Should I bother trying to get an American 1 Rewards Secured Credit Card?

Credit Cards
1

I have been thinking about getting an American 1 Rewards Credit Card due to the potential of having a non-variable purchase APR of only 10.00 percent. However, I doubt my income is high enough to qualify for that particular card at the present time, so I probably would have to try getting an American 1 Rewards Secured Credit Card first. I asked American 1 Credit Union if the American 1 Rewards Secured Credit Card has the potential to graduate to a regular American 1 Rewards Credit Card. A representative told me, “While it inherently does not, you can apply for one once your credit profile increases due to the secured credit card.” I have been told that a minimum cash deposit of $500 would be required.

My question: Should I bother trying to get an American 1 Rewards Secured Credit Card? I already have a Redwood Credit Union Visa® Platinum credit card with a non-variable purchase APR of 8.99 percent, but my Navy Federal Credit Union Platinum Credit Card currently has a variable purchase APR of 15.24 percent. To be honest, I am currently tempted to join USAA (my father did so very recently) and apply for a USAA secured credit card. Keep in mind the Noah’s Ark Rule.

2

I don’t think you would be asking this question if you were a financial wizard. If you aren’t, I strongly recommend that you do almost anything to avoid carrying a balance on any credit card. Interest rates over 10% used to be illegal and will eventually break your back. If you pay off the balance when it’s due or earlier, it doesn’t matter what interest rate they charge their customers/victims. USAA has a good reputation and I use their insurance(because it is mandatory and they are cheaper - I have never filed a claim in 65 years), bank(for very small balances because they only pay tiny interest), and credit card(because it pays 5% back on gas). About 15 years ago, I was astonished to learn that banks will pay me to use their credit cards, but I NEVER carry a balance. I think it’s more fun to collect money than to give it to rich bankers.