The DCU Visa Platinum secured credit card is a rare gem in the world of credit cards. It has relatively low rates and no annual fee, which is extremely unusual for a secured card. It provides valuable travel and warranty perks, gives you rewards points for every dollar you spend, and is available for people with bad credit. To top it all, it has the potential for high credit limits, which is huge if you're trying to repair your credit.
The only drawbacks of the DCU Visa Platinum are that your credit limit is only as large as your security deposit and that you may have to jump through one or two hoops before you can join DCU.
The DCU Visa Platinum Secured has a flat rate of 11.75% APR for purchases, balance transfers and cash advances. That is well below the national average for secured cards. The card does have an 18% APR penalty rate if you make a late payment. The penalty APR will apply until you make six consecutive minimum (or higher) payments on time.
DCU's Visa Platinum is one of the best secured credit cards in the market because it offers high-end features to high and low risk clients without charging any fees. And I mean no fees. It has no annual fee, no cash advance fees, and no balance transfer fees. Compare that to top-of-the-line credit cards, such as the Barclaycard Arrival World MasterCard and the Chase Sapphire Preferred Card, which charge a $10 or 5% fee (whichever is highest) for cash advance. A $0 fee on balance transfers and a 11.5% APR make the DCU Visa Platinum a great choice if you have a balance on your credit card but you don't have the credit to qualify for a credit card with a 12-month 0% APR deal.
The travel benefits of the DCU Visa Platinum are unheard of in secured card with no annual fee. They include $500,000 in free travel insurance, when you buy your tickets with the card, and you're guaranteed your hotel room stays available even if you're late. You also get complimentary collision damage or theft insurance on car rentals and extended warranty on most purchases.
The biggest drawback of the DCU Visa Platinum is also one if its best features: your secured deposit determines your credit limit. The minimum security deposit is $500. So if you don't have $500 lying around, this is not the card for you.
However, if you have access to cash, you can qualify for a large credit limit, even if have terrible credit. Make a $10,000 secured deposit and you get a $10,000 credit limit. Available credit determines 30% of your FICO score, so if you have access to cash you can repair your credit pronto with this card.
DCU is a credit union so you must meet its membership requirements. The good news is that DCU's requirements are easy to meet. Even if you don't live in Massachusetts or Georgia or don't work for a participating employer (there are hundreds), you can still qualify by making a one-time donation to one of their participating charities. The cheapest option is to donate $10 to Reach Out for Schools.
The DCU Platinum credit cards is probably the best secured credit card in the business. If you want a credit card with no fees, valuable benefits, a rewards program, and have $500, get a DCU Platinum secured credit card. If you don't have $500, do yourself a favor and save $500 before settling for a high-APR, high annual-fee card.
However, if you can't wait to save $500 and your credit card is poor – but not terrible – (500 or higher) get a Capital One Classic Platinum credit card. You will have to pay a $39 annual fee, but you may get approved for a modest credit limit ($300 to $500) without the need of a security deposit.
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