The OneUnited UNITY® Visa Secured Credit Card is a product designed to help individuals build or rebuild their credit scores. It offers an annual percentage rate (APR) of 17.99%, no hidden fees, and the opportunity for members to qualify for a higher credit limit with good payment history over time. This review will provide insight into the benefits and drawbacks of this particular secured card in order to assist readers in making informed decisions about their financial future.
This comprehensive evaluation will discuss the application process, eligibility requirements, rewards program, customer service experience, fees associated with the account, and more in detail. Additionally, it will compare this card to other similar products on the market so that potential customers can make well-informed choices when selecting a secure credit card option.
By highlighting both positive features as well as areas needing improvement within the OneUnited UNITY® Visa Secured Credit Card, this article seeks to provide an unbiased assessment that takes all factors into consideration. Readers should use this information to determine if they believe this type of card meets their individual needs and expectations before applying.
Overview
The OneUnited Unity® Visa Secured Credit Card is a credit card designed for individuals who may not have access to traditional credit cards. This type of card allows users to build or rebuild their credit scores by making timely payments on the account. The card offers an annual fee and competitive APR rates, as well as low security deposits and easy online management tools.
This secured credit card has several features that are beneficial for those looking to improve their financial standing. For instance, it provides free monthly FICO score tracking and does not charge foreign transaction fees when used internationally. Additionally, customers can also enjoy rewards such as cash back and travel perks with no blackout dates or restrictions. Furthermore, users are eligible for upgrades without having to reapply or pay any additional fees.
Benefits
The Oneunited Unity® Visa Secured Credit Card offers a range of benefits that make it an attractive option for those looking to build or rebuild credit. For starters, the card features no annual fee and an introductory APR of 9.99% on purchases and balance transfers. This makes the card favorable compared to other secured cards with higher rates and fees. Additionally, Oneunited’s customer service has been lauded by many customers as being very helpful in answering questions about account usage and providing assistance when needed.
Cardholders are also eligible for exclusive discounts at select merchants every time they use their card. These savings can add up over time, making the Oneunited Unity® Visa Secured Credit Card even more beneficial for cost-conscious individuals looking to maximize their rewards potential. Furthermore, users have access to free monthly online credit score tracking which allows them to monitor their progress in rebuilding or building their credit profiles over time.
Fees And Rates
The OneUnited Unity Visa Secured Credit Card has a low introductory annual fee of $25. This is significantly lower than most secured credit cards, and can be waived for the first year. The annual fee in subsequent years may increase to $35 depending on account usage.
In addition to the one-time processing fee of up to $49, cardholders will also pay an APR between 20.24% – 22.99%, depending on their creditworthiness at the time of application. These rates are higher than other secured credit cards, but have been known to decrease with responsible use over time.
Cardholders should note:
- A minimum deposit of $300 must be made into a Security Deposit Savings Account in order to open the card account
- Cash Advance Fee is 4% or greater; whichever is greater
- Balance Transfer Fees range from 3%-5%; whichever is higher
- Late Payment fees range from$15-$38 based on balance amount
Overall, this card offers competitive rates and fees when compared to similar products in its category. It is important that customers weigh all options before deciding which secured credit card works best for them as well as consider how they will meet regular payments according to their budget and financial goals.
Eligibility Requirements
The eligibility requirements for the OneUnited unity® Visa Secured Credit Card are relatively straightforward. Applicants must be at least 18 years of age and have a valid Social Security Number or Individual Taxpayer Identification Number (ITIN). In addition, applicants must provide proof of income in order to demonstrate that they can afford to make payments on their credit card balance. Furthermore, applicants must also pass a credit check conducted by OneUnited Bank before being approved for the card.
It is important for potential applicants to understand that this secured credit card does not require any form of collateral beyond the security deposit made when opening an account. This means that no additional funds will need to be put up as loan insurance if applicable. However, it is important to note that even though there are fewer restrictions than with other secured cards, approval for the OneUnited unity® Visa Secured Credit Card still depends on various factors such as credit history and financial stability.
How To Apply
Applying for the OneUnited Unity Visa Secured Credit Card is easy. The application form can be found online or at any participating financial institution, such as a bank or credit union. To apply, applicants must provide their personal information and proof of income, in addition to an initial deposit equal to the amount of credit they are requesting. This deposit will serve as collateral for the card should it ever need to be used. Once all documentation has been submitted, approval typically takes one to three business days.
Once approved and activated, users can begin taking advantage of their new line of secured credit without delay. They will have access to several features including low interest rates on purchases, cash advances, balance transfers and more. In addition, customers benefit from 24/7 customer service support and fraud protection services designed to keep them safe while using their new account.
Alternatives
Moving on from the application process for the OneUnited Unity Visa Secured Credit Card, potential applicants may also want to look into alternative options. There are a variety of secured cards available that offer similar benefits and features as the OneUnited card, but with different interest rates, fees and rewards programs. It is important to compare all aspects of these different secured cards before making a decision.
One factor to consider when looking at other secured credit cards might be annual percentage rate (APR). The APR is what determines how much money will have to be paid in interest each year based on an outstanding balance. Other factors that should be taken into account include whether there are introductory offers or sign-up bonuses, any associated fees such as annual membership fees, and if there are rewards points or cash back opportunities. By carefully researching various types of secured cards it can ensure that one finds the best option according to their individual needs and preferences.
Conclusion
The OneUnited Unity® Visa Secured Credit Card is an excellent option for those looking to rebuild their credit. This card offers a variety of benefits, including no annual fees and competitive rates and fees. The eligibility requirements are not overly stringent; applicants must have a valid Social Security number, be at least 18 years old, and have a qualifying bank account in order to apply. Additionally, the application process is simple and hassle-free. For individuals who do not meet these criteria or who wish to find other options available on the market, there are many alternatives with similar features. Overall, the OneUnited Unity® Visa Secured Credit Card provides a great opportunity for people seeking to build up their credit score while enjoying all the benefits that come along with having access to secured credit cards.