UNITY Visa Credit Card Review: A Decent Option for Rebuilding Credit

Unity Visa

The UNITY Visa Credit Card is a no-frills card that enables you to rebuild your credit over time. Its APR is low compared to most secured cards, so it may be one of your top choices if you’re looking to transfer a balance. But those interested in earning rewards will want to explore some other options.

ALSO READ: CardCruncher’s Complete Guide to Improving Your Credit Score

UNITY Visa Credit Card Review

Here are some quick facts about the UNITY Visa Credit Card:

  • Annual Fee: $39
  • APR:
    • 9.95% for balance transfers for the first 6 months after card opening
    • 17.99% fixed rate APR for purchases, cash advances and balance transfers after 6 months
  • Sign-Up Bonus: None
  • Benefits:
    • Reports payment history to the credit bureaus, which can improve your credit score
    • Pay online or over the phone
    • Credit limit up to $10,000
  • Minimum Payment: $5 or 2% of the balance, whichever is greater
  • Other Fees:
    • $250 – $10,000 security deposit (equal to credit limit)
    • $10 or 3% of the amount, whichever is greater, for cash advances and balance transfers, up to a maximum of $150
    • 2% foreign transaction fees
    • Up to $10 for late payments
    • Up to $25 for returned payments
    • $35 for expedited card delivery
    • $10 for a credit limit increase
    • $10 for a replacement or additional card
    • $25 to stop a payment

Why to Apply for the UNITY Visa Credit Card

Here are a few reasons you may want to think about applying for the UNITY Visa Credit Card.

Your credit is bad, but you’re looking to improve. The UNITY Visa Secured Card is designed to help you improve your poor credit. It reports your payment history to the credit bureaus each month, and making regular on-time payments can increase your credit score. Increasing your credit score can help you get better credit card offers in the future.

You’re transferring a balance. The UNITY Visa Credit Card comes with a six-month introductory APR of 9.95% for balance transfers, one of the best deals on balance transfers available with any secured credit card. Even the card’s standard 17.99% APR is competitive and, the best part is, it’s fixed. That doesn’t mean it won’t change, but it’s less likely to fluctuate than a variable APR and the company must notify you of any changes.

You want a higher credit limit. Most secured credit cards only allow you to have a credit limit of a few hundred to a few thousand dollars. The UNITY Visa Credit Card enables you to extend that credit up to $10,000, provided you have that much cash to put down as a security deposit.

UNITY Visa Credit Card: Drawbacks and Downsides

While the UNITY Visa Credit Card definitely has some appeal, there are a few reasons you may want to stay away.

You won’t earn any rewards points. Rewards among secured credit cards are rare, but some cards do offer them. Unfortunately, the UNITY Visa Credit Card is no such card. If you’re interested in earning rewards points, you’re better off going with a different secured card or switching to a traditional rewards card once your credit has improved.

You have to pay to increase your credit limit. You are required to put down a security deposit of at least $250 when you open the card. This deposit is equal to your credit limit. If you’d like to increase that amount at any time, you not only have to add to your security deposit, but you must also pay a $10 credit limit increase fee. Most other secured credit cards do not require this.

UNITY Visa Credit Card Alternatives

These are a few alternatives you may want to consider if the UNITY Visa Secured Card isn’t right for you.

If you’re looking for a secured card that lets you earn rewards with no annual fee, the Discover it Secured Credit Card is worth a closer look. Its APR is a little higher than the UNITY Visa Credit Card at 24.49%, but if you don’t carry a balance, this won’t be an issue. You’ll earn 2% cash back on gas stations and restaurants, plus 1% back on all other purchases. And after eight months of on-time payments, Discover will automatically begin considering you for an upgrade to an unsecured card.

Find the right card that fits your lifestyle.

UNITY Visa Credit Card
UNITY Visa Credit Card
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If you want a card that offers easy credit limit increases with a small deposit, the Capital One Secured MasterCard may be more your style. You’ll get a $200 credit limit initially, and you may only have to put down a $49 deposit. After making five on-time payments, you’ll be eligible for a credit limit increase with no additional deposit. There’s no annual fee, but the 24.99% APR is a little high, so try not to carry a balance.

Bottom Line: Should You Apply for the UNITY Visa Credit Card?

The UNITY Visa Credit Card is a solid way to rebuild your credit, and it’s one of your best options if you’re looking to transfer a balance. But you may want to check out some other secured credit cards if you’re looking to earn rewards.

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UNITY Visa Credit Card
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