OneUnited Bank, a US-based Minority Depository Institution (MDI) and a Community Development Financial Institution (CDFI), has introduced a new secured credit card, UNITY Visa, which allows customers to establish and repair their credit.
The new UNITY Visa credit card will report to all three major credit bureaus including Experian, Transunion and Equifax.
Additionally, UNITY Visa holders will be able to get credit education through OneUnited’s How to Rebuild Credit Program that aims to give customers tips and strategies on how to build and maintain a good credit score.
Unlike other prepaid cards and secured credit cards, the UNITY Visa card will offer a lower annual rate and will not charge fee for purchases and deposits.
The card forces cardholders to learn sustainable spending habits and maintain a good credit history.
OneUnited Bank president and chief operating officer, Teri Williams, said, "What I say to people that have bad credit and may be uncomfortable applying is that you should apply because the card is actually for people who have bad credit."
