Total Visa® Card
- Best for: Applicants turned down for every secured card
- What Sets It Apart: No security deposit; a first-year annual fee equal to a quarter of the starting line
- Cost: $95 program fee; $50 to $125 annual fee the first year, then $48; $6.25 to $10.25 a month from year two; 35.99% APR
- Features: $200 to $500 starting line; monthly reports to Equifax, Experian, and TransUnion; 1% cash back on payments
- Pros: No deposit; no monthly fee in the first year; free TransUnion credit monitoring
- Cons: $145 to $220 in required first-year fees; 25% fee on credit line increases; no use abroad or at gas pumps
Skip the Total Visa® Card unless secured card issuers have turned you down. Its $95 program fee and its first-year annual fee of $50 to $125 are charged before you buy anything. Open a no-fee secured card instead, since its deposit comes back to you.
The Bank of Missouri issues it for applicants with poor credit who have a checking account, and the card’s agreements on file with the Consumer Financial Protection Bureau set starting credit lines of $200 to $500. The First Access Visa Card and the Revvi Card charge the same fees at each of those lines.
Key Features
- $95 one-time program fee, paid before the account opens
- First-year annual fee of $50 to $125, a quarter of your starting line, charged when the account opens
- From year two, a $48 annual fee plus a monthly fee of $6.25 on a $200 line, $8.25 on $300 or $400, and $10.25 on $500
- 35.99% yearly interest rate (APR) on purchases and cash advances
- 1% cash back on payments, redeemable as $5 statement credits once the account is six months old
Pros
- No security deposit
- Monthly reports to Equifax, Experian, and TransUnion
- No monthly fee or cash advance fee in the first year
- Free credit monitoring from TransUnion
- Program fee and first annual fee refunded if you back out before using the card or paying a statement
Cons
- $145 to $220 in required fees the first year, in place of a secured card’s refundable deposit
- 35.99% interest on any fees you carry past the due date
- No credit line increase for 12 billing cycles, then a 25% fee on any increase
- Late and returned payment fees of up to $41
- No use outside the U.S., at automated gas pumps, or for gambling
The Total Visa makes sense only after secured card issuers have turned you down, since it reports to all three credit bureaus without a deposit. Anyone who can spare a refundable deposit should open a no-fee secured card instead and avoid $145 to $220 in first-year fees.
Learn more about the Total Visa® Card or see how it compares to the best credit cards for bad credit.
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