Almost anyone can qualify for the Total Visa card; this site even goes so far as to include it on their list of “Guaranteed Approval” cards!
One challenge consumers with poor credit consistently face is getting approved for a credit card, especially if they have no history or a low credit score.
For people trying to establish or rebuild their credit, the Total Visa® Card may in fact be their only option.
In this review we will look at the pros and cons of the card.
The Total Visa Card: By the Numbers
If consumers have poor or no credit, this might be one of the few options they qualify for.
However, there are several fees to be aware of, several of which are charged within the first month of opening the account.
For starters, if approved, Visa charges an $89 application-processing fee to open the account.
Once it is activated, customers are then charged a $75 first-year fee.
That adds up to $164 in charges in the first month just for the privilege of having the card.
On top of that, it only has a $300 limit – meaning the starting available credit line after fees comes to just $136.
The annual fee does drop down to $48 at the beginning of the second year.
However, users will also be charged a $6.25 servicing fee each month – which brings the annual fees to $123.
And that’s before taking any interest into consideration.
The annual APR is 29.99%, which is quite a bit higher than the average of 18.96%.
Borrowers who can’t pay off their balance every month will see these interest charges quickly add up.
Other Factors to Keep in Mind
While this card can be helpful for quick access to cash to pay for minor money emergencies there is one place it can’t help you – the fuel pump.
It is not accepted at gas stations that use automated fuel pumps, which place a hold on your credit line.
Applicants are also required to have a checking account to even qualify for this card.
If a cardholder wishes to add someone to their account, there is an additional $29 fee tacked on each year.
This is one of the few credit cards that charges to add an additional user and is something borrowers should keep in mind.
Borrowers are also charged up to $38 for late payments.
This isn’t much higher than the average late fee but is something to keep in mind when deciding whether or not this card is the right fit.
The bottom line – the Total Visa card can be good way for consumers in 2018 to rebuild credit by demonstrating an ability to make on-time payments, but it doesn’t offer any perks, such as rewards or savings.
When you compare this option vs. almost any other card available to people with poor credit, it doesn’t have a lot of advantages.
This could be a good starter option, but not one that is the best long-term fit for most borrowers due to its high fees and low credit limit.
What If I Don’t Qualify?
If you don’t qualify for the Total Visa card, you might feel frustrated.
It’s OK though, there are still other options for building or establishing credit, like secured credit cards or even a personal loan.
Consider all your options before making a decision, and you’ll be well on your way to building credit and even accessing rewards!