Question: What is a secured credit card?
Answer: A secured credit card looks and acts like any other credit card. There is no difference in how a secured card is treated compared to any other credit card. It’s simply a credit card that requires a cash collateral deposit, which sets your credit limit. For example, if you qualify and place $500 into the account, you can charge up to $500.
Answer: With the UNITY Visa Card, you can obtain a secured credit card and take advantage of our expertise to help you rebuild your credit. And unlike many banks, we offer the How to Rebuild Credit Program. Check here for more information.
Answer: The UNITY Visa® Card annual percentage rate (APR) is only 17.99%, which is lower than most banks. And our rate is fixed, which is why we are one of the best secured Visa cards in America! Many banks offer variable rate cards so your rate will change as market rates change. With the UNITY Visa Card, your rate is fixed and there is no application fee, over the limit fee or penalty interest rate. Please check here for more information on rates, fees and terms.
Answer: The minimum credit limit is $250.00 and the maximum credit limit is $10,000.00 based on your ability to pay and your security deposit.
Answer: We encourage you to apply! Secured credit cards, like the UNITY Visa Card, are designed to help people with less than perfect credit, or even bad credit. With a secured credit card, you can learn how to rebuild credit. Secured credit cards are also good for people who have not established credit yet. Secured credit cards can help people with high rate credit cards lower their rate.
Answer: Yes, the UNITY Visa Card can be used anywhere Visa credit cards are accepted, unlike prepaid debit cards that are not always accepted or may require “excessive authorization”. UNITY Visa is one of the best secured Visa credit cards!
Answer: Your credit limit on your UNITY Visa Card will be based on your request and your ability to pay. Remember, we are trying to make sure you use credit responsibly and learn how to rebuild credit! Your security deposit will be 100% of your credit limit. If you close your account and pay your balance in full, your security deposit is fully refundable.
Answer: Using your Debit Card to fund your security deposit ensures the fastest receipt of your new Unity Visa Secured Credit Card if you are approved. When you provide your debit card information we will authorize a transaction equivalent to the credit limit you have requested if the limit is $1000 or less. The authorization puts a hold on the funds in your account associated with your Debit Card equivalent to your credit limit if the authorization is approved. We will not process the authorized transaction until we finalize your credit decision. If your application is approved we will finalize the Debit Card transaction and remove the held funds from the account associated with your Debit Card.
If your requested credit limit is $1,000 or more we can also take your bank information and withdraw funds directly from your bank account. You will need to provide your bank routing number and account number which allows us to process an ACH (electronic funds transfer) and withdraw funds for your security deposit. We will process this transaction and fund your security deposit once you are approved. Funds will be transferred from your bank account a few days before your UNITY Visa Card is issued.
Answer: As part of the process for funding your security deposit, we may make two trial deposits to verify ownership of your funding account. To verify trial deposits: 1) inquire directly with your bank (online, by phone, ATM, or in-person) to identify the deposit and record the amounts of the trial deposits; 2) find an email from UNITY Visa that has a unique link just for you to verify your trial deposits; and 3) enter your information and follow the instructions provided on-screen to complete the process for funding your security deposit.
Answer: You can manage your account online. You can view your credit limit and account balance, set up alerts and view your account history and statements, all from the comfort of your home.
Answer: Secured credit cards are credit cards, like any other credit card. Prepaid cards are debit cards, many with high fees. A secured credit card reports to the 3 major credit bureaus. A prepaid card does not. A secured credit card can help build or rebuild your credit. A prepaid card cannot. So, a secured credit card is a smarter choice!
Answer: No need to reload like a prepaid debit card, just make your monthly payments or pay your balance in full! Payments are accepted by mail or by using the bill pay service of your bank.
Answer: OneUnited Bank is offering the UNITY Visa Card because we believe it is a smarter choice than a prepaid debit card. Secure credit cards can help build or rebuild credit if you experienced a bump in the road. Secure credit cards typically offer a lower rate and fees than subprime credit cards. It gives you a second chance. Simply use the credit card responsibly.
Answer: We accept Debit Cards and we can accept your bank account information to complete an electronic funds transfer withdrawal. The Debit Card method is the fastest way to finalize your security deposit and receive your new Unity Visa Secured Credit Card.
Answer: The maximum security deposit we can accept using a Debit Card is $1000.
Answer: We will place a hold on the funds in the account associated with your Debit Card. Upon final approval we process the charge and withdraw the funds from your account and send you your new Unity Visa Secured Credit Card. If your application is not approved, we will not finalize the charge or withdraw funds from your account and the authorization hold expires.