One United Bank
Is This Your Business?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).
Top Ranked Companies
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.
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
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.
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** 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.
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