Share-Secured Credit Card
A credit card to help your credit.
If you’re rebuilding your credit or just starting to establish your credit, a City CU share-secured credit card is a great option.
1. What is a share secured credit card?
A share-secured credit card is backed by a deposit, the amount of which becomes your spending limit. You purchase items with the credit card and pay the balance each month. (Secured credit cards report information to the major credit bureaus every month, just like unsecured cards.)
2. How do I get started?
You deposit at least $300 (that’s City CU’s minimum amount) into a share account. We place a hold on the amount you want to use as your credit card limit. Whatever your limit is, we require 125% of that amount in your share account — so if you want a $300 card limit, you'd deposit $375 in the share account.
Complete our online credit card application (that’s a hard hit on your credit). If you’re approved, the card arrives in the mail in 7-10 days. Then you use your secured card the same as an unsecured card: you make purchases and pay the balance each month.
3. Who would benefit from a share-secured credit card?
These cards are a great way to help boost credit scores and credit history. Anyone with damaged credit, no credit or wanting to build their credit would really benefit from a secured card.
4. What are some advantages of a share secured card?
Boosting your credit is a big advantage. The card also helps to establish your financial history with City CU. Plus, you earn dividends on funds over $100 in your savings account. So, the card helps to improve your credit, and your held funds help to grow your savings.
5. When will the funds I’m using as collateral be available for me to use again?
With time and good payment history, your credit and your financial history with City CU will build. You then can reapply for an unsecured card and we will release the held share funds.