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STOP Doing This On Your NAVY FEDERAL Secured CREDIT Card...❌[YOU'LL REGRET IT] - YouTube
Channel: Designer Soapbox
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Hey credit cousin,
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Do you hold a secured credit card at navy
federal or thinking about applying for one,
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keep watching to learn what not to do if you
have one?
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I’ve been getting a
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lot of questions and concerns about the secured
credit card.
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Many want to know how much should I deposit
on a secured credit card?
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& Many that have the secured credit card may
have deposited more than the $200 minimum
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and it has not graduated….
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So let's talk about it.
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If you plan on applying for the secured credit
card, I highly recommend only depositing the
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minimum $200 only and here’s why:
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Many believe if you deposit $1000+ more then
it will increase your credit limit more once
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it graduates & its true BUT many are not financially
stable to be in that position to just drop
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$1000 on a credit card first and foremost,
and that's $1000 that you no longer have access
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to anymore for a while.
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In most cases, the secured credit card is
supposed to graduate within 6 months but let's
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be real there are many that have not received
their graduation day to an unsecured credit
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card and it's been over 1 year+ and some over
3 years+...
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Do you really want to give up $1,000 on a
credit card to wait more than 1 year for a
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graduation credit card?
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It's not worth it and if you plan to use that
secured credit card while using it for regular
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purchase, you have remember you will be paying
the APR if you leave any balance on it every
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month, so you may end up paying it all back
in apr fees and it could really get you in
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a bind so less is more in this case.
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You don't need to add more than $200 on a
secured credit card to get a higher limit.
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The goal is OPM, using other people's money
and if it only takes $200 to get you in the
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credit game, buy in and play your card rights
in the game of monopoly!
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I just want to make sure my credit cousins
are at the top of their game because they
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usually put over $500+ on a secured credit
card and the credit card has not graduated
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over 2 years so now you are out $500 for that
long…That money could have went to credit
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repair, paying off debt and more…
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Be patient and everything will come out to
you in full force.
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Another thing to keep in mind, some secured
credit cards do not refund you your money
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after the credit graduates to a secured credit
card so always do your due diligence and make
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sure your secured credit card funds will be
returned back to you.
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I would hate for any of my credit cousins
to deposit more than $1000 on a secured credit
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card and you never get it back.
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Good thing is navy federal does refund your
fund back to you once your credit card graduates
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but discover does not so be mindful of that
too.
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I hope this insight is helpful and this is
not for everyone.
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Some can deposit $1000+ and can be financially
stable and it worked out in their favor.
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This is for someone who is not in the position
to really put more money in a security deposit
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on a secured credit card.
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Leave a like, comment, and subscribe for more
content like this.
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I
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see
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you
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in the next video!
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