The Secured Visa Credit Card is not one of our top-rated balance transfer credit cards. You can review our list of the best balance transfer credit cards for what we think are better options.
Full Review of Secured Visa Credit Card
Decent balance transfer offer
Low ongoing APR
Easy-to-earn bonus offer
No interest-free period for purchases
- Decent Balance Transfer Offer: This card's 15-month introductory offer is competitive. While it isn’t the longest interest-free period on the market, balance transfers can be made at any time during the 15-month introductory period, which is an uncommon feature among balance transfer cards.
- Low Ongoing APR: The ongoing APR on this card is low compared to other balance transfer cards. Once the 0% introductory period expires, you'll be charged up to 20.24%, depending on creditworthiness. If your credit is solid enough to qualify for the low end of that range, you'll have one of the lowest APRs on purchases available.
- Easy-to-Earn Bonus Offer: Cardholders earn a $25 statement credit after making a single purchase within the first three billing cycles after opening their account. That's a reasonably easy requirement to meet to earn the bonus.
- No Interest-Free Period for Purchases: Even though the Secured Visa Credit Card has a low ongoing APR for balance transfers, its lack of an interest-free period for purchases puts this card at a disadvantage. Several balance transfer cards on the market offer a 0% introductory period for purchases in addition to balance transfers.
- Limited Availability: You don’t have to be a First National Bank of Omaha customer to apply for this card, but it's only available in select states—Nebraska, Colorado, Illinois, Iowa, Kansas, Missouri, South Dakota, Texas, Wisconsin, and Wyoming.
This Card is Best For
Resists or refuses an annual fee on principle or due to cost
Tends to pay less than balance in full and so accumulates debt on card
The Secured Visa Credit Card card is most appealing for those who are interested in transferring a balance—perhaps to consolidate high-interest credit card debt—and who live in one of the states where it's available. The 15-month interest-free introductory period is a sufficient amount of time to make a balance transfer and pay it off.
If you're unable to pay your full transfer amount before the introductory period is over, this card’s ongoing APR for purchases is relatively low. As long as your credit is solid enough to qualify for the lowest available APR, you'll pay less interest on your balance than you would with several other balance transfer cards. That's beneficial if you typically carry a balance from month-to-month.
This card is also suited to those who aren't concerned with earning cash back or points, since it doesn’t offer rewards.
Secured Visa Credit Card One-Time Offer
The Secured Visa Credit Card does not offer a welcome bonus at this time.
Several cards on the market have more lucrative bonus offers, albeit with higher spending requirements. For example, the Bank of America Cash Rewards credit card comes with a 15-month, 0% introductory period for balance transfers and offers a $200 bonus after making at least $1,000 in purchases within the first 90 days of opening an account.
- Fraud protection
- Free FICO score
- Zero liability for fraudulent charges
- Chip-enabled technology
First National Bank of Omaha ranked among the best banks in the Midwest in J.D. Power's 2019 U.S. Retail Banking Satisfaction Study. It received top scores in categories like overall satisfaction and convenience.
Cardholders can get in touch with the customer service department by calling 888-530-3626, visiting a local branch, or sending a secure email through their account. Customers can also Tweet questions and comments to @FNBO on Twitter.
This card has several built-in security features standard in the industry. Cardholders get 24/7 fraud protection, fraud alerts, chip-enhanced technology, and zero-fraud liability. It also provides a free FICO score each month.
Fees to Watch out For
This card has a balance transfer fee of $10 or 3% of each transfer, whichever is greater, during the 15-month introductory period. After that, the balance transfer fee moves up to $10 or 5% of the amount of each transfer. Balance transfer fees are typical, but this card’s fee is higher than others. All other fees on this card are in line with industry standards.
For those who need to consolidate debt and often carry a balance, the Secured Visa Credit Card offers a competitive APR and no annual fee.
But its limited availability puts it at a disadvantage to competing cards, and there are balance transfer card options on the market with longer introductory periods.
If you won't qualify for this card because of where you live, you may want to consider a card with broader availability. The Citi Simplicity card, for example, has a longer, 18-month 0% introductory period and is available to applicants throughout the United States.
You may also consider a balance transfer card that allows you to earn rewards. The Citi Double Cash card, for example, offers an 18-month 0% APR introductory period and a compelling cash back offer—1% cash back when you make the purchase and another 1% cash back when you pay it off.