L
% SDFCU Savings Secured Visa Platinum Card Review Skip to content
visibility
925 views
thumb_up
2 likes
J
Explore
Manage Money
You've got it. Learn what to do with it.
thumb_up
1 likes
E
Explore
Save Money
You have it. Make sure you have some later too.
thumb_up
27 likes
C
Explore
Spend Money
You're spending it. Get the most for it. ExploreBorrow Money
You're borrowing it.
thumb_up
35 likes
E
Do it wisely. Explore
Protect Money
You don't want to lose it. Learn how to keep it safe.
thumb_up
10 likes
M
Explore
Invest Money
You're saving it. Now put it to work for your future. ExploreCategories
About us
Find us
Close menuWhat do you want to do br with money
Popular Searches
Learn more about your money
Make Money
You need it.
thumb_up
27 likes
E
Learn how to make it. Explore
Manage Money
You've got it. Learn what to do with it.
thumb_up
30 likes
C
Explore
Save Money
You have it. Make sure you have some later too.
thumb_up
43 likes
L
Explore
Spend Money
You're spending it. Get the most for it. ExploreBorrow Money
You're borrowing it.
thumb_up
43 likes
E
Do it wisely. Explore
Protect Money
You don't want to lose it.
thumb_up
1 likes
A
Learn how to keep it safe. Explore
Invest Money
You're saving it.
thumb_up
15 likes
V
Now put it to work for your future. Explore
Categories
About us
Find us
Close menu Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages.
thumb_up
8 likes
C
MoneyCrashers.com does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others.
thumb_up
39 likes
N
Credit Cards
SDFCU Savings Secured Visa Platinum Card Review
By Brian Martucci Date September 14, 2021FEATURED PROMOTION
Our rating
4 6 5
Apply NowSDFCU Savings Secured Visa Platinum Card
Sign-up Bonus: None Rewards: Unlimited 1 Flexpoint per $1 spent on all purchases Intro APR: None Regular APR: 13.49% Fees: No foreign transaction fee or balance transfer fee; $3 cash advance fee (ATM only) Annual Fee: $0 Credit Needed: Below average The SDFCU Savings Secured Visa Platinum Card from the State Department Federal Credit Union is a secured credit card with virtually no fees, a low APR, and a modest rewards program that rewards everyday spending. The SDFCU Savings Secured Visa Platinum Card is a great product for consumers seeking to build or rebuild their credit without paying high fees or interest charges. However, it’s only open to members of State Department Federal Credit Union, a Virginia-based credit union founded for State Department employees and their families.
thumb_up
46 likes
I
Fortunately, SDFCU eligibility has expanded significantly in recent years, to the point that pretty much anyone employed by or associated with an affiliated organization can join. Some affiliates are open to the general public.
thumb_up
43 likes
B
If you’re not employed by the State Department or related to someone who is, the easiest and cheapest way to become an SDFCU member is to join the American Consumer Council for a one-time fee of $15. For additional options, check out the full affiliate list at SDFCU’s membership page. Besides the State Department itself, notable affiliates include:
American Citizens AbroadVoice of AmericaThe various Radio Free organizations, including Radio Free Europe and Radio Free AsiaU.S.
thumb_up
34 likes
H
Agency for International DevelopmentNational Association of Federal Credit Unions Once you’ve become an SDFCU member, you can apply for this credit card. Notably, you don’t need to submit to a credit check during the application process, making this card appropriate for applicants with significantly impaired credit. Here’s what you need to get the most out of it – and, hopefully, improve your credit with an eye to qualifying for a better card with juicier rewards and higher spending limits.
thumb_up
30 likes
S
Key Features
Initial Deposit Requirement and Refund
The SDFCU Savings Secured Visa Platinum Card requires a minimum initial deposit of $250. This deposit secures your account and serves as collateral in the event that you become delinquent. It’s held in an interest-bearing savings account with a variable yield – currently 0.10% APY.
thumb_up
46 likes
S
You can’t withdraw these funds unless and until your account is closed, even if you don’t carry a monthly balance. Every 12 billing cycles, or more frequently upon request, SDFCU reviews your account and recent credit activity to determine whether you qualify for an upgrade to a non-secured card such as the SDFCU Visa Platinum Credit Card. If you’re approved for an upgrade, your account is closed and you’re able to access or withdraw your security deposit.
thumb_up
31 likes
C
Credit Limits and Limit Increases
Your credit limit is equal to your security deposit. You can increase your limit (up to $100,000) by depositing additional funds into your secured savings account.
thumb_up
25 likes
A
Earning Flexpoints
This card earns 1 Flexpoint per $1 spent on all purchases. There’s no limit or cap on how many you can earn.
thumb_up
49 likes
T
As SDFCU’s all-purpose loyalty currency, Flexpoints can also be earned on debit card purchases (1 point per $2 spent) and bill pay transactions from deposit accounts (5 Flexpoints per transaction).
Redeeming Flexpoints
You can redeem your accumulated Flexpoints for travel, events and experiences, general merchandise, and merchant gift cards.
thumb_up
15 likes
E
Redemption values vary by redemption method, but generally range between $0.005 and $0.008 per point. Partial redemptions are not allowed in most instances – if you don’t have enough points to redeem for the entire point value of the reward (for instance, 12,000 points for a $100 gift card), you can’t redeem at that time. However, you can make partial redemptions on some travel items, as long as you have at least half your intended reward’s value in Flexpoints.
thumb_up
50 likes
B
Credit Bureau Reporting
Every billing cycle, SDFCU reports your payment or nonpayment patterns and credit utilization activity to all three major credit reporting bureaus: TransUnion, Experian, and Equifax. If you pay your bills on time and use your card responsibly, your credit score is likely to rise over time.
thumb_up
46 likes
J
Regular APR
This card does not have an introductory APR promotion. From the day you open your account, your APR for purchases, balance transfers, and cash advances is 13.49%. This rate can vary with prevailing interest rates.
thumb_up
49 likes
E
There is no penalty APR.
Important Fees
This card has no annual fee, foreign transaction fee, balance transfer fee, or cash advance fee (except a $3 ATM cash advance fee).
thumb_up
32 likes
K
Late and returned payments both cost up to $25. There are no other fees associated with this card.
Credit Required
This card is meant for people with poor to below-average credit. If you have a recent bankruptcy on your credit report, your application may be denied.
thumb_up
6 likes
A
However, other serious credit issues aren’t necessarily disqualifying.
Advantages
Virtually No Card Fees. SDFCU Savings Secured Visa Platinum has very few card fees.
thumb_up
7 likes
S
There’s no annual fee, foreign transaction fee, balance transfer fee, over-the-counter cash advance fee, or over-limit fee. The few fees that do pop up can be safely avoided with discipline and advance planning.
thumb_up
30 likes
I
By contrast, many top secured credit cards (including the BankAmericard Secured Card) do carry annual fees in the $25 to $40 range.No Credit Check Required. SDFCU doesn’t require applicants to submit to a credit check.
thumb_up
11 likes
I
That’s great news for applicants in the early stages of recovery from a major financial setback, such as bankruptcy.Every Dollar Spent Earns Flexpoints. Every dollar spent with this card earns 1 Flexpoint. That equates to a return on spending of approximately 0.5% to 0.8%, depending on how the points are redeemed.
thumb_up
32 likes
S
While that’s not a fabulous return overall, it’s better than most secured cards, which tend not to have rewards at all.Great for International Travelers. With no foreign transaction fee, this card is great for international travelers, which the State Department is full of.
thumb_up
18 likes
E
Most competing secured cards have foreign transaction fees of 3%.Responsible Use Can Improve Credit Score Over Time. SDFCU provides monthly updates to the three major credit reporting bureaus. If you use this card responsibly and make timely payments, your credit score is likely to increase over time (assuming no other issues unrelated to your SDFCU card use).Deposit Earns Interest.
thumb_up
25 likes
E
Your security deposit is held in an insured savings account with a small but significant yield of 0.10% (variable). Therefore, as this card has no annual fee, you can actually make money on your deposit if you don’t carry a balance from month to month.Automated Upgrade to Non-secured Card.
thumb_up
21 likes
B
If you use your card responsibly, you’ll have the opportunity to upgrade to a non-secured card in a few as 12 months. This upgrade can occur automatically, so you don’t have to worry about bugging SDFCU or checking in on the status of your request.
Disadvantages
Flexpoints Have Low Redemption Values.
thumb_up
40 likes
D
As loyalty currencies go, Flexpoints are just so-so. Their redemption values range from $0.005 to $0.008 apiece, far lower than the $0.01 cash back standard.
thumb_up
38 likes
N
Super-generous secured credit cards are few and far between, but Navy Federal Credit Union nRewards Secured Credit Card does have a slightly better deal – a roughly 1% rewards rate.No Sign-up Bonus. This card has no sign-up bonus, which can be disappointing for new cardholders looking to juice their rewards earnings right away.Requires a $250 Deposit. When you open your account, you need to deposit at least $250 into your collateral account.
thumb_up
16 likes
S
That could be a big ask for cash-strapped applicants. Some competing cards, including Capital One Secured Mastercard, require as little as $49 upfront.
thumb_up
11 likes
A
Final Word
Secured credit cards tend to be light on cardholder-friendly benefits. After all, they don’t really have to be generous: most people use them as temporary stepping stones while building (or rebuilding) credit.
thumb_up
11 likes
S
Once they’ve served their purpose, they can be safely discarded in favor of cash back credit cards or travel credit cards that offer rewards and perks worth writing home about. The SDFCU Savings Secured Visa Platinum Card is decidedly different – in a decidedly good way. With extremely low interest rates, very low fees, and a decent rewards program, it’s one of the most consumer-friendly secured cards around.
thumb_up
32 likes
N
If you’re seeking to improve your credit and you’ve yet to settle on a secured card to help you do it, look into becoming an SDFCU member and applying for this card. It could be one of the best financial decisions you make this year.
The Verdict
Our rating
4 6 5
Apply NowSDFCU Savings Secured Visa Platinum Card
The SDFCU Savings Secured Visa Platinum Card is an excellent secured credit card with few notable drawbacks and a host of useful benefits for cardholders seeking to build or rebuild their credit.
thumb_up
46 likes
I
With a decent rewards program, very loose underwriting standards, and almost nonexistent fees, it’s useful for frugal consumers who want to preserve the option to carry a balance and those looking for a card that pays them back for every dollar spent. SDFCU Savings Secured Visa Platinum’s key benefits include its almost complete lack of fees (including no annual fee), the fact that it has a rewards program, loose underwriting standards, the benefits for international travelers (notably, no foreign transaction fees), the regular credit bureau reporting, the low but significant yield on security deposit funds, and the automated upgrade to a non-secured card if your credit allows. This card’s drawbacks are relatively minor in comparison.
thumb_up
30 likes
S
They include low redemption values for Flexpoints, no sign-up bonus, and the $250 initial deposit requirement. Overall, SDFCU Savings Secured Visa Platinum is a category-leading secured credit card that offers a smooth, clear path to better credit.
Explore More Reviews
Navy Federal Credit Union Visa Signature Flagship Rewards Credit Card
Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities.
thumb_up
20 likes
S
Opinions expressed here are the author's alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities. Credit Cards Borrow Money Reviews TwitterFacebookPinterestLinkedInEmail
Brian Martucci
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he's not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine.
thumb_up
29 likes
A
Reach him on Twitter @Brian_Martucci.
FEATURED PROMOTION
Discover MoreRelated Articles
Borrow Money Reviews Credit Cards Credit Cards Navy Federal Credit Union Visa Signature Flagship Rewards Credit Card Review Credit Cards Navy Federal Credit Union Platinum Card Review Credit Cards Capital One Platinum Credit Card Review - Build Your Credit Credit Cards Navy Federal Credit Union GO REWARDS Credit Card Review Credit Cards Navy Federal Credit Union cashRewards Credit Card Review Related topicsWe answer your toughest questions
See more questions Credit CardsWhat are the best secured credit cards for rebuilding credit
See the full answer »
thumb_up
16 likes
Similar Discussions
-
Difference he makes when starting is clear Has to be one of the first names on the plane to Qatar France fans on Twitter in awe of performance from unbelievable player during 2 0 win over Austria
-
Roman Reigns wins again with the help of a new member of The Bloodline 4 time world champion hailed as the G O A T Biggest Flops and Hits from WWE Clash at the Castle 2022
-
Why Did Daemon Laugh at Laena s Funeral?
-
Hornets Terry Rozier Impresses with 11 assists CBSSports com
-
El consumo de televisi n tradicional desciende se ala un informe
-
How to install EuroBasket mode in NBA 2K22 Dexerto
-
Ratchet Clank Rift Apart is Familiar Impressive Fun
-
The 7 Best Cheap SSDs of 2022
-
Compare 2022 Acura RDX vs Lexus NX Hybrid CarBuzz
-
2022 Lexus IS Interior Dimensions Seating Cargo Space amp Trunk Size Photos CarBuzz
-
2020 Cadillac CT5 V First Drive Vivacious And Vexing CarBuzz
-
Panorama general Centro Pediátrico de Mayo Clinic Centro Pediátrico de Mayo Clinic
-
Chatri Sityodtong believes Anissa Meksen will be a tough challenge for Stamp Fairtex
-
They re going to reign like Messi and Cristiano did Former Premier League cult hero backs Erling Haaland and Kylian Mbappe to emulate the two icons
-
Denny Hamlin says NASCAR is not a good place with all its safety issues
-
How to repair items in Minecraft 3 Methods
-
Cuban Olympians Anier Garcia and Yoandri Betanzos appointed coaches in IIS Track and Field program
-
Sporting vs Rio Ave prediction preview team news and more Primeira Liga 2022 23
-
When is PUBG Mobile 2 2 update expected to be released Features and more
-
40 Christian McCaffrey fantasy football team
-
Disney Dreamlight Valley how to increase your inventory space The Loadout
-
Razer Kishi V2 review Making the best even better Tom s Guide
-
What is CRM software TechRadar
-
Are Any of the FBoy Island Season 2 Couples Still Together EXCLUSIVE
-
Why Is Lil Wayne Banned From the U K ? Details Inside
-
Bridgerton Season 2 The Cast s Ages vs Their Characters Ages
-
This is the age you will meet The One supposedly YOU Magazine
-
Here s What Rae Earl Has To Say About Anxiety In Her New Book
-
Organlarımızın fiyatları
-
Iş makinaları iş ilanları