High Credit Limit and Low APR: UNITY Visa Secured Credit Card

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Although not as well known as other banks, OneUnited Bank out of Boston, Massachusetts, provides a number of consumer and business financial products. In 1999, OneUnited Bank became the first African-American owned bank in the country and focuses on providing loans, bank accounts, and credit cards to diverse and urban communities across the country.

The UNITY® Visa Secured Credit Card includes an opportunity to build or rebuild credit if you happen to have less than perfect credit, by reporting your account activity to the three major credit bureaus, TransUnion, Equifax, and Experian. While many features are standard for secured cards, this card does offer a few that you won't find offered by others. (See also: Best Credit Cards for Rebuilding Credit)

How This Card Works

This card requires a deposit from $250 to $10,000. When your account is approved, you receive a credit card in the amount of your deposit. You can then, use your card as you would any credit card. Your payments and account activity are reported to the credit bureaus, which can help you establish or reestablish your credit rating through responsible card use. When you have paid your balance and closed the account, your security deposit is refunded. 

Costs

• $39 Annual Fee
• 17.99% fixed rate APR (Introductory APR of 9.95% for balance transfers for the first six months)
• 3% Balance Transfer Fee ($10 minimum; $150 maximum)
• 2% Foreign Transaction Fee

Pros

High credit limit of $10,000. Your credit limit is determined by the amount of your security deposit, and in this case can be as much as $10,000. The maximum on most secured cards is $5,000 which can be limiting if you need to make purchases with your card that exceed that maximum.

Cons

No interest on deposit. Although you are able to deposit and receive a credit limit as high as $10,000, you won't earn any interest on the deposit while it is being held. Some cards hold your deposit in CDs or savings account so that when the deposit is returned to you, it has earned a little extra money. (See also: 5 Best Secured Credit Cards That Pay Interest on Your Deposit)

Extra fees. There are extra fees for services such as payment assistance by phone and credit limit increases that are often included with secured credit cards.

Foreign transaction fee. If you travel outside of the U.S. frequently, you need a card for foreign purchases that does not incur a foreign transaction fee. (See also: 5 Best Credit Cards with Low or No Foreign Transaction Fees)

Who This Card Is Best For

The UNITY Visa Secured Credit Card is best for those who are building or rebuilding credit and who want to deposit more than most secured cards allow.