University Credit Union has a credit card program with our members' best interest in mind. The Secured Traditional Mastercard offers an honest, straight-forward approach with no teaser rates or hidden costs.
What is a Secured Credit Card?
A University Credit Union secured Mastercard credit card is a type of credit card that is backed by a secured payment used as collateral on the account. Secured credit cards are often issued to borrowers with limited credit histories or those who may have had some past issues with credit. With standard reporting to credit reporting agencies, these cards can help borrowers improve their credit profile.
Breaking Down Secured Credit Card
Secured credit cards are issued by virtually all of the leading credit card lenders. A standard credit application, which assesses a borrower’s credit score and credit history through a hard inquiry with a credit reporting agency is typical. Underwriting and credit approval procedures then determine the amount of funds needed by the borrower to open an account, and the credit line that will be extended. Deposits typically start around $200, but can range as high as $1,000, with a credit limit usually set at the amount of the deposit.
Secured Credit Card Structure and Terms
A University Credit Union secured credit card functions in the same way as our standard credit card. Borrowers can use the card anywhere the card brand is accepted. Borrowers can make purchases up to the card’s credit limit. Borrowers pay interest on outstanding balances, which is detailed in our credit agreement. Cardholders also receive monthly statements showing their end-of-period balances and the activity on the card during the specified month.
The deposit made to open a secured credit card account serves as collateral and is generally only used if the cardholder defaults. The collateral is what makes a secured card different from standard cards. It is required to open the account and is not accessible to the borrower once it has been paid. (If you pay off and close a secured credit card or it is upgraded to a non-secured card, the deposit is refunded.) Secured-card holders are still responsible for making monthly payments on the credit card, which are requested from the borrower through the usual monthly statement.
|With a University Credit Union Secured Traditional Mastercard you will receive all of the following|
- No annual fee
- Get started with as little as a $500 deposit into a University Credit Union savings account.
- Your credit line is tied to the amount of money secured in your savings.
- Purchases made on your Secured Mastercard will be charged to your card (amount will not be deducted from your Savings Account).
- Helps build new or rebuild damaged credit.
- Low fixed rate of 9.0% APR*
*APR = Annual Percentage Rate. Certain Credit Restrictions Apply.
- New EMV Chip Card Enabled: Every new University Credit Union Mastercard is EMV ready! To learn more about EMV click here on EMV Card Information to see how secure your new University Credit Union Mastercard is.
- Cash advance: You can get a cash advance with your Mastercard at any University Credit Union branch or at any financial institution displaying the Mastercard logo, with no cash advance fee. Interest accrues from date of advance.
- Travel Accident Insurance: You get up to $250,000.00 of free coverage when you purchase your ticket on a major carrier using your University Credit Union Mastercard.
- Worldwide acceptance and ATM access. Transfer balances from other high interest credit cards with no balance transfer fees.
You can pay your University Credit Union Mastercard online via e*branch. And it's not just payments - you can also check your:
- Account Balance
- Available Credit
- Payment Due Date
- Credit Limits
- Detailed list of transactions
- Electronic Statements
- and much more!