SchoolsFirst FCU Share-Secured Mastercard® Credit Card

Our review of the SchoolsFirst FCU Share-Secured Mastercard® Credit Card

Looking for a secured credit card option? Read our review of the SchoolsFirst Share-Secured Mastercard® to see if it’s the right choice for you.

Minimum Deposit Requirements

One drawback of the SchoolsFirst Secured Card is its high minimum deposit requirement. While most secured cards only require a deposit of around $200, SchoolsFirst asks for a minimum deposit of $500 (with a maximum of $5,000). This higher deposit means a larger credit limit, but it may be a challenge for some applicants to meet.

Refundable Despite Earns Dividends

Despite the high deposit requirement, the Share-Secured Card offers a unique benefit: the security deposit accrues interest while the account is open and in good standing. This means cardholders can build credit and earn money at the same time.

A Good APR

The SchoolsFirst Secured Card features a competitive APR on purchases, currently fixed at around 14%. While this rate is lower than the 18% average for secured cards, there are other options on the market with even lower rates. However, the SchoolsFirst card stands out for its lack of an annual fee.

Other Card Features

In addition to a good APR and no annual fee, the SchoolsFirst Secured Card offers mobile wallet integration, free credit score monitoring, and customizable reports through SavvyMoney. Cardholders can also enjoy Mastercard perks and protections, including Enhanced ID Theft Protection.

Should You Apply?

If you’re looking to establish or repair your credit history, the SchoolsFirst FCU Share-Secured Mastercard may be a solid option. However, the $500 minimum deposit requirement may be a barrier for some applicants. Consider your priorities when it comes to security deposit, APR, and annual fees before making a decision.