Overview

The ServisFirst Secured Credit Card is ideal for customers who are new to credit, recovering from past credit challenges, or looking to strengthen their credit profile. With a secured deposit that establishes your credit limit, the card functions like a standard credit card for purchases, recurring payments, and emergency use. Timely payments are reported to major credit bureaus, enabling measurable improvements to your credit score over time.

Key Features

• Refundable Security Deposit: Your deposit secures the account and typically determines your initial credit line. When eligible, the deposit may be returned and the account converted to an unsecured card.
• Credit Reporting: Regular reporting to major credit bureaus helps you build a credit history when you make on-time payments.
• Everyday Use: Use the card for purchases, bill payments, and online shopping wherever credit cards are accepted.
• Online Account Management: Access statements, set up automatic payments, review spending, and track progress toward credit goals through secure online and mobile tools.
• Fraud Monitoring & Security: The card includes standard fraud monitoring and protection features to help safeguard your account.

How It Works

To open a secured account, you provide a refundable security deposit. That deposit generally sets your initial credit limit, giving you control over how much credit you extend to yourself while minimizing the bank’s risk. Make purchases and pay at least the minimum payment by the due date each month. Responsible use and timely payments are recorded and can improve your credit score, paving the way to transition to an unsecured product in the future.

Typical Process

1. Apply and provide a security deposit.
2. Receive an account and card with a credit limit based on the deposit.
3. Use the card for everyday purchases and pay on time.
4. Monitor credit bureau updates and account statements.
5. When eligible, request review for graduation to an unsecured card and potential return of your deposit.

Benefits

• Credit Building: On-time payments are a key factor in credit scoring models. The secured card enables steady, trackable improvement.
• Controlled Risk: The deposit reduces your financial exposure while you establish responsible habits.
• Financial Flexibility: Use the card for planned purchases, recurring payments, or unexpected expenses.
• Graduation Opportunity: Consistent positive account behavior may qualify you for an unsecured card, release of your deposit, and a higher available credit line.
• Transparent Terms: Clear disclosures and accessible account tools help you understand balances, payments, and progress.

Eligibility & Application

The ServisFirst Secured Credit Card is tailored for consumers who may have limited or less-than-perfect credit history. Eligibility typically depends on identification, a security deposit, and meeting basic account requirements. The application process is streamlined to make it easier to begin rebuilding credit, and decision timelines are designed to be efficient so applicants can move forward without undue delay.

Responsible Use Tips

• Pay on time and, if possible, pay the full statement balance to avoid finance charges and maximize credit score benefits.
• Keep credit utilization low; aim to use a small percentage of your available credit each month.
• Set up automatic payments or payment reminders to maintain consistency.
• Track spending categories to create and follow a sustainable budget.
• Monitor your credit reports periodically to verify accurate reporting and to follow progress.

Security and Privacy

Security features such as transaction monitoring and alerts are included to help detect unauthorized activity quickly. Sensitive account information is protected through secure online access and established privacy practices. Users are encouraged to review statements regularly and report any suspicious activity promptly to ensure continued account safety.

Conversion to an Unsecured Card

After demonstrating responsible account management over a sustained period, many customers may be eligible to transition from the secured card to an unsecured ServisFirst credit card. Eligibility reviews consider payment history, account usage, and overall relationship with the bank. If approved, the security deposit is returned and your account may receive a credit line increase, reflecting improved credit standing.

Common Questions

How does the security deposit work?

The deposit secures the account and typically sets the initial credit limit. It is refundable when the account is closed in good standing or when you convert to an unsecured card and meet any program requirements.

Will payments be reported to credit bureaus?

Yes. ServisFirst reports payment activity to major credit bureaus, which supports credit-building efforts when payments are made on time.

Can I increase my credit limit?

Credit limit increases may be available through additional deposits or account reviews after demonstrating responsible use. ServisFirst periodically reviews accounts for possible limit adjustments.