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(2020) Total Visa Credit Card Review // Unsecured Credit Card for Bad Credit - YouTube
Channel: Slava - Money
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Total Visa Credit Card is an unsecured credit
card for bad credit.
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If you want to rebuild your credit score and
don't want to open a secured credit card - this
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is the card that you may want to consider.
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Let's check if it is worth a shot.
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Hi, I am Slava.
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Welcome back to my channel about money.
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You may get an offer to get a high credit
limit if you apply for this card.
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With a secured credit card, your credit limit
is equal to your security deposit.
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Locking down a few thousand dollars for a
security deposit is not an easy thing to do.
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The good thing about this card is that it
is easier to be approved.
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Also, it reports how you use it to Credit
Bureaus, so it helps to build your credit
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score.
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The fees of the total visa credit card are
high.
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First is a one-time program fee of $89.
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Then there is a $6.25 monthly fee.
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While it is billed monthly in total, it adds
up to $75 per year.
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After the first year, your annual fee will
drop to $48, plus the monthly fee is still
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in place.
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So it is going to be quite expensive.
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Unless you got some super offer - your initial
credit limit would be very low
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Between $300 and up to $1,000. Maybe a bit higher.
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After 12 months, you may be eligible to increase
the credit limit with a 20% fee.
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So an increase of $200 will cost you $40.
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There is no fee for cash advance for the first
year.
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But the following year you will pay $5 or 5%.
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Make no mistake; no fee cash advance is not
a free cash.
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Interest will start accumulating immediately
at a very high APR - 35%.
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So $1000 will cost you $29 per month.
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You can take cash advance only after the credit
card was active for 90 days.
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Foreign transactions are not available.
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You cannot use this card at automated fuel
pumps.
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So you will have to go inside the gas station
to pay for gas.
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An additional user will cost you a $29 fee.
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Express delivery of the credit card will cost
you $35.
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Late payment and returned payment will cost
you $40.
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This card has no EMV chip, so it is not as
secure as other cards.
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Obviously, there are no rewards.
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The Total Visa Credit Card is issued by Bank
Of Missouri.
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Many customers complain about bad customer
service.
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For example, you may have a hard time fighting
unauthorized charges.
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The Bank of Missouri issues a few more credit cards for
bad credit.
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As a next step, I can offer you to watch my
videos about secured credit cards.
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Secured cards are a better option in the long
run.
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They have no annual fee, which is very nice.
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Usually, there is a graduation.
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When the bank decides that you are a reliable
customer.
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Then it returns your security deposit.
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Usually, graduation happens at least 6 months
after the credit card was opened.
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On the majority of credit cards, it is around
12 months.
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You can also watch my videos about other cards
offered by Bank Of Missouri.
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