Digital FCU secured credit card fee schedule
|2011 Credit Card Fee Survey|
A year after the Credit CARD Act's major provisions went into effect, predictions of an onslaught of fees haven't come true.
Applicants for these cards must deposit money into an account to secure their borrowing. When they use the secured card to make purchases, they are essentially borrowing and paying back their own money. Credit counselors advise secured card users to make small purchases and pay off the entire balance on time each month to avoid interest charges and to show they are good credit risks.
The survey of secured card offers was conducted in May 2011.
Here are the 2011 secured card fees for the Digital FCU secured card:
|Other fees, conditions||Credit Limit is equal to deposit (minimum $500; maximum is to be determined by loan officer). No other fees. Reports to all 3 credit bureaus. Secured deposit is refunded by closing account once the "hold" is lifted. Interest is paid at 0.05%.|
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