Secured Visa Card Secured Visa Card is the answer to all your problems. Learn answers to all your secured Visa card questions today. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Secured Visa Card A secured Visa card offers an annual percentage rate (APR) of 5.9% for the first six months only, but after that it is 17.49%. The APR differs for cash advances on your secured Visa card, which is 21.8%, and when it comes to balance transfer, the introductory APR is 5.9% for the first six months, and varies after that, usually averaging about 17.49%. The penalty rate is 23.9%. This applies if a minimum payment is not received for two successive billing cycles on your secured card. Variable Information Rate The APR on your secured Visa card for purchase and cash advance transactions may vary. The purchases APR is determined monthly by adding a margin of 13.24% to the Prime Rate. The APR on cash advances for your secured Visa card is determined monthly by adding 13.55 percentage points to the Prime Rate. The Prime Rate used to determine your APRs for your secured Visa card is the highest prime rate published in The Wall Street Journal on the tenth and the twenty-fifth of the month. The APR for purchases is subject to a minimum rate of 17.49%. Fees on Your Secured Visa Card There is an annual fee of $18 for secured Visa cards, with a minimum finance charge of $1. On purchases made outside the United States, the fee is 2% of the converted transaction amount. Your secured Visa card is most effective when used for in-country purchases. A $10.00 a day charge is levied when an Overdraft Protection advance is made for your secured Visa card. The balance fee is $0 for the first 30 days the account is open and after that, 3% of the amount of each balance transfer but not less than $5 or more than $50. Married Wisconsin residents will find special rules for a secured credit card, including that no provision of any marital property agreement, unilateral statement, or court order applying to marital property will adversely affect a creditor’s interests unless prior to the time credit is granted, the creditor is furnished with a copy of the agreement, statement or court order, or has actual knowledge of the provision. So if you live in Wisconsin, you might want to be careful when deciding to use your secured Visa card. If you feel that the secured Visa card is not for you, consider other options like the secured MasterCard. Keep in Mind Ultimately, a secured Visa credit card will help establish or reestablish your credit. So, any fees associated with the use of secured Visa credit cards should be seen as the small price that you need to pay so that you can eventually get a credit card with a high credit limit. That way you’ll be able to borrow more money than you may have for emergencies or other important purchases… Sat, 26 Jul 2008 15:00:00 EDT