Credit Builder Program (Secured Credit Card)

Description

A special secured Union Credit Card for members who do not qualify for the standard AFGE MasterCard because of insufficient credit history or past credit problems.

Vendor

Household Bank (Nevada), N.A.

Eligibility

Available to any current, dues-paying AFGE member 18 or older with minimum income of $10,000. Past bankruptcy or delinquent credit history do not necessarily disqualify members.

Credit Line

Credit line is determined by deposits into an FDIC-insured statement savings account in amounts from $250 to $5,000. Savings earn interest on the full deposit account. Credit line is equal to 100% of savings deposit. Members may increase their credit line at any time by simply adding to their savings account.

Special Notes

1. Members should include with their application their savings account deposit in the form of a check, money order, or cashier's check in any amount from $250 to $5,000 payable to the Union Plus MasterCard.
2. Savings accounts earn interest on the full deposit amount.
3. Statements are issued semi-annually.
4. Accounts act as collateral for credit card purchases. Payments for monthly bills are not deducted from the account.
5. At any time, members may add to savings accounts, thereby increasing their MasterCard line of credit.
6. No application, processing or hidden fees.
7. 18% annual percentage rate (APR).
8. $20 annual fee.
9. 25-day grace period on all purchases.

Graduation

After 18 months of satisfactory on-time bill payment, the account will be automatically reviewed for potential upgrade to the unsecured AFGE Credit Card.