BECU Secured Visa Security Agreement: Everything You Need to Know
If you`re looking to build or rebuild your credit, a secured credit card is a great option. One of the most popular secured credit cards is the BECU Secured Visa. However, before you apply for the card, it`s important to understand the BECU Secured Visa security agreement.
What Is a Secured Credit Card?
A secured credit card requires a security deposit that is used as collateral for the credit limit. This makes it less risky for the credit card issuer because they can use the security deposit to cover any unpaid balances. Secured credit cards are a great option for those with poor or limited credit history, as the credit limit is often lower and easier to manage.
What Is the BECU Secured Visa?
The BECU Secured Visa is a popular secured credit card offered by the Boeing Employees Credit Union (BECU). The card offers a credit limit of up to $25,000, depending on the amount of the security deposit. It also offers several benefits, including no annual fee, low interest rates, and the ability to earn rewards.
What Is the BECU Secured Visa Security Agreement?
The BECU Secured Visa security agreement is a contract between the cardholder and the credit card issuer. It outlines the terms and conditions of the card, including the interest rate, credit limit, and security deposit requirements. It also outlines the cardholder`s responsibilities, such as making timely payments and keeping the account in good standing.
Some of the key points covered in the BECU Secured Visa security agreement include:
– Security deposit: The security deposit must be paid upfront and will be used as collateral for the credit limit. The amount of the security deposit will determine the credit limit.
– Interest rate: The BECU Secured Visa has a variable interest rate that is based on the prime rate plus a margin.
– Minimum payment: The minimum payment is 3% of the balance or $25, whichever is greater.
– Late payment fee: The late payment fee is up to $25.
– Overlimit fee: The overlimit fee is up to $25.
– Returned payment fee: The returned payment fee is up to $25.
It`s important to read and understand the BECU Secured Visa security agreement before applying for the card. If you have any questions or concerns, be sure to contact BECU for clarification.
In conclusion, the BECU Secured Visa is a great option for building or rebuilding your credit. However, it`s important to understand the BECU Secured Visa security agreement and your responsibilities as a cardholder. With responsible use, the BECU Secured Visa can help you improve your credit score and achieve your financial goals.