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One United Bank

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OneUnited Bank provides online banking services, personal banking services, and business banking in addition to secured credit cards for consumers seeking to build or improve their credit. OneUnited is a Black-owned bank focused on improving neighborhoods, communities, and supporting other Black-owned businesses. The bank is a designated Community Development Financial Institution (CDFI).

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The Good

  • UNITY Visa Benefits
  • Financial Education Resources
  • Mobile App

UNITY Visa Benefits

The company’s secured credit card has a competitive fixed rate APR at 17.99 percent for both purchases and balance transfers. Balance transfers for the first six months qualify for an introductory APR of 9.95 percent. OneUnited reports to all three major credit bureaus: Equifax, Experian, and TransUnion.

Financial Education Resources

OneUnited has a Financial Education Center online that features playlists with videos, and you can save your progress on the various topics:

  • Financial basics
  • Major life transactions
  • Starting a career
  • Planning for retirement
  • Small business
  • Preventing elder fraud

Most importantly, consumers can get extensive instruction on improving their credit through the credit rebuilding program with the UNITY card. There’s an e-book on getting a second chance at credit as well as information about Lexington Law’s credit repair services.

Mobile App

OneUnited has a mobile app so you can manage your account on the go. It allows you to deposit checks, transfer money, pay bills, and even pay other people.

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The Bad

  • Fees

Fees

The UNITY Visa does have some associated fees:

  • An annual fee of $39
  • A foreign fee of 3% of each transaction
  • Customer service by phone costs $2 per phone call
  • A credit limit increase costs $10

 

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The Bottom Line

OneUnited Bank is a good choice for seekers of a secured credit card because of its credit-building potential and available tools. The company educates card holders so they can maximize the credit-building experience. However, read the full terms and disclosures so you’re aware of fees ahead of time.

DISCLAIMER: *For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While BestCompany.com always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

** FICO scores and credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card offer.

†Advertiser Disclosure: The credit card offers that appear on the website are from credit card companies which BestCompany.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not include all credit card companies or all available credit card offers.

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