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How does a secured credit card work?

How does a secured credit card work?

Once you have applied for a secured Visa Credit Card and it is approved:

  • Based on the dollar amount you are requesting, you would need to deposit that amount into your Arsenal savings account
  • A Visa card would be issued within 7-10 business days
  • The card would have the limit of the amount you deposit
  • A hold would be put on the funds in your savings account in the amount of the credit line for the Visa
  • The interest rate would be 13.90% APR
  • You would use the secured Visa just like a regular credit card
  • Payments would be due on the 20th of each month
  • The credit union would report to the credit bureau each month about your payment history