Secured Student Card Card
How do I get a GEMC Federal Credit Union (GEMC FCU) Secured Student Credit Card?
If you are at least 18 years old, are enrolled in college or a trade school of any kind and have a GEMC FCU Savings Account, you qualify for our Secured Student Credit Card. Credit lines can range from $250 to $5,000 and are determined by the amount you have in your Savings Account. The maximum credit limit you can have is 80% of what is in your savings account. So for example: Let’s say you have $1000 in your savings account. Therefore, you would be eligible for up to a $800 line of credit. If you want a larger line of credit, just deposit more in your savings account.
Why do I want a Credit Card when a Debit Card has the same benefits?
While Credit Cards and Debit Cards are similar, perhaps the biggest benefit you get with a Student Secured Credit Card is that it is one of your first chances to build a credit history and establish a good credit score. Down the road, when you are applying for a home mortgage, a car loan or any other type of credit, a strong credit score is essential. Our Credit Card program is a great way to establish strong credit early on. Most importantly, you will have our friendly helpful staff here to advise and guide you as you learn how to bank responsibly. Remember, as a credit union we are different from most other credit card offerings because helping our members grow is our top priority.
How will I handle the payments?
Making your payments is easy with our online Bill Pay. You can choose to make the minimum monthly payment, a set amount each month, or pay off the entire balance. If you prefer to skip the online options, we will also gladly accept a written check. Also, if you have a full- or part-time job, we also offer you the convenience of setting up automatic payment. This will protect you from ever being late on a payment, thus ensuring that your credit card can only help your credit, never hurt it.
What is the interest rate on the Credit Card?
We offer a rate of 11.90% Annual Percentage Rate, or APR*, on our Student Secured Credit Card. When comparing different Credit Card options, we recommend that you always consider the interest rate, whether that rate is variable and if there are any other fees that will need to be accounted for.
How will this Credit Card help me establish credit?
GEMC FCU reports information about how you are managing your card to major credit reporting agencies. These reports let the agencies know if you’ve been making your payments on time, how much of your credit limit you are using, if you have gone over your limit and other pertinent information about your line of credit. By taking these factors into account, the agencies then determine your credit score.
We here at GEMC Credit Union want to work with you so that you always manage your Credit Card wisely and keep that score high. The higher your score, the more likely it is that you will receive financial benefits, like favorable interest rates on car or home loans, lower car insurance rates and even higher Credit Card limits.
Important details of the GEMC FCU Secured Student Credit Card
|Grace Period:||25 days|
|Credit Lines begin at:||$250|
|Account Set Up Fees:||125% of desired credit limit held on deposit with GEMC FCU|
|*APR: Annual Percentage Rate. Qualification is based on an assessment of individual creditworthiness and our underwriting standards. All Credit Union loan programs, rates, forms and conditions are subject to change at any time without notice. Call us at 470-514-3000 for current rates, terms and conditions.|
|For Credit Card Tips from the Consumer Financial Protection Bureau (CFPB): To learn more about factors to consider when applying for or using a credit card, visit the website of the CFPB at www.consumerfinance.gov/learnmore.|