Product Overview

The Customers Bancorp Secured Credit Card is designed for individuals who want to start building credit or repair past credit challenges. Unlike an unsecured card, this secured card requires a refundable security deposit that establishes your credit limit. It reports to the major credit bureaus, enabling responsible use to be reflected in your credit profile. With transparent terms and user-friendly account management, this card helps cardholders demonstrate on-time payments and low utilization—two key factors in improving credit scores.

Key Features

• Security Deposit: A refundable deposit secures your credit line and reduces issuer risk, making approval more accessible.
• Credit Reporting: Regular reporting to major credit bureaus helps you build or rebuild credit when payments are made on time.
• Card Controls: Online account management and mobile access let you monitor transactions, set alerts, and manage payments.
• Responsible Limits: Credit limit equals the amount of your security deposit, helping you avoid overspending while you establish creditworthiness.
• Path to Unsecured Credit: Customers Bancorp may offer a transition to an unsecured credit card after consistent, on-time payments and demonstrated responsible credit use.
• Fraud Protection: Standard card protections against unauthorized transactions give you peace of mind while using your card.

Who Should Consider This Card?

The Secured Credit Card from Customers Bancorp is ideal for:

• Individuals new to credit who want to build a credit history.
• Consumers recovering from past credit issues such as late payments, collections, or high credit utilization.
• Applicants denied for unsecured cards due to limited or poor credit history.
• Those who prefer a controlled spending environment where the credit limit is secured by a deposit.

How It Works

Applying for the secured card involves a simple application process and placement of a security deposit. The deposit typically determines your starting credit limit. Once approved and the deposit is received, you can use the card for everyday purchases wherever card networks are accepted. Monthly statements and online tools help you track spending and payments. As you demonstrate responsible behavior—consistent on-time payments, low balance-to-limit ratios, and absence of negative account activity—Customers Bancorp may evaluate your account for eligibility to increase your credit limit or convert your account to an unsecured product.

Benefits

• Credit Building: Regular reporting to credit bureaus is the foundation for repairing or establishing credit scores.
• Financial Discipline: A deposit-backed limit encourages mindful spending and helps prevent accumulating unmanageable debt.
• Refundable Deposit: If you manage the account responsibly, the deposit is refundable upon account closure or upgrade to an unsecured card, subject to terms.
• Predictable Terms: Clear disclosure of fees, rates, and requirements enables informed financial decisions.
• Supportive Path: The product is structured as a stepping stone toward more flexible credit products in the future.

Fees, Rates and Terms

Fees and rates can vary; applicants should review the cardholder agreement for exact details. Typical considerations include an annual percentage rate for purchases, possible fees for late payments or returned items, and any annual fees. The security deposit amount required will be disclosed during application, and refund policies will be outlined in the account terms. Responsible management of the account helps avoid interest and fees by paying balances in full each month whenever possible.

Tips for Success

• Make at least the minimum payment on time every month; on-time payments are the most influential factor in building credit.
• Aim to pay the full balance each cycle to minimize interest charges and establish strong payment behavior.
• Keep your utilization low—ideally under 30% of your available credit limit—to positively influence credit scoring models.
• Use the card for small, manageable purchases and set up automatic payments or calendar reminders to avoid missed payments.
• Monitor your credit reports periodically to verify that positive activity is being reported and to catch any errors early.

Frequently Asked Questions

How long before I can move to an unsecured card?

Timeframes vary by individual account performance. Consistent on-time payments, low utilization, and demonstrated account management typically lead to consideration for graduation to an unsecured product after a period of responsible use.

Is my deposit refundable?

Yes. The security deposit is refundable according to the card agreement, usually after the account is closed in good standing or when converted to an unsecured card, subject to any outstanding balances or fees.

Will this card help my credit score?

When the issuer reports your account activity to credit bureaus, timely payments and responsible usage can help improve your credit score over time. Results vary depending on your full credit profile and other financial behaviors.