Our Secured Visa Credit Card is a great opportunity to build credit over time.
What is a secured credit card?
A secured credit card works like any other credit card except that it requires an account deposit, which is held as collateral for your account.
As a cardholder, your status is regularly reported to the three major credit bureaus to help build your credit. A secured card gives you a line of credit to make purchases. You can choose to pay off your balance in full each month or pay the minimum due.
How does it work?
Once you're approved, the money you deposit — from $500 to $5,000 — is the card's credit limit. As with any other credit card, you're responsible for making at least your minimum monthly payments each month. Keep in mind that while using credit wisely can help you build your credit, making late payments, exceeding your credit limit, or your performance on other accounts can have a negative impact on your credit rating.
How is this card different from a prepaid card?
A secured card is a credit card. We report payment information to the three major credit bureaus — providing the opportunity to build your credit with responsible use. Missing payments may hurt your credit score.
A prepaid card is similar to a debit card. Since they do not report to the major credit bureaus, prepaid cards cannot help you build your credit.
You'll enjoy these benefits carrying our Secured Visa Credit Card:
|The Benefits of the Elements Secured Visa Credit Card|
Standard variable APR of 13.24% for purchases and balance transfers.
3% Balance Transfer Fee
You can also expect these conveniences that Visa is known for:
Rates effective April 1, 2016. Your Standard Variable APR will be 13.24% and Balance Transfers which both will vary with the market based on the Prime Rate as published in The Wall Street Journal.
Secured Visa Credit Card Transaction Fees
Credit Card Balance Transfer: 3% or a minimum of $5.00
Credit Card ATM Cash Advance: Up to 3% for each ATM Cash Advance or a minimum of $5.00
Credit Card Over the Counter Cash Advance: Up to 3% for each Over the Counter Cash Advance or a minimum of $5.00
Credit Card Cash Equivalent: Up to 3% for each Cash Equivalent transaction or a minimum of $5.00
Credit Card Foreign Transaction: 1% of each Foreign Transaction in U.S. dollars.
Planning travel? Call us in advance: (800) 621-2105 or (317) 276-2105
Card Transaction Denied: (866) 570-1238
Lost or Stolen Card: (866) 570-1238
If you suspect fraud: (866) 570-1238
Pure Perks Rewards: (855) 814-5597
Other Questions or Concerns: (866) 570-1238
To make payments to your Elements Financial credit card, send them payable to:
Elements Financial Federal Credit Union
PO Box 10324
Des Moines, IA 50306-0324