Where To Find Secured Credit Cards With No Annual Fees: A Credit Union

by Categorized: Banks, Credit Cards, Uncategorized Date:

A survey of credit cards recommended for recent high school and college graduates by CardHub.com in a Bottom Line column last week didn’t mention any credit unions. For a home-equity line of credit or a car loan, a credit union would be TBL’s first stop.
Mary Budnick, a vice president at Achieve Financial headquarters in Berlin, says a credit union is also a low-cost provider of the secured credit cards that CardHub.com CEO Odysseas Papadimitriou likes for young people.
“We invest a great deal of time and energy educating our members about this tremendous benefit,” she says, “which not only helps young borrowers but also serves the markets of unbanked an underr-banked adults.”
A security deposit represents a secured card’s credit line, making it a safe alternative to a standard credit card. Card holders who fail to pay the monthly balance essentially pay interest on their own money. It’s a powerful incentive.

Each of the secured cards recommended by CardHub.com, a credit-card comparison site, had an annual fee.
Achieve Financial, among other credit unions, offers secured cards with no annual fees. (The current interest rate on a secured card at Achieve Financial is 9.9 percent.) The credit union does charge $35 penalty fees for a late payment or a returned payment.

The Courant is using Facebook comments on stories. To comment on courant.com articles, sign into Facebook and enter your comment in the field below. Comments will appear in your Facebook News Feed unless you choose otherwise. To report spam or abuse, click the X next to the comment. For guidelines on commenting, click here.

One thought on “Where To Find Secured Credit Cards With No Annual Fees: A Credit Union

Comments are closed.