DCU Visa® Platinum Secured Credit Card
Things We Like
Things We Dislike
The DCU Visa Platinum Secured Credit Card is another card on the market worth considering if you’re looking into establishing or rebuilding your credit.
Most notably, it has a decent APR rate and no extra fees. It also comes with some excellent features that are usually reserved for unsecured cards.
However, there are a few downsides. This card may not be as easy to get as other secured credit cards.
We break it all down for you in our DCU Visa Platinum Secured Credit Card Review.
Does it report to all three credit bureaus?
Yes. The DCU Visa Platinum card reports to all three credit bureaus. This means it’s a great card for establishing or rebuilding credit. The card does report as “secured” but that’s not necessarily a deal breaker.
Do you qualify?
This particular card issued by the Digital Federal Credit Union. In order to qualify, you must be a member of the credit union. You also need a savings account with DCU with at least $5.
Eligibility is based on whether or not a family member banks a DCU, if you work for a participating employer, you belong to an organization being served by DCU or if you are a part of one of their listed communities. For the latter, you can live, work or worship in one of their listed communities in order to qualify. You can visit their website to see whether or not you qualify for membership and access their application.
If you don’t qualify presently, you can consider joining one of their listed organizations. Many of them are non-profits with low membership fees.
What is the credit limit?
Your credit limit is equal to your security deposit. In the case of the DCU Platinum Secured Card, you need to have a security deposit of at least $500.
Is there an interest bearing savings account?
You do earn interest on your $500 deposit. It’s not much but you do at least get something.
What is the interest rate?
The interest rate for purchases is variable 11.5 percent. It’s comparable to other good secured cards on the market.
Balance Transfers and Cash Advances
Balance transfers have the same APR as purchases at 11.50 percent. This is pretty rare so it’s a nice perk. There is also no balance transfer fee.
One thing to note is that DCU claims balance transfers are free. Their website literally says “Balance transfers from other credit cards to your DCU Visa Platinum Secured Credit Card are free.” This is a bit misleading because the 11.50 APR starts to accrue immediately. In other words, it’s not really free because you still have to pay interest. What they actually mean is that there is no separate balance transfer fee.
They also claim that cash advances are free. Again, this is not entirely true. The cash advance simply has the same APR as purchases and there’s no additional fee.
Annual Fees and Other Fees
There is no annual fee with this card, which is excellent. Other fees include a penalty APR of 18 percent, which you can avoid by paying your bill on time. There’s also a late payment fee of $35. Again, just pay your bill on time and you won’t have to worry about it.
Upgrading to an Unsecured Card
One of the things that make the DCU Visa Platinum Secured Credit Card appealing is that you can upgrade to an unsecured card. This means you won’t have to close your secured card in order to apply for an unsecured card. This has become increasingly difficult to find even among some of the most top rated secured cards.
What are the features?
The DCU Visa Platinum Secured Credit Card does come with some great features. You get an extended warranty on purchases and earn up to $30 in cash-back. You can also get travel and car rental insurance. The travel insurance covers up to $500,000, which is a pretty nice perk.
A Few Things to Keep In Mind
When researching DCU we did run into several user reviews that claimed DCU has terrible customer service. Many also claim that the card isn’t as easy to get as DCU claims. In particular, some expressed concern over DCU hitting them with a hard inquiry on their credit report despite it being a secured card.
The fact that the DCU Visa Platinum Secured Credit Card doesn’t charge any extra fees (other than penalty and late payment) makes it an excellent card to check out. Their APR is also pretty solid.
The downside is the card is a little more difficult to maintain than others. However, if you feel like you can be approved then it’s definitely worth a shot.
For more information on the DCU Secured card, click here or call 1-800.328.8797.
Our Best Credit Building Cards section for more credit building cards reviews.
Our Secured Credit Cards Reviews section for more creditscore building and secured cards reviews.
For up to date information, news and commentary on secured cards and related personal finance topics, check out our Credit Building Cards News section.
- Our Best Credit Building Cards section for more credit building cards reviews.
- Our Secured Credit Cards Reviews section for more creditscore building and secured cards reviews.
- For up to date information, news and commentary on secured cards and related personal finance topics, check out our Credit Building Cards News section.