How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.The DCU Visa® Platinum Secured Credit Card is a solid card because it offers cardholders a way to build credit with minimal fees — including a $0 annual fee — and a low APR. The only fee is the late fee which can be avoided if you make your monthly payment on time.
However, a few downsides make it less enticing than other secured credit cards. One is that the card requires a much larger-than-usual minimal security deposit of $500. Another hurdle is that since the issuer, Digital Credit Union, is a credit union, you must become a member to apply for the card. That said, even if your employer isn’t a credit union partner, you can join an organization to become eligible for DCU membership.
Intro Purchase APR
N/A
Regular Purchase APR
16.75% (variable)
Intro BT APR
N/A
Regular BT APR
16.75% (variable)
Annual Fee
$0
Cash Advance Fee
$0
Foreign Transaction Fee
$0
Balance Transfer Fee
$0
Accessible even if your credit isn't great
Consumers who are looking to establish or improve their credit have a chance with the DCU Visa® Platinum Secured Credit Card. Applications are open to those with poor credit and with responsible use of the card, you can steadily build your credit score.
Note that this is a secured credit card which means that once approved for the DCU Visa® Platinum Secured Credit Card, you’ll need to submit the minimum $500 security deposit. This serves as your credit line and when you close your account in good standing, you’ll receive the deposit back.
→ Learn how to build credit with a credit card
Low APR
Credit unions offer some of the lowest credit card APRs and the DCU Visa® Platinum Secured Credit Card is no exception. It has a low 16.75% (variable) APR, which is well below the average credit card interest rate of 24.71%. Remember that you don’t pay interest when you pay your balance in full each month; only if you carry some of the balance to the next month. However, this low rate is nice in case you do have to roll over a balance due to a financial emergency.
Very few fees
The DCU Visa® Platinum Secured Credit Card has very few fees. That includes:
It does have a late payment fee of up to $35 per occurrence, which is comparable to other cards’ late fees.
Reports to the three credit bureaus
When you’re trying to build credit, you want a card that reports to all three major credit bureaus: Experian, Equifax and TransUnion. This is important because, for example, when you take out an auto loan, you don’t know which credit report the lender will pull. If your credit card doesn’t report to all three, there’s a chance the lender won’t see the full picture of your credit history, and possibly deny the loan request. Your credit history is a factor in your credit score and having a good credit score is important for getting the best rates on loans.
You must be a DCU member
There’s a bit of extra work involved if you want to get the DCU Visa® Platinum Secured Credit Card. You need to become a member of DCU and open a savings account first.
That said, DCU makes it easy to join. You can become a member if:
High security deposit
The DCU Visa® Platinum Secured Credit Card‘s $500 deposit is higher than average. A typical minimum security deposit is around $200-$300, and it’s possible to get one lower than that. The Capital One Platinum Secured Credit Card, for example, requires a minimum deposit of $49, $99 or $200 which is determined after Capital One reviews your application.
Depositing a larger amount isn’t necessarily a negative. It gives you a larger credit line for purchases and can also help you keep your credit utilization ratio low — a major factor in credit scoring. However, if you are cash-strapped and seeking the lowest deposit possible, you should check out other secured credit cards.
No rewards
The DCU Visa® Platinum Secured Credit Card doesn’t earn rewards, but that’s not necessarily bad. When you’re building credit, you should focus on using your card responsibly. For some people, earning cash back could tempt them to overspend or carry a balance and pay more in interest than they earn in rewards. Fortunately, there are secured cards like the Discover it® Secured Credit Card that do offer rewards.
Credit Cards | Our Ratings | Annual Fee | Minimum Security Deposit | Recommended Credit Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion | |
---|---|---|---|---|---|
DCU Visa® Platinum Secured Credit Card*
|
$0 | $500 | Poor | ||
Discover it® Secured Credit Card*
|
$0 | $200 | Limited / Poor | ||
Capital One Platinum Secured Credit Card
Apply Now
on Capital One's secure site Rates & Fees |
$0 | $49, $99 or $200 | Limited / Poor |
Apply Now
on Capital One's secure site Rates & Fees |
|
OpenSky® Secured Visa® Credit Card
Apply Now
on Capital Bank, N.A.'s secure site |
$35 | $200 | Poor |
Apply Now
on Capital Bank, N.A.'s secure site |
The Discover it® Secured Credit Card lets cardholders 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically However, be sure to pay your statement in full each month — the Discover it® Secured Credit Card charges a high APR on unpaid balances.
You won’t earn rewards on your purchases. However, the annual fee is $0 so it won’t cost you anything besides the security deposit. You should aim to pay your balance in full each month as the card charges a 29.99% (Variable) APR on purchases.
It comes with a $35 annual fee and requires a $200 minimum deposit. But it offers the opportunity to transition to an unsecured card; you may be eligible in as few as six months. The 25.14% (variable) is also lower than average for a secured credit card.
The DCU Visa® Platinum Secured Credit Card may be a good fit for you if you’re looking for a secured card and already a member of the credit union. It’s an affordable option for building credit, since it comes with few fees and a very low APR.
If becoming a member of DCU isn’t something you want to do, there are plenty of other secured credit card options without membership requirements and smaller minimum deposits. You may even find a card that lets you earn rewards, like the Discover it® Secured Credit Card.
For Capital One products listed on this page, some of the above benefits are provided by third parties such as Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as certain terms, conditions, and exclusions apply.
The information related to the DCU Visa® Platinum Secured Credit Card and Discover it® Secured Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.