Whether you’re rebuilding or establishing credit, a Mastercard® secured credit card from SunWest Credit Union gives you a strong foundation.
The strangest thing about credit is that you have to have it in order to get it. If your head is spinning, don’t fret just yet.
You can easily build your credit profile with a Mastercard® secured credit card from SunWest Credit Union that gives you the access of a regular credit card + an added safety net to keep your credit healthy.
A Mastercard® secured credit card from SunWest Credit Union is secured by your own funds. This means that you’re instantly approved so long as you have the funds, because you’re removing a big risk from the credit equation.
It’s still important to make your payments on time, but your account will never be charged off as a collection and damage your credit report, because those funds you used to secure your limit will be transferred to pay off the balance. Check out the 1-2-3 process below:
For the purposes of this example, let's say you have $500 in your savings.
We put that $500 on hold in your account and give you a credit card that you can use for up to $500 for as long as you choose to keep the card open.
Once you’ve built your credit up and you decide you want an unsecured credit line, pay off any remaining balance on your SunWest Secured Mastercard® . The hold on your original $500 is removed and available to you as cash once again.
It’s not enough to just get a secured credit card and keep it in your wallet, never using it. Credit is built by you proving that you can handle having it, using it, and paying it back.
It’s not all about the score. Credit history is important too. Not keeping it open for long enough can hinder progress.
If your limit is $500, try not to use more than $150. You don’t want to show that you’re reliant on credit.
An easy method is to use your secured credit card for the same thing every month and then pay the balance off as soon as you get your bill. This keeps you from paying interest + allows enough time to report a payment to your credit.
Don’t let the fear of the big, bad credit monster keep you sidelined. Get in the game with a Mastercard® secured credit card from SunWest Credit Union.
Building credit can seem overwhelming, but you have to start somewhere, and you’ve got options at SunWest Credit Union. Take a look at the chart below to compare secured options.
Closing any credit line will most likely negatively impact you and reduce your score. This is because the amount of credit you have available will decrease. However, as long as your other credit obligations show positive payment history, your score will most likely bounce back quickly.
Your card expires the last day of the month printed on your card. We automatically send a replacement card in the mail the first week of the month the card is set to expire, and most are delivered within 7-10 days of being mailed. Keep an eye on your mail, and call us if you haven’t received your card within 7 days of expiration.
Yes, you can withdraw cash directly from your SunWest secured credit card. Keep in mind that cash advances begin accruing interest on Day 1, versus purchases which have a 30-day grace period.
We currently only offer instant issuance for debit cards. Credit cards are mailed and typically received within 7-10 business days. We can expedite card shipping upon request for a fee of typically $25, or $10 if shipped to a SunWest branch for pickup. Fees can fluctuate. Please call us at 602.866.1100 for expedited shipping timeframes and exact fee amount.
To report your credit or debit card as lost or stolen, call us 24/7 at 833.933.1681 or internationally at 812.647.9794. You should receive your replacement in the mail within 7-10 business days.
If card is lost while out of the US, a replacement card may be able to be sent as an exception. The fee can vary depending on vendor pricing and is typically between $45.00-$65.00. An address and member verification is required. Please call us at 602.866.1100 if you need a card replacement outside of the US.
Yes, you can use your SunWest credit cards internationally at any merchant or retailer that accepts Mastercard®. Please be aware that the foreign transaction fee for international charges is 1.10% of the transaction amount.
A debit card draws money from your checking account, and the money must be in the checking at the time of use. A credit card draws money from a credit line provided by your credit union or bank, and you pay it back later.
Transaction disputes and fraud claims can be submitted in person at any of our locations or over the phone at 602.866.1100.
Only if the card has been damaged or is not functioning can we reissue a card number. To protect you from fraud, we will not reissue a card number for lost or stolen cards.
*APR = Annual Percentage Rate. See a representative for complete details.
**Please keep in mind we always pull credit for any new member as part of our identity verification process.
