primor® Secured Visa® Classic Card Review

By Christina Majaski. Last updated 6 October 2017. 0 comments

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If you have bad credit or no credit, it can be difficult finding a bank that will offer you a credit card. This can make it even more difficult to repair or build a positive credit rating. Secured cards allow an opportunity to do so, in exchange for a security deposit. (See also: Best Secured Credit Cards)

It's important when choosing a secured card, however, that you are aware of the costs such as high fees and high APRs — which secured cards are notorious for. You also want to make sure the card issuer reports your activity and payment history to the three major credit bureaus. This is the difference between secured cards and most prepaid cards. Prepaid cards do not typically report to the credit bureaus, and thus, do not help you build a positive credit rating.

The primor® Secured Visa® Classic Card is a low APR secured credit card that can help your credit score. 

Why We Like This Card

  • Low fixed interest rate on purchases
  • No minimum credit score requirements

How This Card Works

This card requires a security deposit of at least $200 up to $5,000, which is debited from your checking account. Your credit limit on the card is equal to the amount of your deposit. You make your monthly payments on the card as you would with any credit card, but the security deposit is held in a savings account in the event you default on your credit card payments. You can increase your credit limit by making additional deposits in $50 increments, but you cannot withdraw from your deposit while your account is secured. As you use your card, your payments are reported to the credit bureaus — and responsible account management can help establish positive credit. 

Other Benefits

Savings account with interest. Your deposits are held in a Personal Savings Deposit Account which earns interest. The interest is credited monthly but not compounded — if you close your account at the end of the year before interest is credited, you will not be paid the interest accrued during the year. When you open the savings account, you must deposit at least $200 and maintain a balance of at least $200.

Costs

  • $39 Annual Fee
  • 13.99% fixed APR
  • 3% Foreign Transaction Fee

Pros

Competitive annual fee. Under most circumstances, an annual fee of $39 would not be considered competitive, but secured cards often carry high annual fees and high APRs. In this regard, $39 is competitive and somewhat reasonable, with most major banks offering secured options with annual fees and monthly fees ranging from $25 to $40. (See also: Best Secured Cards with No Annual Fees)

No minimum credit score requirement. You don't have to have a particular credit score to qualify for the card. You can qualify even if your credit rating is low or you have less than perfect credit. You may have to show proof of income and expenses, though. (See also: 5 Best Secured Credit Cards That Don't Require Credit Checks)

Credit bureau reporting. Your payments and account activity are reported to the three major credit bureaus, which are the credit bureaus that other lenders use in determining your credit worthiness. When you make your payments on time, it establishes a positive payment history, which can help increase your credit score.

Low Fixed APR. There are very few secured cards available with APRs as low. In fact, secured cards are often notorious for outrageously high APRs, simply because of the risk involved with lending to consumers with bad or no credit. Regardless of the type of card or the interest rate, however, it is recommended that you pay your balance in full each month, in order to avoid paying interest on your purchases. If you do end up in a pinch and need to carry a balance, this card offers one of the lowest APRs available. (See also: 5 Best Secured Credit Cards with Low APRs)

Cons

Does not graduate to unsecured. Older accounts with positive payment histories help increase your credit score, but you must keep the card until you close the account, which can, subsequently, hurt your credit.

Foreign transaction fee. If you travel abroad, even with a secured credit card, you should be aware of foreign transaction fees. This card charges a 3% foreign transaction fee. (See also: 5 Best Secured Credit Cards with Low or No Foreign Transaction Fees)

Who This Card Is Best For

If you are just starting out or if you are in the process of rebuilding or repairing your credit, the primor® Secured Visa® Classic offers an opportunity to do so with a reasonable annual fee (at least in the world of secured cards) and no credit check. It also offers one of the lowest APRs available, which can be helpful if you regularly carry a balance, and allows you to earn interest on your security deposit. Because of the foreign transaction fee, it is also best for those who do not need to use the card outside of the U.S. often.

Click here to apply for the primor® Secured Visa® Classic Card today!


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