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Addition Financial Secured Visa Credit Card
REVIEW

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By : Mr Credit Card

Say What? $30,000 Limit on a Secured Credit Card?

Yep, you've read that correctly. The Addition Financial Secured Visa is known for the high credit limit that you can get with this card. You can deposit up to $30,000 in a shared account (via savings account or money market account) and get a credit limit up to that amount. There are very few secured credit cards that allow you to put down such a large amount of security deposit to secure a high limit like this card. Let's find out if there more to this card than just this feature alone.


Card Details

Annual Fee $0
Regular APR Min 4.9%
Foreign Transaction Fee 1%
Credit Limit $500 to $30,000


Fees - The Additional Financial Secured Credit Card has no annual fee. They also do not charge any foreign transaction fee and balance transfer fee (they do allow you to transfer a balance to the card).

Rates - The APR is very low at 4.9%. When you transfer a balance over to this card, 4.9% is also the balance transfer rate.

Credit Limit - The credit limit for this card ranges from $500 to $30,000. The money in your savings account or money markets account can be used as a security deposit.

Chip and PIN - The card come with Chip and PIN technology. You can actually choose between PIN preferred or Signature preferred.


Competition



Card Annual Fee APR Credit Limit Foreign Transaction Fee Chip and Pin
Addition Financial $0 4.9% $500-$30,000 0% Yes
USECU Secured $0 4.99% Up to $100,000 1% Not Sure
CU of New Jersey $0 Min 14.99% Max $25,000 1% No
FirstTech Secured $0 9% to 18% $500 - $25,000 0% Yes
NIH Secured Visa $0 8.99% $250-$25,000 1% No
1st NorCal Secured $0 7.9% Up to $10,000 Not Sure No


Since this card is known for it's high credit limit, I will compare it to other secured credit cards with very high limits.

As you can see from the table above, the Addition Financial Secured Visa has the second highest credit limit among it's peers. The highest is USECU Secured at $100,000. The rest of it's peers have credit limits of $25,000.

Aside from the credit limit, Addition Financial is also competitive in other areas. It charges no foreign transaction fee and also has Chip and PIN on it's card (you do have to set it to PIN priority).

It has a really low APR at 4.9% and you can even transfer a balance over without having to pay a balance transfer fee.


Pros and Cons

Pros

  • High Credit Limit - This card has the second highest credit limit among all secured credit cards. $30,000 limit is only second to USECU's $100,000 limit on their secured credit card.

  • Security Deposit Earns Interest - Because your security deposit can be in a savings account or money market account, it will earn interest unlike many other secured credit cards.

  • Low APR - The 4.9% APR is very low.

  • Balance Transfer with No Balance Transfer Fee - You can transfer a balance from another account at 4.9% and there is no balance transfer fee.

  • No Foreign Transaction Fee - This card charges no foreign transaction fee, which makes it ideal for using it when you travel abroad.

  • Chip and PIN - This card comes with Chip and PIN technology. You can choose to either have it as PIN preferred or Signature Preferred.

Cons

  • No Reward Program - While this is not a deal breaker, there is no reward program and I am only quibbling about this because some secured credit cards do have reward programs.


Our Take

The Addition Financial Secured Visa stands out because it allows you to have a credit limit of up to $30,000. This is the second largest credit limit in a secured credit card that we know of. Only the USECU secured credit card offers a larger credit limit ($100,000).

I have written about this many times but having a large credit limit in a secured credit card allows you to control your credit utilization ratio. This is one of the big advantages of a secured credit card. So having a $30,000 credit limit allows you to control your credit utilization ratio to under 30%. Also, since your credit limit can be secured by your savings or money market account, you can earn interest (unlike many secured credit cards).

Another good feature about this card is that they allow you to transfer balances from another higher rate account. The ongoing interest is 4.9% (which is very low) and there is also no balance transfer fee.

This card also does not charge any foreign transaction fee. In addition all Addition Financial credit cards are issued with Chip and PIN and can be set up to be either PIN preferred or signature preferred. We are not sure if the PIN is both online and offline or only online. Nevertheless, the absence of foreign transaction fee and Chip and PIN makes this a good credit card to use when you travel abroad.

If you are looking for a secured credit card with high credit limit and meet Addition Financial's eligibility requirements, then this is a very good secured credit card to get.


Who Are Addition Financial Credit Union and Who Can Join

Addition Financial was founded in 1937 as Orange County Teachers' Federal Credit Union by 23 educators from Orange County.

Anyone who lives, works, worships, attends school or vocational training, or is an alumni of any college, university, or educational institution located in Orange, Osceola, Seminole, Lake, Alachua, Brevard, Duval, Flagler, Hernando, Highlands, Hillsborough, Indian River, Marion, Martin, Okeechobee, Pasco, Pinellas, Polk, St. Johns, St. Lucie, Sumter, or Volusia County may join.

To join, all you need to do is to open an account with $5 or pay $10 for a one-time fee.