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BENEFITS
Credit
Builder Program (Secured Credit Card)
Description
A
special secured Union Credit Card for members who do
not qualify for the standard AFGE MasterCard because
of insufficient credit history or past credit problems.
Vendor:
Household Bank (Nevada), N.A.
Eligibility
Available
to any current, dues-paying AFGE member 18 or older
with minimum income of $10,000. Past bankruptcy or delinquent
credit history do not necessarily disqualify members.
Credit
Line
Credit
line is determined by deposits into an FDIC-insured
statement savings account in amounts from $250 to $5,000.
Savings earn interest on the full deposit account. Credit
line is equal to 100% of savings deposit. Members may
increase their credit line at any time by simply adding
to their savings account.
Special
Notes
1.
Members should include with their application their
savings account deposit in the form of a check, money
order, or cashier's check in any amount from $250
to $5,000 payable to the Union Plus MasterCard.
2. Savings accounts earn interest on the full deposit
amount.
3. Statements are issued semi-annually.
4. Accounts act as collateral for credit card purchases.
Payments for monthly bills are not deducted from the
account.
5. At any time, members may add to savings accounts,
thereby increasing their MasterCard line of credit.
6. No application, processing or hidden fees.
7. 18% annual percentage rate (APR).
8. $20 annual fee.
9. 25-day grace period on all purchases. Graduation
After 18 months of satisfactory on-time bill payment,
the account will be automatically reviewed for potential
upgrade to the unsecured AFGE Credit Card.
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