The credit world can be confusing but that doesn't mean you have to settle for a complicated credit card with benefits that are difficult to understand. As a matter of fact there are many credit products on the market right now that are designed to offer simple benefits to people at all levels of credit status.
The consumer financial products industry has undergone many changes over the past few years. Since the global economy has been in great flux for some time now, many people in the United States have found credit cards to be quite a helpful tool. Of course, at the same time, many people have conversely found that it is easier than ever to fall into credit problems. No matter the state of your credit, though, simple financial products like the National Express Secured Visa Credit Card could offer some aid when you need a little extra money. Cards like this can come in real handy when you need cash but can't get to the bank and do not have a credit card. Obviously, there are many reasons why a secured card would be better than using cash or a prepaid card. This secured card, for example, gives you quick and convenient access to money from an FDIC-insured account without you having to jump through all kinds of hoops.
Secured Versus Prepaid
The first thing you will appreciate about this particular credit card is that you are not required to deposit money every time you want to use it. Indeed, it is not a prepaid card; rather, this is a secured credit card. That means that you are only required to make a single initial deposit, something similar to a damage deposit you might pay when you rent an apartment. This is definitely preferable to prepaid, especially for people who may not qualify for traditional credit. You will get the same benefits as traditional credit and you will get to keep more of your hard-earned money. Perhaps, then, the greatest benefit this card offers you is flexibility. Keep in mind, though, that your credit limit will equal the amount of the security deposit (from $200 to $5,000).
While the flexibility you will get from this card is probably the most easy to recognize, you will also enjoy many other benefits. These are generally the same things you will get with traditional credit cards, including:
- A low or competitive fixed interest rate
- Credit bureau reporting
- Worldwide acceptance
In addition to this you should also note that because of the security deposit you won't have to deal with credit checks. That means that you will have access to credit regardless of your credit score. Because of this you will also avoid rate increases, something that can sometimes happen with traditional credit when you miss or are late for a payment.
Due to the nature of this secured card, several other traditional credit card properties will not apply as well. On top of the fixed interest rate that will not increase in the event of a missed payment you will also find that there is no interest-free grace period. This is not necessarily a benefit that you want to have but it is important to examine it to see how credit card products like this fare against traditional credit cards.
Processing And Penalty Fees
Obviously this credit card will carry some fees, as do all credit products. Some of these fees are associated with processing while others are associated with penalties. Again, these are somewhat common across the credit card industry so none of these should surprise you in any way. Processing and transaction fees include:
- Mandatory setup fee of $50 (taken out of initial deposit)
- Annual fee of $50
- Additional card fee of $30
- Cash Advance fee of $5 or 5% whichever is greater.
You should note that there is no fee for balance transfers. Penalty fees, however, include a late payment fee of up to $35 and a returned payment fee of up to $35.
Many people who have trouble qualifying for traditional credit card often have to pay immense fees in order to gain access to any kind of credit, or stick to prepaid debit cards that don't offer much flexibility. If you have had some trouble with credit in the past and are looking for a way to improve your credit standing without the headache of complicated fee structures, this is definitely a card you should consider.
The Online Application
Another similarity between this card and traditional credit cards is the simple online application. If you want to apply for this card (and you rightfully should if you are in the market for a new card, and especially if you are looking to rebuild or repair your credit) all you have to do is check out the website and supply your information. The online application will ask for personal information like your name date of birth, and social security number to verify your identity. You may also have to supply some information regarding your monthly income and expenses.
You should also be sure that you have read and completely understand that terms and conditions of the contract before you complete your application. Obviously, this is very important because once you sign the contract you will have to abide by the rules. Of course, these rules are also for your benefit as they outline the responsibilities of the lender (in this case Applied Bank) as well.
A secured credit card like this one is a fine option for people who may not be able to get traditional credit, regardless of the reason. With just a simple security deposit you can have access to credit all over the world without concern for credit checks or unreasonable processing fees. This National Express Secured Credit Card, in particular, is quite reasonable with a remarkably low interest rate, regular credit bureau reporting, and a competitive annual fee as well.