How to build your credit with our secured card

in Financial Wellness

Looking for ways to help build your credit and make your score the best it can be? There are many services here at SouthPoint that can help get you started with that. Just by opening an account, to taking out a loan, and the best one yet is applying for a secured credit card! Our secured credit card has the best rate yet and is perfect for a new card owner to help build up their credit and become financially stable in the long run!

What is a Secured Credit Card?

A credit card that needs a minimum secured deposit of $500 into a savings account. For example when you put that $500 into your savings account you have a $500 limit to borrow against your own savings. Note that the $500 in your savings is held there until the credit card is closed or until your credit is strong enough to have the card function without the savings account as support.

Where can I get a Secured Card?

SouthPoint of course! You can apply over the phone at 877-794-6712, stop in and see a Member Advisor at any one of the branches, or you can apply online.

What kind of charges will there be?

With the secured credit card there is no annual fee for having the card. Cash advances and balance transfers are also free with your Visa secured credit card. There is a $25 late payment charge, but you can avoid that by making your payment on time.

How much money do I have to deposit?

The minimum amount is $500 and it goes up to as much as you would like to deposit. Your credit limit is determined by the amount of funds that you choose to put into the account.

How can I use the Secured Credit Card to help build my credit?

Buy a few things and pay off the card every month. It is important to only use part of the balance and not max it out every month. If you have enough discipline to use a secured card responsibly, you have enough to use an unsecured card and set up a better savings program on your own.

If you are not in the market for a secured card, you can check out all of SouthPoint’s credit cards online and find the one that best fits your needs.

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