Total Visa Credit Card – How To Apply
The Total Visa Credit Card is designed for individuals who need to build or rebuild their credit history.
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It offers an accessible option for those with limited or poor credit, as it’s available to individuals with no credit or less-than-perfect credit.
While the card comes with some fees, it provides a way for users to start improving their credit scores through responsible use.
With a relatively low approval threshold, it is an ideal card for those looking to take the first step toward better credit management.
Total Visa Credit Card
Accessible Application Process No Rewards or PerksHow does the Total Visa Credit Card work?
The Total Visa Credit Card is a secured credit card, meaning it requires a security deposit, but it can still be an effective tool for credit building. Here’s how it works:
- Security Deposit: You must provide a deposit that serves as your credit limit.
- Building Credit: The card reports to all three major credit bureaus (Experian, Equifax, and TransUnion), helping you establish or rebuild your credit score with responsible use.
- Credit Limit Increases: Over time, you may be eligible for a credit limit increase without needing to provide an additional deposit, depending on your credit behavior.
- Fees Apply: As with most secured cards, there are fees involved, including an annual fee, but they are relatively standard for credit cards in this category.
- No Rewards: The Total Visa Credit Card does not offer rewards, making it a straightforward credit-building option without additional perks.
Main benefits of Total Visa Credit Card
The Total Visa Credit Card offers several benefits, especially for those new to credit:
- Accessible to Poor Credit: It’s designed for individuals with poor credit or no credit history, making it an easy option for those looking to start rebuilding.
- Reports to All Major Credit Bureaus: The card helps build a credit history by reporting to Experian, Equifax, and TransUnion, which is crucial for improving your credit score.
- Opportunity for Credit Limit Increases: If you use the card responsibly, you may qualify for an increase in your credit limit, which can help improve your credit score.
- No Annual Fee for the First Year: Although the card has an annual fee, it is waived for the first year, making it more cost-effective initially.
- Flexibility in Credit Building: Provides an opportunity to establish or rebuild credit with manageable credit limits.
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Cons of Total Visa Credit Card
While the Total Visa Credit Card can help users build credit, it has some notable drawbacks:
- Annual Fee: There is an annual fee, typically around $75 for the first year, which increases to $48 for subsequent years. This can add up over time.
- Security Deposit Requirement: As a secured card, you must provide a deposit that serves as your credit limit, which can be a barrier for some individuals.
- High APR: The card carries a high APR, which can lead to expensive interest charges if you carry a balance from month to month.
- No Rewards Program: Unlike many other cards, the Total Visa Credit Card does not offer cashback or points for purchases, making it less rewarding compared to unsecured cards.
- Foreign Transaction Fees: The card charges a foreign transaction fee, which can be an issue for those who travel abroad frequently.
APR and Fees
The Total Visa Credit Card comes with several important fees and terms that users should be aware of:
- Annual Fee: The card charges an annual fee of $75 for the first year, which decreases to $48 in subsequent years.
- APR: The card has a high variable APR of 29.99%, which is significantly higher than many other credit cards. This makes carrying a balance expensive, so it’s important to pay off the balance in full each month to avoid interest charges.
- Foreign Transaction Fee: There is a 3% foreign transaction fee on purchases made outside the United States. This fee can add up for international travel or online purchases from overseas merchants.
How to apply for the Total Visa Credit Card
Applying for the Total Visa Credit Card is simple and can be done online:
- Visit the Application Page: Go to the official Total Visa website to begin the application process.
- Provide Your Information: You will need to supply personal information, including your name, address, income, and social security number, to determine eligibility.
- Submit the Application: Once you’ve filled out the required details, submit your application for approval.
- Deposit Your Security Amount: Once approved, you’ll need to provide a security deposit to secure your credit limit.
- Activate Your Card: After approval and deposit, you’ll receive your card, which you can use to start building your credit.
