We understand the uncertainty during this unprecedented time and want to let you know about some of the proactive measures our consumer loans department has in place to continue to support and serve our customers.
Share Secured Visa Card
When you have problems with your credit, it makes life more difficult.
If you haven’t built up a credit score or your credit score has been damaged, a secured Visa can be a great option for creating or repairing credit. This type of secured card is designed for those who lack the credit to get a traditional Platinum or Classic card.
Apply now from your computer, mobile phone, tablet, or in person with one of our friendly loan officers. More questions? Contact Consumer Loans at 907-459-5970.
A secured credit card designed to build or repair your credit
- Credit limits as low as $250 available
- Build or repair your credit
- Simple approval process
- All the protections and benefits of VISA
- No annual fee during the first year
You guys at Spirit of AK never cease to impress me. Thank you for your hard work and bravo for doing it so well :)- T. A
With this VISA card, money from your savings account is used as collateral to “secure” the card. With a savings secured card, you will be able to avoid finding a co-signer or using other types of collateral.
Not only is it a great alternative, but it helps you build credit over time as you make your payments and your funds continue to earn interest while being held in your savings account.
You may be eligible to upgrade to an unsecured VISA credit card after a year of building credit with your secured Visa card.
*Annual Percentage Rate is on approved credit. Credit Card fees and terms will be disclosed at the time of the issuing the card verbally and in the contract. See our Pricing Guide for fees. See the Rates tab on this page for complete interest rate and fee details.
Type of Loan Term Lowest APR* Highest APR
Revolving 12.99% Fixed 18.00% Fixed
Refer to our Pricing Guide (PDF) for transaction and activity fees, as well as credit union membership fees.
* APR = Annual Percentage Rate. Current as of 8 April 2020. Up to 100% financing available, some restrictions may apply. Interest rates and terms dependent on credit qualifications. Interest rates on new Share Secured Visa Cards are subject to change at any time. Optional Spirit of Alaska Protection available.
Contact the Loan Department at (907) 459-5970 for more detail.
Federal law requires us to verify all identities when opening new accounts. If you are applying with a joint applicant, their consent is implied when the application is submitted with the on-line loan application.
Frequently Asked Questions
Do I need good credit to obtain a share secured card?
Not necessarily. Share secure cards help build credit for people who have low or nonexistent credit scores by using their savings accounts as collateral for the purchases made on the card.
What is collateral?
For the purposes of a share secured credit card, collateral would be your savings account. Money placed in the savings account is pledged as security for repayment on the card in case of a default in payment.
What is my credit limit?
Each individual account is different. However, in general, share secure cards are opened with credit limit ranges from $250 to $15,000.
Is a share secured card safe?
Yes! Your purchases are backed by the power of Visa and offer protection equal to a non-secured Visa credit card.
How long does it take to build credit?
This varies from individual to individual, but we recommend opening and maintaining a share secured credit card for at least a full 12 months before applying for a non-secured card.
What is instant issue?
Glad you asked! This means we can provide you with a card the very same day you apply and are approved. All three of our branches can produce your card. You can even customize your card.
- How do I activate my new Share Secured Card?
- What do I do if I lose a card?
- Do I need good credit to obtain a share secured card?