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  MIT Federal Credit Union Secured Visa Card

MIT Federal Credit Union Secured Visa Card

in Personal Credit Cards from MIT Federal Credit Union

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MIT Federal Credit Union Secured Visa Card

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in Personal Credit Cards from MIT Federal Credit Union

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Highlights
Purchase APR  (Variable APR) Starting at 25.99
Balance Transfer APR  (Variable APR) Starting at 25.99
Credit Score Range 500 - 850
Annual Fee $0

MIT Federal Credit Union Secured Visa Card Review

This is a secured credit card credit card issued by MIT Federal Credit Union. If you're wondering whether MIT Federal Credit Union Secured Visa Card is the right card for you, read on. This review will provide you with with all the details you need to make a good choice.

Key Takeaways
  • 0% APR on new purchases. New cardholders receive an introductory 0% APR rate on new purchases.
  • High APRs. This is not a great card for people who carry a balance. It has a variable purchase APR starting at 25.99%
  • No annual fee*. This is a great option for people looking for a low-maintenance card. It gives you the benefits of a credit card, but you don't have to pay an annual fee for the privilege.
  • 3% Balance transfer fee. MIT Federal Credit Union Secured Visa Card charges a fee of 3% on balance transfers. For example, a balance of $1,000 could cost $30 in transfer fees. The minimum fee is $5.
  • Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 3% every time you make a transaction outside the U.S.
  • Secured card. This card requires a refundable deposit before you qualify for a line of credit. These cards are often used to improve the credit of people with poor credit or little credit history.
  • Poor credit accepted. This card will consider people who have bad credit. Even if you have poor credit, you may still have good approval odds.
Pros & Cons of MIT Federal Credit Union Secured Visa Card
The Good The Bad
  • 0% APR on new purchases .
  • No annual fee.
  • Travel assistance insurance
  • Considers applicants with fair or poor credit.
  • MIT Federal Credit Union Secured Visa Card reports to multiple credit bureaus.
  • Higher than average purchase APRs.
  • Does not offer a signup bonus.
  • Does not offer rewards or cash back.
  • Charges a foreign transaction fee of 3%.
  • You don't earn rewards on every purchase.
  • Charges a 3% balance transfer fee.
  • Does not include many credit card benefits.
MIT Federal Credit Union Secured Visa Card FAQ

Does MIT Federal Credit Union Secured Visa Card have a cash back or rewards program?

No, it does not offer a rewards program.

What are the MIT Federal Credit Union Secured Visa Card benefits?

It provides the following benefits:

  • Zero fraud liability
  • Travel Assistance
  • Reports to major credit bureaus

What are the relevant APRs for MIT Federal Credit Union Secured Visa Card?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. It has higher than average regular APRs.

It has a variable purchase APR starting at 25.99% . The card has a variable balance transfer APR starting at 25.99% . It also has a variable cash advance APR starting at 25.99% .

The good news is this card does not charge a penalty APR if you are late on a payment.

Does MIT Federal Credit Union Secured Visa Card have an intro APR offer on balance transfers?

No, it does not come with an intro APR offer for balance transfers.

Does MIT Federal Credit Union Secured Visa Card have an intro APR offer on new purchases?

MIT Federal Credit Union Secured Visa Card Purchase Intro Offer
Description
Introductory Rate 0

This card does offer an intro APR rate of 0% on qualified purchases

What are the fees for MIT Federal Credit Union Secured Visa Card?

The following fees apply:

  • There is no overlimit fee
MIT Federal Credit Union Secured Visa Card Fees
Fees Amount
Annual Fee $0
Overlimit Fee $0
Foreign Transaction Fee 3%
Returned Payment Fee up to $40
Late Payment Fee up to $40

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost card.

Does MIT Federal Credit Union Secured Visa Card have a foreign transaction fee?

MIT Federal Credit Union Secured Visa Card charges a foreign transaction fee of 3%. For example, if you spend $2,000 on a week vacation abroad you would pay a foreign transaction fee of $60. If you travel abroad you may want to leave this card at home and apply for one that doesn't charge foreign transaction fees.

What is the customer service phone number for MIT Federal Credit Union Secured Visa Card?

The MIT Federal Credit Union Secured Visa Card customer service number is (617) 715-4703.

What is the support contact email for MIT Federal Credit Union Secured Visa Card?

The support contact email for MIT Federal Credit Union Secured Visa Card is info@mitfcu.mit.edu.

Does MIT Federal Credit Union Secured Visa Card report your account activity to credit bureaus?

Yes, MIT Federal Credit Union Secured Visa Card reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for MIT Federal Credit Union Secured Visa Card

  • Visit the MIT Federal Credit Union Secured Visa Card website.
  • Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
  • Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Other Services by MIT Federal Credit Union

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Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

No Annual Fee
Annual Fee $0
Over-Limit Fee 0
No Interest Grace Period for Late Payment 30 days
Cash Advance Fee Minimum 10
Cash Advance Fee (%) Starting at 5
Minimum Cash Advance Fee ($) Starting at 10
Foreign Currency Transaction Fee 3
Minimum Interest Charge 2
Returned Payment Fee Up to 40
Late Fee Amount Up to 40
Customer Type Personal
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Credit Score Range 500 - 850
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Credit Card Benefits
  • Fraud Liability
  • Travel Assistance
Rewards Type No Rewards
Security Deposit 300 - 5,000
Cash Advance APR (Variable APR) Starting at 25.99
Balance Computation Average Daily Balance (including new purhases)
Credit Limit Up to 5,000
Penalty APR (Variable APR) 0
Purchase APR (Variable APR) Starting at 25.99
Balance Transfer Fee % After Intro Period Starting at 3
Balance Transfer APR (Variable APR) Starting at 25.99
Balance Transfer Fee Minimum 5
Balance Transfer Fee % 3
Card Type
  • Secured
Card Network Visa

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