The Astoria Financial institution Secured Visa Card offers a chance for many who might have had credit score issues up to now or are simply beginning out with no credit score, to determine a optimistic credit standing. Secured playing cards might help those that will not be in a position to get accepted for a standard bank card. (See additionally:Greatest Secured Credit score Playing cards)
Why We Like This Card
- Low $19 annual price
- Alternative to graduate to unsecured card after 11 months of accountable administration
How This Card Works
When you’re accepted for the cardboard, you could make a deposit between $300 to $5,000. You might be issued a bank card with a credit score restrict within the quantity of your deposit, and might qualify for a credit score restrict improve with out an extra deposit when you make common, on time funds, after 7 months. Your funds and account exercise are reported to the three main credit score bureaus, which if managed responsibly, might help set up a optimistic credit standing. You might also get your deposit again and be moved to an unsecured card after 11 months, topic to credit score approval.
Different Advantages
Free FICO Rating. Contains entry to your FICO rating which might help you to handle and monitor your credit standing.
Professionals
Affordable annual price. The annual price of $19 is the bottom annual price charged by secured bank cards (besides in uncommon instances the place there isn’t any annual price). Relying on the bank card issuer, the annual price might be as a lot as $50 per yr, with out making an allowance for larger APRs and different charges that secured playing cards are identified for. (See additionally: Greatest Secured Playing cards with No Annual Charges)
Unsecured card after 11 months. Though you possibly can usually apply and get accepted for an unsecured card with any card issuer after you have established a optimistic credit standing, not all secured playing cards supply the chance to your account to be evaluated and thought of after 11 months. That is particularly useful when you need not shut your account to maintain the advantage of an extended credit score historical past.
Cons
International transaction price. Should you journey overseas often or plan to make use of your card for overseas transactions, the three% steadiness switch price will minimize into your finances. This isn’t an issue in case your purchases are home, and it’s a pretty typical price with secured bank cards. Nevertheless, when you do journey outdoors of the U.S. often, you must as a substitute carry a secured card that doesn’t cost overseas transaction charges. (See additionally: Greatest Secured Credit score Playing cards with No International Charges)
Who This Card Is Greatest For
The Astoria Financial institution Secured Visa Credit score Card is finest for these within the means of constructing or rebuilding their credit score. Additionally it is supreme for many who don’t plan on utilizing the cardboard for overseas purchases who will work towards graduating to an unsecured bank card.
