Digital Federal Credit Union Visa Platinum Secured

10-second breakdown:

The DFCU Visa may be a secured card, but it’s loaded with the same sort of reasonable rates and benefits of an unsecured option. It was created by a Credit Union which could be why it’s just a personal and friendly offer.

Key benefits:

• Surprisingly few fees (no annual fee, balance transfer fees, or cash advance fees).
• If you have a savings account with the credit union, you can borrow against it.
• The card works with Android pay, Apple pay, and Samsung pay.

Who it’s for:

Beloved by individuals who are rebuilding or establishing their credit, the Digital Federal Credit Union (DFCU)’s Visa Platinum Secured credit card can help you get back on track if you’re credit score isn’t where you would like it to be. Students can also use it to build up their credit before entering the workplace.

This card is for individuals with poor credit (from 600-649).

The details:

Some of the rewards the credit cards offer sound unbelievable. ‘5% cash back on groceries and at the gas pump!’ or ‘Get thousands of points just for signing up!’ While yes some cards offer amazing perks, you need a darn good credit score to even be considered. What do you do if you don’t have a track history or a bad track record?

If your credit is bad or you’re a student with none at all, that’s where secured credit cards come in. You put a refundable deposit down and you get a credit card with a limit the matches the deposit. You still need to apply so it’s not 100% guaranteed, but secured credit cards are a solid way to build your credit.

While there are a ton of secured credit cards on the market, Digital Federal Credit Union offers one of the best in the industry – their Visa Platinum Secured credit card. The Visa Platinum Secured card has no annual fees, which is a real surprise at this level. What really blows everyone else out of the water is their APR rate, an astoundingly low 11.75%.

That’s worth repeating, the APR rate for DFCU’s Visa Platinum Secured card is a very low 11.75%, that’s a lot lower than a ton of other credit cards, including many that aren’t even secured.

As a credit union, DFCU has a lot of positive reviews online. Current cardholders praise them as approachable and more of a home-town feel instead of big business. All of the support representatives are US-based, if you need to order a new card or are in a panic because you see a fraudulent transaction, it’s all good – there won’t be any miscommunication and you’ll speak with reps that are billed as friendly and knowledgeable without being pushy.

If you’re having a hard time getting approved or if this is your first credit card, DFCU can help out. The Visa Platinum Secured card can have a co-signer on the account. It’s meant for students who want to establish their credit, if they can get a parent to co-sign for the card then they can hit the ground running.

Another perk the Visa Platinum Secured credit card offers is that DFCU reports all of your monthly payments to all three major credit bureaus. The entire reason you got a secured credit card is to improve your credit score, but a lot of small banks won’t report your progress to the bureaus – basically you’re spinning your wheels, dead in the water. DFCU reports to all three credit bureaus so there’s nothing to worry about, as long as you’re on your best behavior and making your payments on time, the bureaus will take notice and your credit score will rise.

A neat feature that only DFCU offers is the ability to ‘graduate’ out of the secured card and into their Visa Platinum regular credit card. Once your credit score has been patched back up, you can go to DFCU and apply for the unsecured regular Platinum card. If you’re approved, they automatically shut down the secured card, issue your deposit back and send you the new upgraded card with a lower rate and plenty of options for rewards.

As a secured credit card, DFCU’s Vis Platinum Secured card doesn’t have any rewards. If you’re only trying to re-establish your credit or are starting out this isn’t too much of a deal killer, but it’s still a little disappointing to miss out on the potential rewards.

The only real downside to this card is that it can be a little tricky to get your hands on one. In order to apply for the card, you need to be a member of Digital Federal Credit Union – and even then your application could be denied.

As far as credit unions go, DFCU is a little tricky to get into. If you don’t luck out and have a family member who is already a member, you need to work for a participating company, be a member of a participating organization or live in a designated area. DFCU is based out of New Hampshire and Massachusetts, you’re out of luck with the living in the designated areas or working for a designated company. Instead, you need to choose one of the participating organizations and sign up for membership. You don’t need to live in the area, but they all have a yearly membership fee.

Although you do have to jump through a few hoops to apply, Digital Federal Credit Union’s Visa Platinum Secured credit card is a fan favorite. It’s a great way to get back on your feet after your credit score has lost a few too many rounds in the boxing ring.

For complete rankings of all personal credit cards, go here.

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