If you’re looking for a way to build or rebuild your credit history, the Huntington® Secured Credit Card could be a helpful tool. With benefits like unlimited 1% cash back and no annual fee, this card stands out as a convenient way to improve your credit score while enjoying perks along the way.
Designed to offer an accessible entry point into credit building, this secured card not only helps users establish healthy credit habits but also provides an opportunity to upgrade to an unsecured card over time. With all these features, it’s worth exploring if it could be the right card for your financial journey.
Key information about the credit card
How does the annual fee work?
One of the standout features of the Huntington Secured Credit Card is its lack of an annual fee. This is a huge advantage, especially for those looking to avoid unnecessary costs while building credit. Not having to worry about an annual fee allows users to fully focus on making responsible purchases and timely payments, both of which contribute to improving their credit score.
How is the credit limit determined?
Unlike conventional credit cards, where the credit limit is determined based on various factors like creditworthiness, income, and financial history, the Huntington Secured Credit Card takes a different approach.
Since it’s a secured card, your credit limit is directly tied to the refundable security deposit you make upon opening the account. This deposit must be at least $250, and whatever amount you deposit will serve as your credit limit.
Advantages of the credit card
- Unlimited 1% cash back: Earn 1% cash back on all purchases, with no caps on how much you can earn. This means that every purchase, no matter how big or small, earns rewards.
- No annual fee: Save on costs with no annual fees. This keeps the card accessible and affordable, particularly for those focused on credit-building without incurring additional charges.
- Late fee Grace®: A unique feature that allows you an extra day to make your minimum payment without incurring a late fee. It’s a small buffer for those occasional forgetful moments, giving you a second chance to avoid penalties.
- No penalty pricing: Unlike many cards that hike up the APR when you miss a payment or exceed your credit limit, Huntington doesn’t increase your APR for these reasons. This feature can provide peace of mind to those concerned about potential fees spiraling out of control.
- Digital wallet access and contactless payments: Seamless integration with digital wallets means you can add your card to Apple Pay, Google Pay, and other digital payment services for easy, contactless transactions.
Standout advantage
The Late Fee Grace® feature is the standout advantage of this card. It provides a valuable safety net for users by granting an extra day to pay the minimum payment without charging a late fee. Many cardholders worry about the implications of missing a payment, but this feature offers flexibility and a bit of breathing room, which can make all the difference in maintaining a positive credit history.
Disadvantages
- Security deposit requirement: To open the card, you must deposit a minimum of $250, which might be a financial hurdle for some users.
- No immediate upgrade: Though you can upgrade to the Huntington Cashback Credit Card, you must first maintain your secured card for at least seven months, which may be a lengthy process for those eager to transition to an unsecured card.
- Limited cash back rate: The card offers only 1% cash back on purchases, which may not be as competitive as some unsecured cards that offer higher rates.
A standout disadvantage
The primary disadvantage of the Huntington Secured Credit Card is the requirement of a security deposit. While this is standard for secured cards, it can be a barrier for individuals who might not have the extra cash on hand. The deposit, which also sets your credit limit, can feel like a significant upfront cost, especially for those who are already working on rebuilding their financial stability.
Who can apply for this card?
The Huntington Secured Credit Card is designed to help individuals who are either new to credit or working to rebuild their credit scores. To be eligible, applicants must have a Huntington consumer checking, savings, or Money Market account.
This requirement means that new applicants who are not current Huntington customers must first open an account with the bank before applying for the card. There is no minimum income requirement disclosed, making it potentially accessible to a wide range of applicants.
However, like any other credit card, approval is subject to the bank’s review of your financial background and creditworthiness. The card is not specifically designed for those with negative credit, but it does provide a stepping stone for those looking to improve their credit over time.
How to apply for the Huntington Secured Credit Card
For the website
To apply online, visit Huntington’s official website and navigate to the Secured Credit Card page. There, you’ll find an “Apply Now” button that initiates the application process. You’ll be prompted to provide information such as your Social Security number, income details, and contact information.
Since the card requires a refundable deposit to establish your credit limit, you’ll need to have your banking information ready to make the deposit, starting at a minimum of $250. Once all required information is submitted, your application will be processed, and you will receive further instructions based on the approval outcome.
Through the app
Alternatively, if you prefer using your mobile device, the Huntington app offers a convenient way to apply. First, download the app from the App Store or Google Play, and create an account if you haven’t already. Navigate to the credit card section, locate the Huntington Secured Credit Card, and tap on “Apply.”
Just like the online application, you’ll need to input your personal information, financial details, and agree to make a security deposit. Moreover, managing your account and credit card becomes effortless once you’re approved, as the app offers real-time monitoring of your credit activity.
At the branch
For those who prefer face-to-face interaction, applying in person is a great option. Visit your nearest Huntington branch, where you can speak with a banker who will guide you through the process. Be sure to bring along necessary identification, such as your Social Security number, driver’s license, or passport, as well as any other relevant financial documents. The banker will help you fill out the application form, discuss the deposit requirements, and provide detailed information about the card’s features.
