The Huntington® Secured Credit Card is designed to help individuals build or rebuild their credit while earning rewards. Whether you’re just starting to establish credit or looking to improve your current score, this card offers a straightforward path with no annual fee and valuable perks like unlimited cash back on every purchase.
In this comprehensive guide, we’ll explore everything you need to know about this card, including its features, benefits, and how it stands out from the competition.
With its focus on building credit and earning rewards, the Huntington® Secured Credit Card is an appealing option for many. It combines practical features with a user-friendly approach, making it easier for you to manage your finances effectively.
Key information about the Huntington® Secured Credit Card
How does the annual fee work?
One of the standout features of the Huntington® Secured Credit Card is its absence of an annual fee. This means you can enjoy the benefits of the card without worrying about extra costs each year. For many users, the lack of an annual fee is a significant advantage as it reduces the overall cost of maintaining the card. The card’s design ensures you get value from every dollar spent, without the added burden of yearly charges.
How is the credit limit determined?
With secured credit cards like the Huntington® Secured Credit Card, your credit limit is determined by the amount of your refundable deposit. You start by making a minimum deposit of $250, which becomes your credit limit.
This deposit acts as collateral and is held for the duration you maintain the card. Unlike conventional credit cards where the institution sets the limit based on creditworthiness, secured credit cards allow you to control your limit by the size of your deposit. This setup is particularly beneficial for those looking to manage their spending while building their credit score.
Advantages of the Huntington® Secured Credit Card
The Huntington Secured Credit Card offers several benefits that make it a compelling choice for individuals seeking to build or rebuild their credit:
- No Annual Fee: The absence of an annual fee means you won’t incur extra costs just for having the card, allowing you to focus on managing your credit effectively.
- Unlimited 1% Cash Back: Earn 1% cash back on all purchases with no cap on the amount you can earn. This feature is beneficial for those who want to earn rewards while managing their credit responsibly.
- Late Fee Grace®: If you miss a payment, you get an extra day to pay your minimum payment without incurring a late fee. This grace period provides a helpful buffer to avoid additional charges.
- No Penalty Pricing: The APR remains constant regardless of your payment history or credit line usage. This means that over-limit spending or missed payments won’t result in increased interest rates.
- Digital Wallet and Contactless Payments: The card is compatible with digital wallets and supports contactless payments, making transactions quick and convenient.
- Free FICO® Credit Score: Access your FICO® credit score every month at no cost, helping you track your credit progress and stay informed.
- Education and Resources: Gain access to financial tools and tips that support healthy financial habits and help you manage your credit effectively.
Highlighted advantage: Unlimited 1% Cash Back
The Huntington® Secured Credit Card’s unlimited 1% cash back on all purchases stands out as a major benefit. Unlike other cards that may have spending limits or rotating categories, this card offers a straightforward reward structure.
You earn cash back on every dollar spent, which can be particularly rewarding for those who make frequent purchases. This feature not only helps you earn rewards but also provides an incentive to use the card regularly, further aiding in the credit-building process.
Disadvantages of the Huntington® Secured Credit Card
Despite its many benefits, the Huntington® Secured Credit Card does have a few drawbacks:
- Security Deposit Required: To obtain the card, you need to make a refundable deposit, which can be a barrier for some potential users.
- Limited Credit Limit: Your credit limit is initially constrained by your deposit, which may limit your purchasing power compared to unsecured cards.
- Credit Bureau Reporting: While the card helps build credit, it requires responsible usage to positively impact your credit score.
Highlighted disadvantage: Security Deposit Requirement
The requirement to make a refundable deposit is a notable disadvantage for the Huntington® Secured Credit Card. While the deposit serves as collateral and helps mitigate risk for the issuer, it can be a significant upfront cost for some individuals.
This deposit might be a hurdle for those who are just starting out or who may have limited financial resources. However, it’s important to view this as a step towards building a stronger credit history and eventually qualifying for unsecured credit options.
Who can apply for the Huntington® Secured Credit Card?
To apply for the Huntington® Secured Credit Card, you must be a Huntington consumer checking, savings, or Money Market account customer. This requirement ensures that you have an established relationship with Huntington, which helps in managing your credit and financial activities. There are no specific income requirements or credit score thresholds mentioned, making it accessible for individuals looking to build or rebuild their credit.
How to apply for the Huntington® Secured Credit Card
Applying for the Huntington® Secured Credit Card is a straightforward process. Here’s how you can apply:
Online Application
You can apply for the Huntington® Secured Credit Card through Huntington’s official website. Start by opening a checking or savings account if you don’t already have one. Once your account is set up, you can proceed with the credit card application directly online.
Mobile Application
If you prefer using a mobile device, you can apply through the Huntington mobile app. Download the app, log in to your account, and follow the prompts to apply for the Secured Credit Card. The app provides a convenient way to manage your application and track your progress.
In-Person Application
You can also apply for the Huntington® Secured Credit Card by visiting a Huntington branch. Speak with a representative who can assist you with the application process and answer any questions you may have. This option is ideal if you prefer face-to-face interactions and personalized assistance.
