Total Visa Credit Card: Designed for people who have struggled to get credit

The Total Visa Credit Card is an unsecured card that is designed for people who have struggled to get credit before. It is the Bank of Missouri that offers the service. You must know it comes with perks that may be helpful for folks that are interested in building and improving their credit. Here are the most important things you should know!

Unsecured card

The Total Visa Credit Card is an unsecured card designed to help borrowers who need to work on improving their credit. So, just like other unsecured cards, you borrow money every time you spend. Besides, you’ll pay it back at a later date, instead of having to put down a deposit.

Monthly credit bureau reporting

If you’re looking to build your credit, the Total Visa Credit Card may be an option for you. It reports to all three credit bureaus every month. While this isn’t different from issuers that offer secured credit cards for bad credit, it’s helpful to know that it will help you to build your credit even as an unsecured card. 

An unsecured card means you can have access to credit in an emergency. Even without having to put down a cash deposit. If you make on-time monthly payments and keep your credit use low, this can help you build a positive credit history.

Very high fees

To open the card, there’s a one-time $89 program fee. When you add that to an annual fee for the first year of $75, you’ll pay at least $164 in fees that the first year. However, after the first year, the annual fee drops to $48. Just don’t forget that there’s a monthly service fee of $6.25 per month or $75 per year. So for each year after the first one, you’ll pay at least $123 in fees. 

Low credit limit

If the institution approves you for the card, your initial credit limit will be $300. The thing is that it will take the $75 annual fee from your credit limit. This effectively drops your initial credit limit to $225. Besides, your account won’t be considered for a limit increase unless it’s open for at least 12 billing cycles. 

If you don’t have great credit and struggled to be approved for unsecured cards in the past, the Total Visa Credit Card could be an option for you. If improving your credit health is your main goal for getting a credit card for bad credit, you’ll likely find more affordable options. All you have to do is consider having a secured credit card for bad score.