How do I get a GEMC FCU Secured Student Credit Card? First you open a Credit Union savings account. You determine your credit limit by the amount that you have in your savings account. Credit lines range from $250 to $500 and you need 125% of your credit limit on deposit in your savings account. So, for example, if you want a $250 credit line, you put in $313 in your savings account.

Why do I want a credit card, when a debit card has the same benefits? Both provide convenience and require you to learn how to handle your money, but a credit card helps you build a credit history. This will be important later on, when you want to apply for a car loan, home mortgage, or other credit. A debit card does not build credit history.

How will I handle the payments? Just like any credit card, you will have to make at least the minimum monthly payment. Of course you can write a check or pay your bill online, but if you have a full- or part-time job you may want to consider one of GEMC FCU’s automatic payment options. You may elect to pay the entire balance, a set amount each month, or the minimum amount. Whatever you choose, you'll keep your payments on track and avoid the risk of late payment charges.

What is the interest rate on the card? Our card offers a fixed rate of 11.90% Annual Percentage Rate, or APR. Things to consider when shopping for a card: What is the rate?, Is the rate fixed or adjustable? and, Are there other fees?

So, are there other fees? Some financial institutions charge fee after fee after fee and only succeed in taking money out of your pocket to put it into theirs. That’s not our goal.

How does this card help me establish Credit? Your Credit Union reports your use of the card to the major credit reporting agencies. This includes how much of your available credit limit that you have used, were your payments on time, did your go over your limit. The credit reporting agencies begin tracking your use of credit and you will earn a credit score, like your GPA in school. If you have a higher score, you are considered a better credit risk, and this is a good thing. Your credit score determines the interest rate you pay on loans, credit cards, car insurance and deposits on utilities like phone, cable, water and electricity.

Your credit score will follow you forever and you want it to stay as high as possible! To build a good credit history it is very important that you manage the use of your credit card properly.

Click here to apply online.

For more information about Credit Cards and other financial tools go to the Googolplex link, click on C note, and type in Credit Cards in the search function.