First Horizon Bank Secured Visa FAQs
- What is a Secured Credit Card?
- How does the First Horizon Bank Secured Card work?
- How is the First Horizon Bank Secured Credit Card different from a prepaid card or debit card?
- Will my First Horizon Bank Secured Credit Card have the word "secured" on it?
- Can I be declined for the First Horizon Bank Secured Credit Card?
- What do I need to apply?
- How can this credit card help me build my credit?
- Does my savings account cover monthly payments as I use my secured credit card?
- What type of credit do I need to qualify for this card?
- If I am approved, how long until I receive my secured credit card?
What is a Secured Credit Card?
First Horizon Bank’s Secured Visa® card looks and works like our other credit cards except it is “secured” by a deposit into a First Horizon Bank savings account. The opening deposit amount equals your credit limit on the card. Using the card allows you to access the purchasing convenience of credit while working to develop a solid history of credit payments, by making on-time payments. As you make on-time payments, this information is shared with the three major credit bureaus to improve your overall credit profile.
How does the First Horizon Bank Secured Card work?
When you are approved for the Secured Visa, your card is “secured” by an upfront cash deposit in your new First Horizon Bank savings account. The amount you deposit remains in the savings account – your collateral – and is equal to your initial credit limit on the card. For example, if you deposit $300, your card offers you a $300 credit limit. Credit limits are available from $300-$3,000.
How is the First Horizon Bank Secured Credit Card different from a prepaid card or debit card?
The difference is in the information reported to the three major credit bureaus. Prepaid card information is not reported to the credit bureaus. However, with our Secured Visa, your payment history is reported to all three credit bureaus, allowing you to improve your credit profile with a consistent record of on-time payments.
Will my First Horizon Bank Secured Credit Card have the word "secured" on it?
No. Your Secured Visa will look just like any other credit card and will be accepted anywhere Visa is accepted.
Can I be declined for the First Horizon Bank Secured Credit Card?
Yes, acceptance is not automatic and depends on the financial information you report to us, including income, pending bankruptcy, and debt. Opening a First Horizon Bank Savings account and offering it as collateral for the credit card are also requirements.
What do I need to apply?
You will need
- Legal documentation showing that you are at least 18 years of age
- A Social Security Number
- A U.S. address
- A First Horizon Bank savings account
- To complete and provide all the required information in the application
- To sign a security agreement offering the savings account as collateral for the credit card
How can this credit card help me build my credit?
As you make on-time payments, this information is shared with the three major credit bureaus to improve your overall credit profile. As your credit profile improves, generally speaking, the rate of interest you pay on loans and credit cards will be lower.
Does my savings account cover monthly payments as I use my secured credit card?
The money in your savings account cannot be used to transfer payments on your Secured Visa. Each month, you will be responsible for paying at least the minimum payment due.
What type of credit do I need to qualify for this card
If you are new to credit or you are looking to repair your credit profile, the Secured Visa is a great place to start. Acceptance is not automatic, but we will carefully review the information you provide on your application to determine your creditworthiness. Should we decline your application, we will provide you with the name of the credit bureau we used and reasons we could not approve your application.
If I am approved, how long until I receive my secured credit card?
Upon approval it generally takes about a week to receive your card. Please note that your card will be delivered via First Class mail to the mailing address you provided in your application.