The Astoria Bank Secured Visa Card offers a chance for many who might have had credit score issues up to now or are just beginning out with no credit score, to determine a optimistic credit standing. Secured cards might help those that will not be in a position to get accepted for a standard credit card. (See also:Best Secured Credit Cards)
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Why We Like This Card
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- Low $19 annual price
- Alternative to graduate to unsecured card after 11 months of accountable administration
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How This Card Works
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When you’re accepted for the cardboard, you could make a deposit between $300 to $5,000. You can be issued a credit card with a credit score restrict within the amount of your deposit, and might qualify for a credit score restrict improve with out an more 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.
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Other Advantages
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Free FICO Score. Contains entry to your FICO rating which might help you to manage and monitor your credit standing.
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Professionals
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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 credit card issuer, the annual price can be as a lot as $50 per yr, with out making an allowance for larger APRs and other rates that secured cards are identified for. (See also: Best Secured Cards with No Annual Rates)
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Unsecured card after 11 months. Though you 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 cards supply the chance to your account to be evaluated and thought of after 11 months. That’s particularly useful when you need not shut your account to maintain the advantage of an extended credit score historical past.
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Cons
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International transaction price. If you travel 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 travel outdoors of the U.S. often, you must as a substitute carry a secured card that doesn’t cost overseas transaction rates. (See also: Best Secured Credit Cards with No International Rates)
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Who This Card Is Best For
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The Astoria Bank Secured Visa Credit Card is best for these within the means of constructing or rebuilding their credit score. Also it is supreme for many who don’t plan on using the cardboard for overseas purchases who will work towards graduating to an unsecured credit card.