How does the Armed Forces Bank Credit Builder Secured Visa Card work?

It works in the same way as most secure credit cards, where you need to make a security deposit that will contribute to your credit limit.

This means that even if you don’t have a good credit score, you can still apply for this credit card and get yours.

For those who are looking for a better credit score, just do the basics: keep your credit card balance low and pay the bill every month without delay, so over time you can see your credit score improve.

After all, that’s exactly the purpose of the Credit Builder Secured Visa Card: to help you build a good credit history and score easily and simply.

What is the Armed Forces Bank?

If you are not familiar with Armed Forces Bank, it is a financial institution that seeks to help the military through good quality financial services. The institution was founded in 1907 and is part of a group with more than $1.6 billion in assets.

The Armed Forces Bank has units distributed throughout the US, in 50 states and even in other countries around the world. Contrary to what many people think, despite being focused on the military, the Armed Forces Bank credit card can be for anyone.

We’ll explain a little more about their services below, but keep in mind that they’re a secure credit score builder, making them a great choice for people in or out of the military.

Credit Builder Secured Visa Card fees and rewards

To open your Credit Builder Secured Card account, no fee is required. However, once you have signed up for your credit card, you may be charged some fees, such as a transaction fee or cash advance fee.

The cash advance fee can range from 2% to 5% and the fee for overseas transactions ranges from 0.8% to 1% of the US dollar amount.

You may also be charged some penalty fees, as shown below:

• $25 late payment fee;
• $25 returned payment fee;
• $5 card replacement fee;
• $4 copying fee in case of copies of transaction documents;
• Up to $35 processing fees.

It is very important that users know about all these fees before applying for a credit card to avoid any kind of inconvenience or unpleasant surprises in the future.

Can anyone get a Credit Builder Secured Visa Card?

Almost anyone can apply for the Armed Forces Bank Credit Builder Secured Card. To request yours, simply access the institution’s website and provide the following information:

• Drivers license or any type of Government-issued ID;
• E-mail address;
• Date of birth;
• Social security number;
• Current home address.

After that, another necessary requirement is to make the security deposit in your Armed Forces Bank savings account that you just opened. Remember that the security deposit amount will correspond to your credit limit.

Another advantage of this credit card is the possibility of a higher limit when compared to other cards intended for building credit. The limit can range from $300 to $3000, but it all depends on the amount of the security deposit made.

Security deposit to get a Credit Builder Secured Card

Although you need a security deposit to start working, like any secure credit card, the Armed Forces Credit Builder Secured Card’s differentiator is the fact that there is no fixed amount set.

So, you can deposit the minimum amount of $300 up to the maximum amount of $3000, giving you more freedom to set your credit limit. This fee is refundable and you will get it back once you update your credit card.

Also, if you want to increase your limit after you have already made the minimum security deposit, no problem! After all, Credit Builder Secured has an adjustable limit.

Every month you have the right to make deposits greater than $50 to get your limit increased. Of course this will be accepted for people who pay their balance on time.

Can you upgrade to an unsecured card later?

For anyone considering getting that credit card, we have one more piece of news: there is a way to get an unsecured credit card later.

According to the Armed Forces Bank, if you pay your balance on time and perform well, you will be able to reach your goal.

Armed Forces Bank has credit cards with limits of up to $10,000, as well as great options with no fees and good rewards and cashback programs.

Interest rates for the secured credit card

Credit Builder Secured has a fixed interest rate of 25.99%. Like other secure credit cards, the APR rate is quite high, especially if you compare it to regular credit cards.

Therefore, it is very important that if you apply for this credit card, always try to make monthly payments on time to avoid high interest rates and end up in debt.

Despite not having any rewards or rewards program, this credit card remains a great option, after all, its main objective is to allow its user to build and improve their credit score.

Application for the Armed Forces Bank Credit: step by step

The first step is to access the Banco das Forças Armadas website and look for the free area related to the secure credit card. By accessing the page, you will have access to some personal information and you can start with a savings account.

After making your application and having your application approved, it is necessary to make a security deposit in your own savings account at Banco Forças Armadas.

Keep in mind that the deposit made will correspond to your credit card limit, that is, the higher the deposit amount, the higher your limit will be.