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Teachers Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Teachers Federal Credit Union checking account options

Personal checking

This is a free account that offers some discounts.
APYMinimum Balance to Earn APY
0.05%
$2,500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $1.75 for out-of-network ATMs (if you maintain a minimum of $2,500 in combined account balances)
  • ATM fee refund: None (exceptions apply)
  • Overdraft fee: $30 (other options available)

Teachers Federal Credit Union’s checking account is a simple checking account that’s best for those looking for a way use their funds quickly. Account holders get free online banking, bill pay and a free Visa debit card that offers worldwide ATM access. The checking account can also be linked to a savings or money market account for overdraft protection, which will only set you back $8 per transfer if and when it occurs.

This account also offers you additional discounts if you can maintain a minimum of $2,500 in combined balances across your deposit accounts. Teachers Federal Credit Union offers the Educated Choice Program, which gives you the opportunity to save on fees such as ATM surcharges, traveler’s checks, money orders, paper checks and overdraft transfer fees. However, if you enroll in this program and fall below the minimum balance requirements, you will need to pay a monthly fee — $8 for the gold level and $10 for the platinum level.

College students can choose to open a specialty checking account — the Young Professional Checking Account — which has the same features and benefits mentioned above, plus you’ll get your first box of checks and traveler’s checks for free without needing to opt into the Educated Choice Program. To qualify for this account, you’ll need to be enrolled in a qualifying college in Nassau or in certain parts of Suffolk.

How to get Teachers Federal Credit Union’s checking account

You can open an account by filling out a membership application form online. You’ll be asked to select how you qualify for membership, then choose the accounts you intend to open; all members must a share savings account to establish membership. Then, fill out the rest of the form by providing personal details such as your name, address, Social Security number and government-issued ID information. Afterward, fund the account.

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on Teachers Federal Credit Union’s secure website

NCUA Insured

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How Teachers Federal Credit Union’s checking accounts compare

Even with the free perks and discounts available, we’re not terribly impressed with Teachers Federal Credit Union’s checking account. The APY rate is extremely low compared with other competitors found on our list of the best online checking accounts. Some of these competitors even offer ATM refunds without needing to meet minimum balance account requirements.

Considering there are also pretty strict requirements to establish membership at this credit union, we’re convinced you’re better off looking elsewhere.

Teachers Federal Credit Union savings account options

Share savings

All members need to open this account to establish membership.
APYMinimum Balance to Earn APY
0.10%
$50
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $50
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

There’s not much going on with this account other than the fact that all members need to maintain this account to qualify for membership. Knowing that, it’s great that it doesn’t require a monthly maintenance fee, although the APY offered isn’t that stellar. There isn’t any ATM access or check-writing capabilities unless you link it to a checking account.

The Federal Reserve’s Regulation D limits you up to six certain debits a month from your savings account. If you try to go over that amount, your transaction will be denied by the credit union.

How to get the Share savings account

You can open a Share savings account via Teachers Federal Credit Union’s online application form. You’ll be asked how you qualify for membership and to provide personal details such as your address, Social Security number and government-issued ID information. Then you’ll be able to transfer money into the account.

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on Teachers Federal Credit Union’s secure website

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Holiday and Vacation Club

You can use this account for your short-term savings.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Holiday and Vacation Club account is meant to help you set aside money for your short-term savings goal, whether it be for the holiday or summer season. You deposit money as often as you want, even setting up automatic transfers from your paycheck. At a specified time, those savings will be automatically transferred to your main account for you to spend.

You can open an account anytime of the year for a Holiday Club account, or in June for the Vacation Club account. The funds will be left to accumulate until around Oct. 15 for the Holiday Club and around June 4 for the Vacation Club account. After these dates, the money in either of these accounts will then be transferred to your savings or checking account.

While there are technically no penalties for withdrawing your funds early, you’re still limited up to six certain debits a month because of Regulation D. If you try to go over that amount, your transaction will be denied by the credit union.

How to get the Holiday or Vacation Club savings account

You can open an account online by filling out a membership application form. You’ll be asked to indicate how you qualify for membership and agree to open a share savings account. Once you enter in your personal details such as your address and Social Security number, you can fund both accounts.

SEE DETAILS Secured

on Teachers Federal Credit Union’s secure website

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Youth Savings

Earn a high APY for your first $1,000, plus there are no monthly maintenance fees.
APYMinimum Balance to Earn APY
3.00%
$0.01
0.10%
$1,000
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

The Youth Savings account is for those 18 years and younger, though an adult (who is a member of the credit union) will need to be the joint owner. The APYs you see above are for new accounts only. There is no ATM access so the only way to access funds is in-person transactions or transfers from another account.

Kids 10 years and younger will open what’s called a Cub Account, which also provides kids with a Berenstain Bears book, membership card and bookmark. Both types of accounts are limited up to six certain debits a month because of Regulation D, and your transaction may be denied if you go other that amount. Once the child turns 18, the account will automatically be converted to a regular savings account.

How to get the Youth Savings account

You’ll need to head to the nearest branch to open an account. You’ll need to bring your government-issued ID, plus your and your Social Security number, as well as your child’s. For more information, you can call Teacher Federal Credit Union at 1-800-341-4333.

SEE DETAILS Secured

on Teachers Federal Credit Union’s secure website

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How Teachers Federal Credit Union’s savings accounts compare

We like the high APY for the youth account even though it’s only for the first $1,000. However, the other savings accounts leave more to be desired.

Looking at other competitors on our list of the best online savings accounts, Teachers Federal Credit Union has low APYs in comparison. Considering a savings account is meant to help you maximize your savings, you may be better off doing some shopping around for better rates.

Teachers Federal Credit Union CD rates

Certificate of Deposit

Some of these rates are pretty competitive.
Regular CD (minimum $1,000 opening deposit)
TermAPY
3 months0.50%
6 months0.65%
12 months0.90%
15 months2.50%
18 months1.10%
24 months1.15%
30 months2.55%
36 months1.20%
48 months1.25%
60 months1.35%
Jumbo CD (minimum $100,000 opening deposit)
TermAPY
1 month0.30%
2 months0.30%
3 months0.50%
6 months0.65%
12 months0.90%
  • Minimum opening deposit: $1,000 or $100,000
  • Minimum balance amount to earn APY: $1,000 or $100,000
  • Early withdrawal penalty: Depends on length of term.
    • One year or less: 180 days’ interest or all interest earned since account opening, whichever is less
    • More than one year: 270 days’ interest or all interest earned since account opening, whichever is less

Both the regular and jumbo CDs have fixed rates, meaning you’re guaranteed the specified rate of return assuming you’ll leave all funds in the account until maturity. Interest earned is compounded daily and credited either monthly or quarterly. However, for the 3 month regular CD, interest earned will be credited when it matures.

Your account will automatically renew for the same term unless you decide to make changes. There is a seven-day grace period in which to do so, whether it’s making withdrawals, additional deposits or renewing for another term.

How to get Teachers Federal Credit Union’s CDs

You can either call customer service at 631-698-7000 (ext. 6780) or show up at a local branch to open a CD. You may be asked to provide your name, address, Social Security number and government-issued ID.

SEE DETAILS Secured

on Teachers Federal Credit Union’s secure website

NCUA Insured

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How Teachers Federal Credit Union’s CD rates compare

Some of the CD rates are on par with the best CD accounts out there. It depends on the term, so it’s always a good idea to do some shopping around and compare.

However, a big disadvantage to this account is that you are required to become a member to open a CD, and the requirements seem pretty restrictive. If you qualify, great, otherwise you’ll have to go elsewhere.

Teachers Federal Credit Union money market account options

Money market account

The highest APY is pretty comparable to other places, but it does require a high minimum balance.
APYMinimum Balance to Earn APY
0.35%
$2,500
0.50%
$25,000
0.60%
$50,000
0.65%
$100,000
0.70%
$250,000
0.80%
$500,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $5 (this can be waived)
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

With the credit union’s money market account, you can earn a higher rate than the checking or savings account, but you are required to have a higher minimum balance amount and there’s a monthly maintenance fee. However, you can get that waived if you can maintain a $500 minimum balance.

Sadly, there isn’t any ATM access — unless you link it to a checking account — but there are limited check-writing capabilities. Just remember that you’re limited up to six certain debits a month due to Regulation D, or else the credit union will charge a $10 excessive draft fee for each debit.

If all you’re looking for is a place to park short-term savings, this isn’t a terrible choice. However, if you want more frequent access to your cash, the checking account may be better, plus you could qualify for free benefits from the Educated Choice Program.

How to get Teachers Federal Credit Union’s money market account

To open a Teachers Federal Credit Union money market account, you can either head to the nearest branch or filling out an online membership application form. You’ll be required to establish membership by opening a share savings account in addition to the money market one. First, indicate how you qualify for membership, then provide your personal details such as name, address and Social Security number. The last part of the application will ask you to provide details on how you’ll fund the account.

SEE DETAILS Secured

on Teachers Federal Credit Union’s secure website

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How Teachers Federal Credit Union’s money market accounts compare

If you’re only looking at the rates, this money market is comparable to what else is being offered out there, including the ones on our list of the best money market accounts. What we’re not a fan of is how high those minimum balance requirements are. There are quite a few competitors that have much lower ones and don’t have strict membership requirements.

If you don’t have a lot of cash laying around but still want to get the best bang for your buck, it may be a better idea to look at other money market accounts.

Teachers Federal Credit Union IRA account options

IRA CD rates

IRA certificate

There are only a few IRA CD terms worth looking into.
TermAPY
3 months0.50%
6 months0.65%
12 months0.90%
15 months2.50%
18 months1.10%
24 months1.15%
30 months2.55%
36 months1.20%
48 months2.10%
60 months 1.35%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term.
    • One year or less: 180 days’ interest or all interest earned since account opening, whichever is less
    • More than one year: 270 days’ interest or all interest earned since account opening, whichever is less

These IRA CDs do offer a higher rate of return than Teachers Federal Credit Union IRA savings account, so that’s something to consider as you’re shopping around. It may be a bit of a stretch for some since the minimum opening deposit is $1,000.

You can choose from a traditional or Roth IRA, depending on your needs. Interest you earn will be compounded daily and deposited into your account each month or quarter. The only exception is the 3 month IRA CD which only deposits interest earned when the account matures.

Upon maturity, you’ll get a seven-day grace period where you can make any necessary changes, such as withdrawals, additional deposits or renew for another term. Otherwise, the IRA CD will automatically be renewed.

How to get Teachers Federal Credit Union’s IRA CDs

To open an IRA CD with Teachers Federal Credit union, head to your nearest branch or call customer service at (631) 698-7000 ext. 6780. You’ll be asked to provide your full name, address and Social Security number.

SEE DETAILS Secured

on Teachers Federal Credit Union’s secure website

NCUA Insured

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How Teachers Federal Credit Union’s IRA CD rates compare

Just like the regular CDs, the IRA CDs only have one or two terms that are worth looking into as there are higher rates offered by other competitors. These IRA CDs do have a lower minimum opening deposit than others on our list of the best IRA CD rates, but some also don’t have restrictive membership requirements. That means you’ll need to look around carefully to see what options there are before making a decision.

IRA savings account

Just a basic IRA savings account.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

There’s not much to say about this account except that you can either choose the traditional or Roth option; it’s a good idea to chat with a customer representative to see which is your better option. It’s nice in that there is a really low minimum opening deposit.

This IRA savings account could be a good place to park your retirement funds until you figure out what you want to do with your money, such as sticking it in a IRA CD that could give you a higher rate of return. Remember that Regulation D limits you up to six certain debits a month and if you try to go over that amount, your request will be denied.

How to get Teachers Federal Credit Union’s IRA savings account

You’ll need to either head to the nearest Teachers Federal Credit Union branch or call customer service at (631) 698-7000 ext. 6780. The credit union may ask you for information such as your address and Social Security number.

SEE DETAILS Secured

on Teachers Federal Credit Union’s secure website

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Overall review of Teachers Federal Credit Union’s banking products

Restrictive membership requirements aside, some of the credit union’s rates aren’t too shabby. The money market rates are just a bit lower than what other competitors are offering, and the CD and IRA CD accounts have a few terms worth looking into.

However, the rest of Teachers Federal Credit Union’s offerings aren’t that good as the advertised APYs are really low. If you can qualify for membership, some of these accounts may be worth it. If not, there are plenty of competitors that will be happy to take your money.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Auto Loan, Reviews

LightStream Auto Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

If you’re in the market for a quick, affordable and hassle-free way to finance your next car, a LightStream auto loan should definitely be on your radar. It’s particularly well-suited for deal-seekers with good credit who don’t mind working with an online company when it comes to financing their cars. If you’d rather work with a local company that can offer in-person support, however, you might want to skip this lender.

How LightStream auto loans work

LightStream offers a wide range of options for financing your next ride, including:

  • Purchase of a new or used car, either from a dealer or an individual
  • Auto loan refinance (except it does not refinance its own loans)
  • Auto lease buyouts
  • Loans for motorcycles, as well as boats and RVs
  • Classic car loans

Auto loans at a glance:

  • Starting APR range: 3.49%–9.49%
  • Fees: None
  • Loan amounts: $5,000–$100,000
  • Terms: 24–84 months
  • Credit requirements: Minimum 660 credit score
  • Mileage or vehicle restrictions: None

LightStream offers the same starting rate whether you’re buying a new or used car from a dealer, something you don’t see at other lenders. But keep in mind that the lowest rates go to those with the best credit who opt for the shortest loan terms possible and use autopay to make their car payments.

Satisfaction guarantee

If you see a lower rate elsewhere, LightStream will beat any verified offer with a rate that is .10 percentage points lower. It also promises a $100 guarantee within 30 days if you aren’t satisfied with your loan experience.

How to apply for a LightStream auto loan

The only way you can apply for a LightStream auto loan is through its online form. It is an online lender, after all, so you should be comfortable with handling your business details — including the loan application — online. You’ll need to:

  1. Acknowledge receipt of LightStream’s statement on the use of electronic records.
  2. Agree to receive electronic records.
  3. Agree to use electronic signatures to sign your loan documents.

You’ll also need to have a Visa or Mastercard credit card to apply, which LightStream uses during the verification process.

You will be asked to provide:

  • The purpose, term and amount of desired loan
  • Your name
  • Your address
  • Phone number
  • Social Security number
  • Employment information
  • Annual income
  • Total amount of assets and equity in your home

From there, LightStream may contact you for more details and documentation. If approved, you’ll need to sign your loan documents electronically and provide LightStream with your bank account details. The money will then be deposited into your bank account, which means you’ll need to pass it along to the seller, whether that’s a dealer or private seller. LightStream will not send the money to the seller directly.

It’s important to note that LightStream doesn’t offer any preapproval options, but if you apply and are approved for a loan, you are under no obligation to accept the loan.

How to qualify for the best rates

LightStream requires good credit at a minimum, but looks for excellent credit when giving the best rates. It defines excellent credit as:

  • Five or more years of significant credit history.
  • A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable.
  • An excellent payment history with no delinquencies or other problems repaying debt obligations.
  • A proven ability to save as shown by some or all of the following: liquid assets (stocks, bonds, bank deposits, etc.), cash down payments on real estate, retirement savings and little, if any, revolving credit card debt.
  • Stable and sufficient income and assets to easily repay current debt obligations and any new loan with LightStream.

Pros and cons of LightStream auto loans

LightStream offers the convenience of an online lender with the backing of a brick-and-mortar bank as the online arm of Truist, the bank created by the merger of  SunTrust Bank and BB&T. But it’s important to weigh all of your options carefully when choosing an auto loan. It’s one of the biggest purchases you’ll make, after all.

Pros

  • Wide variety of loans: New, used, refinance and lease buyouts loans are available on a wide range of vehicles. Unlike other lenders, LightStream doesn’t place restrictions on your vehicle’s age, make, model or mileage.
  • Decent rates: We’ve seen lower starting rates at credit unions, but you’ll have to meet membership requirements. LightStream has no membership requirements and provides the same starting rates for new and used vehicles as well as refinance loans.
  • No down payment required: LightStream finances up to 100% of the car’s cost. Of course, it’s always best to put down as much as you can afford on an auto loan. This will help you save money over the life of your loan and avoid becoming underwater on that loan.
  • Quick funding: If you complete the application process and are approved by 2:30 p.m. EST, you could receive funds the same day.
  • Good reviews: LightStream auto loan reviews are generally positive.

Cons

  • Good credit required: To qualify for a LightStream auto loan you’ll need a credit score of at least 660 or better.
  • No preapproval process: Unlike many lenders, you’ll have to complete a full application in order to see your rates and terms. Still, the process is fast, and if you complete your rate shopping within a certain time period, multiple applications should not impact your credit any more than a single application.
  • No face-to-face service: If you’re the type of person who likes to seal the deal with a handshake after signing the documents, you’ll want to stick with some place local.

LightStream vs. Capital One

If you’d like a bit more of a guided approach to the car-buying process,  Capital One’s Auto Navigator loan options might be better for you. Rather than sending you cash directly that you can use on whatever car you want to buy, Capital One’s Auto Navigator service lets you first get prequalified for financing, and then shows you which dealers in your area may offer based on the type of car you want to buy and the financing you can afford.

If any of the offerings pique your interest, you can then finish the application and buy the car. It’s still a good idea to compare the offer with other new and used car loan rates.

LightStream vs. Carvana

Carvana works similarly to Capital One Auto Navigator in that you can prequalify for financing and browse real cars in your area that you may then be able to buy. It’s important to remember that Carvana only sells used cars and its financing is only available on Carvana cars. But it is possible to finance here with poor credit — Carvana requires borrowers to be 18 years old, have no active bankruptcies on their credit report and earn at least $4,000 per year.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Credit Cards, Reviews

CreditStacks Mastercard Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

Written By

The CreditStacks Mastercard offers a unique opportunity for individuals with little or no U.S. credit history – such as recent college graduates or professionals relocating to the U.S. for employment – to be approved for a credit card.

That’s because instead of requiring a Social Security number (SSN) or individual taxpayer identification number (ITIN) as most traditional credit cards do, the CreditStacks Mastercard allows applicants to apply using a valid passport or U.S. government-issued ID, a U.S. visa or a permanent resident “green” card (if applicable), as well as proof of income. The CreditStacks Mastercard also allows you to apply up to 60 days prior to starting your new job in the U.S.

We break down the pros and cons of the CreditStacks Mastercard, and show how it compares to the Capital One® Secured Mastercard®, which is also designed to help individuals establish or rebuild credit.

CreditStacks Mastercard pros

No credit history required. With the CreditStacks Mastercard, you can apply without a Social Security number and with little or no U.S. credit history. Once you obtain your Social Security number, you must provide it within 60 days of account opening. At that point, CreditStacks will begin reporting your credit activity to the Equifax and TransUnion credit bureaus.

Note, if you have been living in the U.S. for more than one year, you will be required to provide a Social Security number when applying for the card. A credit check may also be performed.

Decent credit limit. The CreditStacks Mastercard offers a credit line of up to $5,000 – which is a generous amount for an unsecured credit card that doesn’t require credit history.

Your credit limit will be determined by the proprietary underwriting procedures of CreditStacks, which will consider your current employment situation and additional factors, instead of your credit score.

No annual fee. The CreditStacks Mastercard comes with a $0 annual fee.

Additional CreditStacks Mastercard benefits:

  • Mastercard ID Theft Protection(™). Access free identity theft resolution services, as well as Mastercard ID Theft Alerts(™).
  • Extended warranty. Receive an extended warranty of up to one year past a manufacturer’s warranty of 12 months or less.
  • Purchase protection. If you are dissatisfied with a purchase, you may be eligible to receive a full refund for up to 60 days from the date of purchase.
  • Price protection. Get reimbursed for the difference if you find a lower price for an eligible new item within 60 days of purchase using your CreditStacks Mastercard.
  • Purchase assurance. Cardholders receive coverage if an item is lost, damaged or stolen within 90 days of purchase.
  • Travel protections. The CreditStacks Mastercard offers a MasterRental(R) collision damage waiver, lost or damaged luggage insurance, travel accident insurance, baggage delay insurance and trip cancellation and trip interruption insurance. Plus, receive access to exclusive experiences and offers through Priceless Cities and special travel offers through Mastercard’s online booking tool.
  • Cellphone insurance. If you use your CreditStacks Mastercard to pay your monthly cellphone bill, you can receive coverage against theft or damage of up to $600 per claim and up to $1,000 per 12-month period.

CreditStacks Mastercard cons

No rewards program. The CreditStacks Mastercard does not offer a sign-up bonus or rewards on the purchases you make using the credit card. That said, when trying to build or rebuild credit, it’s best to focus on paying your bill on time and in full (when possible) each month, rather than racking up rewards.

No intro APR on purchases. The CreditStacks Mastercard does not offer a 0% intro APR on purchases – meaning, if you don’t pay your balance in full each month, you will be subject to interest charges at a rate of 15.49% Variable APR.

That said, the card’s ongoing APR for purchases is reasonable – considering that some cards designed for individuals with little or no credit come with APRs upwards of 26.99% (variable).

Compare it to the Capital One® Secured Mastercard®

Similar to the CreditStacks Mastercard, the Capital One® Secured Mastercard® is designed for individuals with little or no credit. However, because it is a secured credit card, the Capital One® Secured Mastercard® requires a refundable security deposit of $49, $99 or $200, for an initial credit line of $200.

If you deposit more money before your account opens, you may be eligible for a higher credit line, up to $1,000. Additionally, you can be given access to a higher credit line after demonstrating responsible card usage by making your first five monthly payments on time.

While the Capital One® Secured Mastercard® does not require U.S. citizenship to apply, it does require a valid SSN or ITIN, as well as a residential address in the U.S. or a U.S. military location.

See how the cards compare side-by-side in the table below.

CreditStacks Mastercard vs. Capital One® Secured Mastercard®

 CreditStacks MastercardCapital One® Secured Mastercard®
Annual fee$0$0
Rewards rateN/AN/A
Credit lineUp to $5,000$200-$1,000
Deposit requiredNone$49, $99 or $200
Regular purchase APR15.49% Variable26.99% (Variable)

The Capital One® Secured Mastercard® also comes with a number of benefits, including auto rental collision damage waiver, travel accident insurance, extended warranty and 24-hour travel assistance services. As a Capital One member, you will also have access to virtual card numbers and account alerts from Eno, as well as access to your credit score and fraud monitoring through CreditWise.

But if you plan to carry a balance on your card, you’ll be better off with the CreditStacks Mastercard, since the Capital One® Secured Mastercard® comes with a substantially higher APR of 26.99% (Variable).

Read our: Capital One Secured Mastercard review

Which credit card is best for me?

If you haven’t yet established credit in the U.S., the CreditStacks Mastercard could be a good fit. In addition to not requiring a Social Security number for approval, the card helps build your credit by reporting to two major credit bureaus.

But if you’re in the market for a secured credit card and already have a SSN or ITIN, the Capital One® Secured Mastercard® is a good alternative. While the card offers a much lower credit line than the CreditStacks Mastercard, it does offer a variety of useful benefits that aren’t common for a secured credit card.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.