FAQs for Visa® Secured Card

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FAQs
1. What is the Visa© Secured Credit Card?

This is an excellent credit card if you need to establish or rebuild your credit. You can use it like other credit cards, but it is secured by your savings account that you’ll open with Nevada State Bank. We will report your payment information to the three major credit bureaus.

Use your Visa Secured card responsibly, and build strong and healthy credit for purposes of employment, renting a home, purchasing furniture or appliances, securing basic utilities and obtaining a loan!

2. What is the minimum/ maximum credit limit allowed?

Credit limits start at $300 and go up to $5,000. The maximum credit limit is $5,000 even if the amount of security deposit is more than $5,000. Your credit limit depends on the amount deposited and your ability to repay as determined by Nevada State Bank.

3. How much deposit is required?

The security deposit required will total the amount of credit requested plus 5%. Example: For a $300 credit limit, you will need $315 in security deposit and for a $5,000 credit limit, $5,250.

4. Will my security deposit earn interest?

Yes, your security deposit will earn interest at the rate and APY indicated on the Consumer Deposit Accounts Disclosure and Fee Schedule. Interest will be compounded daily and credited to your account on a quarterly basis.

5. Are there fees?

There is a $25 Annual Fee. Certain transactions charge fees such as balance transfer, cash advance and quasi-transactions, international transactions, foreign ATM, late payment and returned checks. Please refer to your credit card disclosures for the details on each of these fees.

6. How soon will I know if my application has been approved

You will be notified in writing three (3) days after the approval date. You will receive your card within seven (7) to ten (10) days of the approval date.

7. Will my credit card say "secured" on it?

No, your credit card will not say "secured." Further, you have the option to personalize your card with an image of your choice: a picture from your vacation, of your pet, or favorite sports team - it's up to you. To do this, speak to a bank representative or call 1-800-727-4743 to get your credit card set up for online viewing. From there, you can easily personalize your card. With myPHOTOCard™, the first image is free and subsequent images are $4.95 each. Image guidelines, terms and conditions apply.

8. What if I want a higher credit limit?

You may re-apply for a higher credit limit every quarter. Simply visit a Nevada State Bank branch, deposit the required additional funds into your security deposit account to cover the increased credit limit, and then fill out an application for the increase. You will be notified in writing three (3) days after the approval date.


Drop by your local Nevada State Bank branch or call a Relationship Manager today at 866-749-7476 to find out more about credit cards from Nevada State Bank.

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