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Armed Forces Bank Secured CC

Regular Contributor

Armed Forces Bank Secured CC

Im curious to see if anyone here has a secured cc with Armed Forces Bank? Im looking at them to add a second credit card. It says online that you can add to your initial CL anytime you want by adding funds. Also it has a low apr if you have a checking account. your secured deposit is put into a savings account that draws interest.
01/10/09: - TransUnion: 500 / Equifax: 521, / Experian: 566
Filed BK 02/24/2012
06/06/2014: - Transunion:509 / Equifax:513 ,/ Experian: 551
07/28/2014: - Transunion:487 / Equifax:467 ,/ Experian: 574
08/04/2014: - Transunion:516 / Equifax:555 ,/ Experian: 584


07/25/2014: - Transunion:516 / Equifax:541 ,/ Experian: 574
9 REPLIES
Regular Contributor

Re: Armed Forces Bank Secured CC

Haven't heard of the product. Hopefully someone else can chime in and give you some guidance!

 

I have secured CCs with USAA. 

 

You deposit money into a CD that earns interest (current I think is 0.74%). You can deposit money at any time by making an additional deposit. The APR is 9.9% (which seems super low for us folks with iffy credit). Seems to have the same benefits as the card you're looking for. And USAA is pretty awesome in general. I also bank with them and use the Credit Check Monitoring Premuim which lets you pull all 3 reports daily for $12/month.

 

Good luck in your search for a new card!

2009-10 - C/Os
2011 - Debts paid, no open credit
2012 - Rebuilding started, secured cards opened, SL rehabbed - EQ myFICO 636
2014 - 10k Discover, 3.5k Freedom, AmEx Green, SL, Auto Loan - EQ myFICO 695
Regular Contributor

Re: Armed Forces Bank Secured CC

Thanks apandabear. I have a account with Usaa but it wont allow me to apply for their secured card :/. Says not available at this time. The apr for Armed Forces Secured card is the same 9 % if you have a checking account with them. Other wise it goes up to 20 something % . The deposit goes into a cd as well.

Anyone can apply for a secured card with them. I just wanted to see if anyone has had any expierences, good or bad using them.
01/10/09: - TransUnion: 500 / Equifax: 521, / Experian: 566
Filed BK 02/24/2012
06/06/2014: - Transunion:509 / Equifax:513 ,/ Experian: 551
07/28/2014: - Transunion:487 / Equifax:467 ,/ Experian: 574
08/04/2014: - Transunion:516 / Equifax:555 ,/ Experian: 584


07/25/2014: - Transunion:516 / Equifax:541 ,/ Experian: 574
Regular Contributor

Re: Armed Forces Bank Secured CC

Are you military or related to someone who's a member of USAA? You might just need to upgrade your membership to a full membership (secured cards aren't available to partial members.. And I don't know the requirements to join Armed Forces Bank). I'd give USAA a call. Their CSRs are really nice and helpful. You can usually get a human being on the phone in a minute or less.

 

I'm not trying to steer you one way or another. I do hope you find the answers you're looking for! Just sharing my experience with you! Smiley Happy

 

Plus, USAA car insurance is top-rate. If you qualify for it, no reason to not be a full member and enjoy all the perks.

2009-10 - C/Os
2011 - Debts paid, no open credit
2012 - Rebuilding started, secured cards opened, SL rehabbed - EQ myFICO 636
2014 - 10k Discover, 3.5k Freedom, AmEx Green, SL, Auto Loan - EQ myFICO 695
Regular Contributor

Re: Armed Forces Bank Secured CC

Im a partial member at Usaa. Thats probaly why I cant apply for their secured card. Armed Forces Bank is open to everyone.
01/10/09: - TransUnion: 500 / Equifax: 521, / Experian: 566
Filed BK 02/24/2012
06/06/2014: - Transunion:509 / Equifax:513 ,/ Experian: 551
07/28/2014: - Transunion:487 / Equifax:467 ,/ Experian: 574
08/04/2014: - Transunion:516 / Equifax:555 ,/ Experian: 584


07/25/2014: - Transunion:516 / Equifax:541 ,/ Experian: 574
Regular Contributor

Re: Armed Forces Bank Secured CC

Just updating on this.  I applied for a checking account with them so I can get the lower apr on their secured card.   I am going to apply for their secured card.  Just wanted to list the details on it for anyone that might be interested.  The thing I am most interested in about this secured card is the ability to add future CLI by added more money, the lower APR and the low AF.

 

  • Credit line from $200 up to $5,000
  • No over-the-limit fee
  • $12 annual fee, no application fee
  • Ability to increase credit limit by adding funds to savings account
  • Great low rate of 9.90% APR for Armed Forces Bank customers (20.90% APR for non-customers) *
  • Accepted at any merchant that accepts VISA
  • Card must be secured by a savings account
  • $50 minimum increase increments with $5 fee for each $50 increment increase
  • $2 quarterly fee charged to the Credit Builder Savings if not enrolled in e.Statement
01/10/09: - TransUnion: 500 / Equifax: 521, / Experian: 566
Filed BK 02/24/2012
06/06/2014: - Transunion:509 / Equifax:513 ,/ Experian: 551
07/28/2014: - Transunion:487 / Equifax:467 ,/ Experian: 574
08/04/2014: - Transunion:516 / Equifax:555 ,/ Experian: 584


07/25/2014: - Transunion:516 / Equifax:541 ,/ Experian: 574
Moderator

Re: Armed Forces Bank Secured CC

Dunno, I don't particularly care for that secured card.

 


MaryJane197 wrote:

Just updating on this.  I applied for a checking account with them so I can get the lower apr on their secured card.   I am going to apply for their secured card.  Just wanted to list the details on it for anyone that might be interested.  The thing I am most interested in about this secured card is the ability to add future CLI by added more money, the lower APR and the low AF.

 

  • Credit line from $200 up to $5,000
  • No over-the-limit fee
  • $12 annual fee, no application fee
  • Ability to increase credit limit by adding funds to savings account
  • Great low rate of 9.90% APR for Armed Forces Bank customers (20.90% APR for non-customers) *
  • Accepted at any merchant that accepts VISA
  • Card must be secured by a savings account
  • $50 minimum increase increments with $5 fee for each $50 increment increase
  • $2 quarterly fee charged to the Credit Builder Savings if not enrolled in e.Statement

Ugly.  Cap One > that card really, and if you don't plan to increase your balance over time, either BOFA (rewards) or DCU (no AF, free FICO) smash that card.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Regular Contributor

Re: Armed Forces Bank Secured CC

Thanks for the info Revelate.  Yes I dont like the increase fees either.  Thats why I plan to only add 500 up front and leave it at that.  But BOFA is only accepting applications from people who currently bank with them.  Ive never heard of DCU.  I will have to google that card.  

01/10/09: - TransUnion: 500 / Equifax: 521, / Experian: 566
Filed BK 02/24/2012
06/06/2014: - Transunion:509 / Equifax:513 ,/ Experian: 551
07/28/2014: - Transunion:487 / Equifax:467 ,/ Experian: 574
08/04/2014: - Transunion:516 / Equifax:555 ,/ Experian: 584


07/25/2014: - Transunion:516 / Equifax:541 ,/ Experian: 574
Moderator

Re: Armed Forces Bank Secured CC


MaryJane197 wrote:

Thanks for the info Revelate.  Yes I dont like the increase fees either.  Thats why I plan to only add 500 up front and leave it at that.  But BOFA is only accepting applications from people who currently bank with them.  Ive never heard of DCU.  I will have to google that card.  


Really?  When did that change re: BOFA?  Also by definition, if you get a secured card with BOFA, don't you bank with them since they will keep a deposit of yours on record? Smiley Wink.  You're the only one I've heard report that, and their website is still fully offering the secured card when I clicked through their interface on a machine which never has logged into the BOFA's web interface... I guess I'm somewhat disbelieving as it wouldn't make sense at all from a business decision.

 

Digital Credit Union (sometimes referred Digital Federal Credit Union).  They fixed their atrocious web interface and I sort of like their new one, close to USAA's in functionality at least, and there's no fees to ACH money into the CU share account.  That and I just made a payment from one of their checking accounts and it credited instantly in their interface.  It's a no-frills card that isn't much beyond the tradeline, 0 AF, and FICO score, but it's better than that Armed Forces one which unless you really want something from that CU in the future, I suspect is well down the pantheon of secured products.

 

I wonder if we could get a secured card ranking stickied here or in the rebuilding forum.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Regular Contributor

Re: Armed Forces Bank Secured CC

Revelate your right it wasnt BOA I was thinking of. There was one that required you to already have a checking account with them. I dont remember who it us now. It would be great if we had a up to date list on secured CC's. I havent applied for anymore secured cc's since i got my Capital One. Im just looking to add two more so im checking all my options. The main thing im looking for is that I will be able to add to the CL later on if i want. I havent yet but im going to check out DCH. I cant switch banks to a CU yet because I have some telechex stuff i have to get cleared up first. Stuff i filed BK on that is still on telechex.
01/10/09: - TransUnion: 500 / Equifax: 521, / Experian: 566
Filed BK 02/24/2012
06/06/2014: - Transunion:509 / Equifax:513 ,/ Experian: 551
07/28/2014: - Transunion:487 / Equifax:467 ,/ Experian: 574
08/04/2014: - Transunion:516 / Equifax:555 ,/ Experian: 584


07/25/2014: - Transunion:516 / Equifax:541 ,/ Experian: 574