Salute Visa

The Salute Visa gold credit card is an unsecured Visa card with a cash advance feature for cardholders with little or poor credit history. Be sure to watch out for the significant fees on this credit card. Note: Salute Visa is no longer opening new accounts. Current cardholder credit limits have been set to $0. Cardholders cannot make new purchases with their cards. They will continue to receive statements to pay off their account balances.

There are several credit cards available for those with limited credit history

Build Your Credit Score with the Salute Visa

Urban Trust Bank, a Bethesda Maryland financial firm formed by Robert L. Johnson, the founder of Black Entertainment Television, issues the Salute Visa card. CompuCredit services the card.

The card is designed for cardholders with low credit scores. The key features of the card include:

• An unsecured credit card – There is no need to deposit a specific amount of money in a checking account.
• Cash advance feature – Cardholders can obtain cash at any ATM or bank that accepts Visa cards.
• Frequent credit bureau reporting – Cardholder payment and usage information is reported frequently allowing cardholders to quickly build their credit score.
• ATM access – The card can be used at any ATM that accepts Visa cards.
• Additional cards – Cardholders can request additional cards for users authorized by the cardholder.
• Multiple payment options – Monthly payments can be made by mail, by phone or online.

Cardholders must be residents of the United States and must 18 years of age or older (age 19 in Alabama and Nebraska.) This card is not issued to residents of Iowa, New York, West Virginia, and Wisconsin, Puerto Rico or other U.S. territories.

Two Cards Available

If a cardholder is approved for a Salute Visa gold card, they will receive either a:

• $300 credit line, a $150 annual fee resulting in an initial available credit of $170
• $70 credit line, a $20 account opening fee resulting in an initial available credit of $70

Card Rates and Fees

This credit card requires a cardholder to make an initial minimum payment of $20 in order to activate the credit card. As shown in the box below, a cardholder's available credit is quickly reduced by the amount of the account-opening fee and the initial minimum payment.

Once the card is issued and activated, the card fees continue to vary between the two cards offered:

• The $70 credit line card has an account-opening fee, but it does not have an annual fee.
• The $300 credit line card does not have an account-opening fee, but it does have a $150 annual fee and larger fees for late payments, over limit situations and non-sufficient funds in the account used to pay the bill

Negative Industry Reaction

This credit card has received negative comments from both consumers as well as the non-profit National Consumer Law Center saying the cards have high fee levels and poor customer service. Specific consumer comments can be viewed by an Internet search of "Salute Visa."

It is always a good idea to review a credit card's offering against the offerings of other credit cards and to research the consumer reactions for a credit card.

Alternative Cards

There is a wide variety of card offerings for consumers who have little, no or poor credit histories. Review these offerings at:

• Creditcards.com
• Bestcreditoffer.com
• Lowcards.com

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