topic Academy Bank "Credit Builder" secured card in Credit Cards

Academy Bank "Credit Builder" secured card

Anonymous — Mon, 09 Mar 2015 02:50:47 GMT

Has anyone had experience with this card?

https://www.academybankco.com/personal/creditcards/creditbuilder.cfm

Re: Academy Bank "Credit Builder" secured card

Anonymous — Mon, 09 Mar 2015 03:16:11 GMT

Hadn't heard of it. Looks like a rather run-of-the-mill secured card (APR is somewhat high and it has an annual fee, but those two things are almost expected for a secured offering) but it apparently can graduate which gives it an edge. There aren't any branches of this bank anywhere within a 500+ mile radius of me though, heh.

This made me kinda laugh, though:

Periodically, our credit department will review your credit activity and you may qualify for an unsecured credit card at that time. Or, you can choose to keep your secured card and continue to improve your credit score.

It's just funny to me that someone would reject an unsecured card. I suppose those over-cautious of AAoA may but seriously now.

Re: Academy Bank "Credit Builder" secured card

Anonymous — Mon, 09 Mar 2015 03:23:50 GMT

Yes please keep my card secured lol

Re: Academy Bank "Credit Builder" secured card

core — Mon, 09 Mar 2015 03:30:00 GMT

@Anonymous wrote:
It's just funny to me that someone would reject an unsecured card. I suppose those over-cautious of AAoA may but seriously now.

One reason would be to hide assets. When you've got cash sitting in a regular bank or investment account it's a lot easier for someone to seize it.

Re: Academy Bank "Credit Builder" secured card

sjt — Mon, 09 Mar 2015 05:20:11 GMT

@Anonymous wrote:
Has anyone had experience with this card?

https://www.academybankco.com/personal/creditcards/creditbuilder.cfm

It's part of Armed Forces Bank. The card is not competitive and you can not use it to rent cars.

Re: Academy Bank "Credit Builder" secured card

sjt — Fri, 13 Mar 2015 02:12:51 GMT

@Anonymous wrote:
Has anyone had experience with this card?

https://www.academybankco.com/personal/creditcards/creditbuilder.cfm

The bank is owned by the same holding company as Armed Forces Bank. You can not use the secured visa to rent cars. There are better secured cards out there.

Re: Academy Bank "Credit Builder" secured card

Anonymous — Fri, 13 Mar 2015 02:49:05 GMT

@Anonymous wrote:
Has anyone had experience with this card?

https://www.academybankco.com/personal/creditcards/creditbuilder.cfm

Never heard of this card before. If you are in the market for a credit building card, I suggest going to Cap1 secured or try your credit union. Also, if you are a student, there are many students card out there that somewhat ok for rebuilding.

Re: Academy Bank "Credit Builder" secured card

Open123 — Fri, 13 Mar 2015 10:52:16 GMT

core wrote:

michikade wrote:
It's just funny to me that someone would reject an unsecured card. I suppose those over-cautious of AAoA may but seriously now.

One reason would be to hide assets. When you've got cash sitting in a regular bank or investment account it's a lot easier for someone to seize it.

Right, there are many reasons for having a secured CC, such as years ago when the Citi's secured account CD earned 4%, a full 2% higher than anyone else at the time.