For those people looking for easy entry to a platinum visa card so that they can either rebuild or start anew their credit score, DCU is the best option. In this DCU Visa Platinum Secured Credit Card review, we discuss why a low APR is good for you. There are some conditions for all these benefits, so let's start.
Who Should Apply for a DCU Visa Card?
The DCU Visa Platinum Secured Credit Card is an excellent option for individuals starting to build their credit score quickly. The reason behind this thinking is that it is a secured credit card, having little liability, making it the best tool for the score. It is also great for those who want to rebuild their credit score.
Furthermore, you have to deposit a $500 security as a first-timer, which is also good because that will be counted as your credit limit. Another security in credit score you get here is that the card reports to 3 of the top credit bureaus in the consumer category, such as Experian, Equifax, and TransUnion.
So next time anyone needs a credit report and your score, they can easily check all the information they need.
The most critical condition to get this card is that you must have joined a credit union, which is actually pretty easy to meet. So when this condition is fulfilled, you can fall between a reasonable APR value of 16.75 to 18%.
Now, there are three different options to become a member. The first is where you work, and then there is where you work or which god you worship. Finally, if you work for any employer that is on their list. Even if you don’t fall in any of these categories, you can get a Reach Out for Schools cheap $10 membership and become a member.
Pros and Cons of DCU Visa Card
Here are some pros and cons of DCU Visa Card:
Pros
- Others typically charge a 20% APR, which is higher than DCU cards.
- It doesn't require you to pay an annual fee for their cards.
- When you start, you don’t have to pay any balance transaction fees, and it doesn’t require you to pay cash advance.
- Suitable for travelers as it doesn’t charge you transaction fees for foreign transactions.
- Most recommend getting a checking account with DCU for another protection in an overdraft.
Cons
- Due to the lower APR, there are non-existent cash-back programs or rewards.
- Unfortunately, it doesn’t have the 0% APR even for their new card holders.
- Very limited when it comes to becoming eligible.
- One of the highest minimum deposit requirements is $500, which is a deterrent for most.
Comparison of DCU Visa Platinum Secured Credit Card with A Few Others
Let's see how this platinum card stacks against Discover it Cash Back, USAA Rate Advantage Visa Platinum Credit Card, and Bank of America credit card for Students.
DCU Visa Platinum Secured Credit Card Vs. Discover it Cash Back
An excellent competitor to DCU, as Discover it has 0% APR against DCU’s minimum 13%, where you get this introductory benefit for up to 15 months. Now, all you have to do is transfer your balance or make a few purchases that stack well. Of course, these are standard purchases, and in their catalog, they help you choose from many great options.
After the initial 15-month introductory period is over, the regular APR rate is higher than the standard DCU rate. Your choices can land you between 17.24% up to a max of 28.24%.
You also get a cash-back reward earning of 5%, which you don’t have with DCU. But to get these rewards, you do have to spend up to $1,500 in a quarter. So, in short, due to these benefits, Discover it is better on paper than a DCU visa platinum-secured credit card.
DCU Visa Platinum Secured Credit Card Vs. USSA Rate Platinum Credit Card
While there are many everyday things between these two, like no annual or foreign transaction fees, the USAA Rate Advantage card has great cash-back and no APR for the first 15 months.
After 15 months, the APR is higher but manageable due to 5% cash-back. Furthermore, you also get extended warranty protection, easy cancellation of trips, insurance during traveling, etc.
One downside to the USAA Rate Advantage Visa® Platinum Credit Card is that it is only open to a close circle of former military service men and members. So, if you are family, you also can apply for this card.
DCU Platinum Visa Card Vs. Bank of America Credit Card for Students Fares
Just like the above two cards, this student card also has an introductory duration of 15 months and only 18.24-28.24% APR after that. They do require you to complete your balance transfer before your 60 days are up once you have opened your account. Here, you need to pay a 3% transfer fee for each balance transfer you make.
Though you get a lower 3% cash-back, it is supplemented by the fantastic discount of 2% cash-back when you buy at a wholesale club or grocery store. Plus, this 2% is automatic. The only issue is that this bonus or cash-back is limited to each quarter. You cannot go beyond $2,500 during a quarter.
So, if you want to carry a balance and want the 0% APR, you don't need a membership to have the card.
Final Thoughts
One of the best things about DCU Visa Platinum Secured Credit Cards is that they have really low APR to join if you need to build up credit scores. However, you do have to join the credit union for that. So, in that aspect, the card is terrific.
But it isn't recommended for those who want money loaned from credit card companies that they can easily float for a few months and at no interest rates. So every time you do that, you have to pay their variable APR.
