Personal » Borrowing » Credit Cards

Secured Credit Card

What are the Benefits?

A secured credit card... 

  • Reports payment history to credit bureaus, enabling you to establish or rebuild your credit.
  • Is a credit card. Use it to make airline reservations, rent a car or as identification for check cashing.
  • Allows your savings collateral to earn interest.

How to Open

To get a Secured Credit Card, open a Dollar Bank savings account and make a deposit of $330 or more. A hold will be placed on your deposit and you’ll get a credit line that’s equal to 90% of your deposit hold amount. The rest of the savings balance will be available for your use, and your entire savings balance will earn interest at market rates. 

To open an account visit any Dollar Bank office, or call 1-800-242-BANK (2265) Monday - Friday 8:00 AM to 8:00 PM. 

A Secured Card is Ideal for Customers Who:

  • Need to establish credit—college students and young adults who have never had a credit card
  • Are trying to repair their credit history
  • Have been turned down for a credit card for any reason
  • Need a credit card for small expenses or to rent a car, but do not want a traditional credit card

Tips to Establish or Rebuild Your Credit History:

  • Use 30% or less of your Dollar Bank Secured Credit Card credit line and pay your balance off in full each month
  • Check your credit report and clear any inaccuracies from your report
  • Pay your bills on time
  • Avoid unnecessary applications for credit

Please read the Dollar Bank Secured Credit Card disclosure information below, or click here to read the full Secured Credit Card disclosure.

Interest Rates and Interest Charges

 

 

Annual Percentage Rate (APR) for Purchases

13.74%
This APR will vary with the market based on the Prime Rate.

APR for Balance Transfers

13.74%
This APR will vary with the market based on the Prime Rate. 

APR for Cash Advances

17.74%
This APR will vary with the market based on the Prime Rate.

How to Avoid Paying Interest on Purchases

Your due date is at least 25 days after the close of each billing cycle. We will not charge you any interest on purchases if you pay your entire balance by the due date each month.

Minimum Finance Charge

If you are charged interest, the charge will be no less than $0.50.

For Credit Card Tips from the Consumer Financial Protection Bureau

To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at: http://www.consumerfinance.gov/learnmore.

Fees

 

 

Annual Fee

$15.00

Transaction Fees

- Balance Transfer

- Cash Advance

- Foreign Transaction

 

Either $5.00 or 3% of the transfer, whichever is greater. Maximum fee is $150.00. 

Either $5.00 of 3% of the cash advance, whichever is greater.

3% of the $US value of each transaction. $0.50 minimum.

Penalty Fees

- Late Payment

- Returned Payment

 

Up to $35.00

Up to $35.00

Need Help?

Need Help?

Contact Us Today:
1-800-242-2265
Dollar Bank representatives are available Monday - Friday from 8:00 AM to 8:00 PM.

E-mail Us »

 

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