Best credit card offers and benefits

Last updated: July 26, 2019

UNITY® Visa Secured Credit Card
Rates Fees Credit Needed
Balance Transfers Intro APR APR Cash Adv. Rate Cash Adv. Fee Late Fee Annual Fee Bad Credit
9.95% for 6 months 17.99% (Fixed) N/A N/A N/A $39
UNITY® Visa Secured Credit Cardapply for UNITY® Visa Secured Credit Card
  • Unlike your Prepaid Card, UNITY Visa secured card can help you build your credit. Apply online in less than 5 minutes, and you could be approved today!
  • No Minimum Credit Score required; low fixed interest rate of 17.99%; Fully refundable FDIC security deposit* required at time of application; if you have a min of $250 to deposit immediately, you can start now!
  • No application fee or penalty rate
  • Monthly reporting to all 3 major credit bureaus
  • 24/7 online access to your account
  • *See the Cardholder Agreement for more details.
  • See additional UNITY® Visa Secured Credit Card details

About Credit Cards

The major advantage to each consumer is convenience. Compared to debit cards and checks, a credit card allows small short-term loans to be rapidly made to a customer who require not compute a balance continuing to be before every deal, offered the total costs do not go beyond the optimum line of credit for the card.

Many credit cards provide advantages and rewards plans, such as enhanced product guarantees at no cost, complimentary loss/damage coverage on new purchases, various insurance policy defenses (for example, rental car insurance, common carrier accident defense, and travel medical insurance). Credit card can likewise offer reward points which could be redeemed for money, goods, or airline tickets. Study has examined whether competition amongst card networks may potentially pay benefits too generous, causing higher prices amongst business, hence in fact wearing away social well-being and its distribution, a circumstance possibly calling for public policy interventions.

Low initial charge card rates are restricted to a set term, usually in between 6 and 12 months, after which a greater rate is charged. As all credit cards charge costs and interest, some customers become so indebted to their credit card company that they are driven to bankruptcy. Some credit cards frequently levy a rate of 20 to 30 percent after a repayment is missed out on. In other cases a fixed charge is levied without change to the rate of interest. In some cases universal default may use: the high default rate is put on a card in excellent credit by missing a repayment on an unassociated account from the exact same company. This can lead to a snowball impact where the customer is drowned by unexpectedly high rate of interest. Further, most card owner arrangements make it possible for the issuer to arbitrarily raise the interest rate for any reason they see fit. First Premier Bank at one point provided a charge card with a 79.9 % interest rate, nevertheless they stopped this card February 2011 because of relentless defaults.

The method credit card owners settle their balances has a tremendous impact on their credit history. 2 of the most vital aspects reported to a credit bureau are the timeliness of the financial obligation payments and the quantity of debt to credit limitation. Lenders desire to see payments made as agreed, usually on a monthly basis, and a credit balance of around one-third the credit limit. The credit info remains on the credit report generally for 7 years. Nevertheless, there are a few jurisdictions and scenarios where the time frame might vary.

Many credit cards consumers get benefits, such as frequent flyer points, gift certificates, or money back as an incentive to make use of the card. Rewards are generally tied to buying a product or service on the card, which might or may not consist of balance transfers, cash loan, or other unique uses. Depending upon the type of card, incentives will normally cost the issuer between 0.25 % and 2.0 % of the spread. Networks such as Visa or MasterCard have increased their costs to allow companies to money their rewards system. Some companies inhibit redemption by forcing the cardholder to call consumer service for incentives. On their servicing website, redeeming honors is normally a function that is effectively hidden by the companies. With a fractured and competitive environment, rewards points cut considerably into a company’s bottom line, and rewards points and related incentives must be very carefully handled to ensure a successful profile. Unlike unused present cards, in whose case the damage in certain US states goes to the state’s treasury, unredeemed credit card rewards are kept by the issuer.