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UNITY Visa Secured Credit Card Review – Apply for The Comeback Card

UNITY Visa Secured Credit Card is designed to help cardholders rebuild their credit score. The slogan for this brand is “The Comeback Card”. Like all good cards for consumers who need to repair their history, it reports to all 3 major credit bureaus: Equifax, TransUnion, and Experian.

The advantages of UNITY Visa Secured is you can qualify with a limited history of finanacial transactions or a bad rating. The 9.95% on balance transfers for the first 6 months is a bonus many cardholders use. The low fixed interest rate of 17.99% is also an advantage–you avoid the trap of the variable APR.

The Comeback Card has some drawbacks, though. First, it offers no rewards whatsoever. Two, it comes with an annual fee. The fee is $39. I’ve seen this listed at $13 on some websites, but the official site gives $39. If it were $13, that would be about as minimal in the way of transaction fees are you’d be likely to find. Expect that the official site is correct.

UNITY VISA Secured Fees and Limits

  • Annual Fee: $39
  • Intro APR on Balance Transfers: 9.95% (for 6 months)
  • Fixed Interest Rate: 17.99%
  • Reports: To all three credit reporting agencies.
  • Security Deposit: Between $250 minimum and $10,000 max
  • Application Fee: None
  • Penalty Rate: None
  • Secured Credit: Fully-Refundable FDIC Insured Deposit.
  • Notable Feature: Online Account Management

Below is the full review of this offer. After reading this guide, you’ll probably agree that this is a competitive, if not A-list, offer for those dealing with a bad score. If you’ve messed up in the recent past, this promotion offers a chance to come back quicker than most offers.

High Maximum Credit Limit

OneUnited Financial Literacy Program - Rebuild Credit Program

Unity VISA Secured offers a Rebuild Credit Program for Cardholders.

For people who want to increase their FICO score quickly and (suddenly) have the money to pull it offer, Unity Visa Secured offers one of the quickest bounceback options in the financing business. The maximum credit you’ll receive is $10,000, though you’ll need to make a $10,000 security deposit to make that happen. Shoppers can add to the security deposit over the life of the deal.

The minimum security deposit is an affordable $250. Obviously, this is the standard entry level for many shoppers. On the good side, if you can come up with two-hundred and fifty bucks, you’ll be accepted in the program.

Security Deposit Min and Max

The way this works is a 1-to-1 matching rate, which is sometimes referred to as a 100% match rate. The limit mirrors the size of the deposit $1-for-$1. If you add $250, your limit is going to be $250. If you add $10000, then your limit is going to be $10,000. Anything in between works the same way.

Manage Your Account Online

Like any modern company, UNITY allows shoppers to manage their account online in real time with their desktop computer or their mobile devices. The UNITY website is easy-to-navigate and secure. Your account provides up-to-the-minute reports when your account has been charged. You can set this to send a text to your smartphone, whether handle your banking with an Android phone or iPhone.

The site, which is maintained by One United, also offers articles to help guide you through the financial recovery process. Current article examples are “Here Come the Holidays! Strategies to Help You Not Overspend”, “How to Avoid Bounced Checks and Overdraft Fees”, and “Public Records, Your FICO Score, and Cards for Bad Credit.” While these are no more informative than what you would find on this blog, some people prefer to get their information from banks and financial institutions.

Ebook Download and Video

Those who want more detailed information can read the UNITY Visa ebook, which is a short FAQ you can access in PDF form. All you need is a late-version Adobe Reader program to read the frequent questions and answers.

  • What is a secured credit card?
  • What are the interest rate and fees?
  • What is the minimum or maximum credit limit?
  • Will I qualify?
  • Can I use a secured card anywhere?
  • How much money do I need to provide as a security deposit?
  • How can I manage my account?
  • How are secured cards different from prepaid debit cards?
  • Who is offering this card?

Again, these are fairly standard, but they focus on this card in particular, so any additional questions you have should be answered in the frequently-asked-questions section.

FAQ Video on Unity Visa Secured

Those who preferred to get their information from an online tutorial can view a video guide to the card on YouTube. I originally embedded the video on this page, but decided it made the page look to busy. Click on the link to see a glimpse of One United’s attempt to educate the public on personal finance and personal responsibility. I like those who try to educate on financial literacy and try to help them  get their word out.

Click on this link to read about One United’s “How to Rebuild Credit Program“, which the lending institution touts on its website.

Balance Transfer, Cash Advance, and Foreign Fees

Cash advance fees and balance transfer fees amount to either $10 or 3% of the transfer, whichever is greater. The maximum charge on either transaction is $150. Foreign fees are 2% of the amount transferred.

Late Payment and Over-the-Limit Fees

If you make a late payment, you’ll be charged up to $10. You can be charged up to $25 for a returned payment. You cannot going over you limit, so no credit limit fee applies.

Before I get to the final review of this brand, let me give some information about OneUnited and a program the financial institution offers for American youths each year.

Loss of Introductory APR

While this goes without saying, do not be more than 60 days late in paying your bill when you’re first accepted. If you do so, then OneUnited can end your introductory APR sooner. You’ll have to pay the standard APR instead.

OneUnited Bank Profile

Jim Slocum - Chief Information Officer of OneUnited Bank

Jim Slocum, the Chief Information Officer of OneUnited Bank, Spoke at a Symposium during the 2014 Rollout of the Comeback Card.

OneUnited Bank is a Boston-based and Massachusetts-chartered and African-American-owned managed trust. The Federal Deposit Insurance Corporation (FDIC) has accredited it as a bank.

OneUnited has been in business since 1968. It has a community development mission. A major part of that effort is to innovative, affordable financial products. The trust services affordable housing, churches, not-for-profits, and local small business in Boston, Los Angeles, and Miami.

In 2013, the bank announced it had over $616 million in amassed assets. Of the many community development banks created in the Good Deal Era of legislation, One United is one of the major success stories.

It has helped underprivileged urban youth better their education and financial literacy for nearly five decades.

“I Got Bank” Essay Contest

OneUnited wants to teach kids smart money management, so they offer a yearly essay contest for children ages 8 through 12. In the 5th-Annual program to promote financial literacy, youth had to read “I Got Bank” or a similar financial literacy book, then write a 250-word essay on what you learned. They had to email or postmark their submission by June 15. Winners were announced by September 2.

The winners receive a $1,000 One United savings account. Three winners are chosen. Last year’s winners were 11-year old Quentin Thomas of Middle Years Alternative School of Philadelphia, Pennsylvania; 12-year old Jacqueline Monique Hernandez of South Gate Middle School of South Gate, California; and 8-year old Jahneece Cheatham of Rosa Parks Elementary in Long Beach, California.

The current contest and stipulations have not been accounced, but expect a 6th-Annual OneUnited Essay Writing Contest for 2016, too. Whether you’re a kid or the parent of a kid aged 8 through 12, go to OneUnited.com/book to read more about the upcoming contest. You can also read last year’s winning submissions while there.

Comeback Card Review – UNITY Visa Secured Credit

This is a solid offer, if you don’t mind a yearly fee and you don’t mind a card without rewards. Many people filling out an application are going to have other concerns on their mind. While you wouldn’t apply for this program if you weren’t rebuilding and repairing your borrowing history, it’s not bad for what it does. Especially for people wanting to fast track their credit limit, this is a good offer.

Compared the 17.99% fixed APR and it stacks up well to the competition. Wells Fargo offers a 18.99% variable APR on a similar card. The APR is 18.99% for US Bank, 20.24% for Bank of American, and 22.90% for Capital One. All the major competitive brands offer only the variable ARP. The Comeback Card from UNITY Visa Secured is the best of its type.

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