Review of American Pacific Bank Secured Visa



The American Pacific Bank Secured Visa was last reviewed on: 8th March 2005

Summary - The American Pacific Bank Secured Visa is designed for those looking to build or rebuild their credit. For those who have income (you need a minimum of $10,000), you can deposit in $100 increments between $300 to $15,000 (collateral for the credit card to extend credit to you). You are given credit on 100% of your deposit. For those with no income, you can be given a credit line between $500 to $1,000. You need to deposit 120% of your credit line that you wish to get. Your deposit also earns interest.

The annual fee is very reasonable at $35.00 and the APR is a fixed rate of 17.4%. The grace period is 25 days rather than the usual 20 days given by most credit card these days. There is also none of the one-time processing fee common in other credit cards. There is also no transaction fee for purchases.

You will need a minimum gross income of $10,000 to apply for the card. If you have no income, you will be given a credit line of between $500 to $1,000. You must be discharged of your bankruptcy. If your bankruptcy was filed during the last 12 months, you have to send your discharge papers. Also, if you filed for chapter 13, you need to wait until at least 6 months is past before you can apply for the American Pacific Bank secured visa.

If the meets these criteria, then the American Pacific Bank secured visa is a very reasonable secured credit card that will suit those looking to build or rebuild their credit.

Positives
  • Reasonable annual fee
  • No one-time processing fee
  • No purchase transaction fee
  • Income and bankruptcy criteria is clearly state on the website


American Pacific Bank Secured Visa
Credit Limits For those with income, 100% of bank deposit, $300-$15,000
For those with no income, you need to deposit 120% of your credit given, which can range between $500 to $1,000
Min Gross Income $10,000
Cost/Fees/Interest rates
Annual Fees $35.00
Purchase APR Fixed 17.4%
Penalty/Default Rate APR 23.9%
Grace Period 25 days
Balance Calculation Method Average Daily Balance (including new purchases)
Cash Advance fee 3% min $5.00
Over-the-credit-limit fee $25.00
Late Payment fee $25.00


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