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Verdict: If your credit has some unsightly blemishes, you might struggle to nab the best credit cards. However, by taking out a secured credit card — one in which you put up your own cash as collateral — you can steadily build up your credit. The DISTANCIA Visa secured credit card — which also allows you to earn flight miles on TACA Airlines — is one such card, and it’s a solid one.
Overview: Secured credit cards don’t come with the lowest purchase interest rates. And the DISTANCIA Visa secured card is no exception. But this card is a rewards one, and it can be a valuable one for anyone who flies frequently to any of the more than 39 destinations to which TACA Airlines flies.
How This Card Works: There are two benefits to using the DISTANCIA Visa secured card. First, you’ll earn airline miles with TACA with every purchase that you charge. Secondly, and perhaps most importantly, you’ll steadily build up your weak credit score if you pay your card’s bill on time every month. The DISTANCIA card reports on a regular basis to the three national credit bureaus.
Travel and Shopping Benefits: You’ll receive one free mile with TACA for every dollar that you charge with your card. You’ll also receive 10,000 bonus miles with your first purchase with the DISTANCIA Visa card. By owning this card, you’ll also receive a discount of 15 percent of any excess baggage fees you encounter while flying TACA Airlines.
Fees: The purchase interest rate attached to this card is a fairly high 16.24 percent. That’s to be expected, though, with a card designed for consumers who need to rebuild their credit scores. On the more positive side, the DISTANCIA Visa secured card does come with no annual fee for the first 12 months in which you own the card. After this first year is up, your annual fee will be a reasonable $25. Cash advances cost either $5 or 4 percent of the advance amount, whichever is higher, while both late-fee and returned-payment penalties are $35.
- This card helps you to rebuild your credit.
- You can earn free flights with every dollar that you charge.
- No annual fee for first year.
- Credit is limited by your collateral.
- Purchase interest rate is high.
- $25 annual fee after first year.