Website. For more financial insights and the latest news in credit cards, visit UpCube.net.