Secured Visa Card Q & A

On September 2, 2011 The Dallas Morning News ran an article by Pamela Yip titled, "Secured credit cards give credit-challenged consumers a fresh start."

Click here to read the entire article from The Silicon Valley Mercury News.

The article states, "Secured (credit) cards are a good steppingstone for credit-challenged consumers."

The writer proposes key questions...here are our answers:
  • How much do you need to deposit? At least $250 but you can deposit as much as you want. Most Eaton Family Credit Union Secured Visa Cardholders have from $500 to $1,000 on deposit to "secure" their credit card.
  • Where can you get a secured credit card? From Eaton Family Credit Union.
  • What fees will there be? There is no annual fee for any of our credit cards. Click here to learn about other fees.
  • Does the issuer report to all three major credit bureaus? Yes, we do.
  • How long will it take to qualify for an unsecured card? For members with no credit, it might at least six months of consistent, on-time payments. For credit challenged members, well, it's up to you. We will help you determine concerns on your credit report, but it is up to you to clean it up.
Eaton Family Credit Union's Secured Visa Card is a good option for those members with no credit or poor credit history. It is also a good way to get young adults comfortable with credit card usage with little risk.

Click here to learn more about our credit cards.

Click here to apply for our credit card.

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