What is a secured credit card
A secured card works and acts just like any credit card, but is designed for people who have little or no credit history, or who may need to repair or rebuild their credit rating. If you do not qualify for an ordinary credit card, the secured card may be available to you.
How does it work?
You apply for the secured card like you would apply for any other card. However, upon acceptance you will need to open an account at the Bank and deposit an amount of money equal to the credit limit on your card. The deposit account remains (with the full balance) until your credit history is sufficient that you can qualify for an ordinary credit card.
Are there any costs or special fees?
No. Just like our VISA Platinum Card the Secured Card is free. No special fees are charged just because it is a Secured Card.
Is the interest rate higher than an ordinary card?
Many banks use a premium rate, charging as much as 24.00% APR or more on purchases. But, with your Hometown Community Banks Secured Card you pay approximately half that APR if you carry a balance long enough to incur a finance charge. Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases if you pay your entire balance by the due date each month.
How do I apply?
Click the Apply Now button under the photo on this page and open the Hometown Community Banks Application for a Secured VISA Account form. You can print the form and fill it out by hand, or fill it out on-screen and then print and sign it, or you can save it to your computer to complete later. Once you have completed and signed the form just drop it off at any of our locations across Central Illinois. Please Note that if you do not already have an account of some type with our Bank you will need to include a copy of your Driver's License.
When will I get my card?
If you qualify for the account you will be contact by the bank to make arrangements for you open the deposit account required for the card. Once that account is opened your card will be approved.
How do I use it? Will it look different?
Your secured card will look no different than an ordinary credit card. Nobody will know it is a secured card, except you and the Bank. You can use just like any other credit card...in-person, online, over the phone, for purchases or for security when renting a car.
Earn Cash Back
With the Cash Back program, it's easy to put money back in your pocket. For each qualified purchase* you make, you'll receive an annual Cash Back reward. The more you use your card, the greater your reward!
Here's how your Cash Back program adds up:
|Yearly Purchases||Cash Back Bonus|
|0 - $999.99||0.25%|
|$1,000 - $1,999.99||0.50%|
|$2,000 - $2,999.99||0.75%|
|$3,000 – Unlimited||1.00%|
*Qualified purchases do not include cash advances, balance transfers, convenience checks or returns.
Rate is variable and determined by adding a margin to the Prime Rate. Offer of credit is subject to credit approval.
Transaction Fees Cash Advances/ATM: 3.0% of the amount advanced ($10.00 min - $300 max). International Currency Fee: 1.0% for transactions involving currency exchange, 0.8% for transactions not involving currency exchange