If you want to take control of building your credit, the best way out is to contact Credit Builder Secured Visa Card. You have the power and freedom to set your own credit limit – from $300 to $3,000; it all depends on the initial amount you deposit into your Credit Builder savings account. Oh! You can even increase your credit limit by applying $50 funds to your account.
You also don’t have to worry about subscription or annual fee. So, just by using your credit card for your everyday purchases and paying every month without delay, you can impact your credit score in a super positive way. Here’s how it works: Making payments on time and keeping your balances low can be essential to building your best credit over time.
Who is the Credit Builder Secured Visa Card for?
Fortunately for many people, almost anyone can apply for such a credit card. Without many requirements, the process is super simple. I’m sure you will like it. After all, the simpler the better. Right? All you need to get started is: Government issued ID, Social Security Number; email address, home address, and date of birth. Simple, isn’t it?
Another necessary requirement is to make a deposit in your savings account at the Armed Forces Bank; this deposit is the equivalent of your credit limit. Among other secured credit cards, the Credit Builder Secured Visa Card is one of the highest limit options available – up to $3.000. However, everything will depend on the security deposit made into your account.
One more difference that we can mention here is that there is no fixed amount to be deposited. In addition, this fee is refundable, and as soon as you update your card you will receive the amount back. If the first time you made the minimum payment, but you want a card with a higher limit, don’t worry! The Credit Builder Secured Card is one of the few options on the market that allows you to adjust your credit limit.
Credit card interest rates
Let’s start with the good news: you won’t be charged annual fees to get started with your secured credit card. However, as with most secure cards, the interest rates are a little higher – Armed Forces Bank Credit Builder Secured Visa Card, for example, is 25.99% flat. If you’re considering relying on this credit card to build a better score, you’re on the right track!
However, care must be taken with unnecessary expenses. Oh! Also, don’t forget to pay your balance in full, without missing the due date, every month. On top of that, there are also a few extra fees to watch out for: $25 late payment fee; $25 payment fee returned; $5 card replacement fee; $4 copying fee for transaction documents; up to $35 processing fees.
How to apply for the AFB Credit Builder Secured Visa Card
First of all, it’s worth making it clear that the AFB Credit Builder Secured Visa Card application process is super simple. To get started, you must access the official website of the Armed Forces Bank and search for the desired credit card page – in this case it is the Credit Builder Secured Visa Card. Found? Great! Now you will need to provide some information and personal data such as full name, residential and e-mail address.
This information is needed to open your savings account and make your first security deposit. You can deposit anything between $300 and $3.000. But choose the value very carefully and wisely; because your new card’s credit limit is the same amount as your security deposit. This is a rare option on the market; as it has an adjustable limit. You just need to make new deposits into your savings account to increase the limit.