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State Dept. FCU - VISA Sig/Cash Back 2% on all purchases


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The State Dept FCU has been discussed a few times here on CB and they are on my growing list of Credit Unions to join. So I returned to their website today and see a new VISA Signature card (Premium Cash Back+) now being offered.

 

Details: https://www.sdfcu.org/credit-cards

  • 2% cash back on all purchases
  • Rates as low as 10.74% Annual Percentage Rate (APR)
  • $200 bonus cash rewards when you spend $3,000 within the first 90 days
  • Earn additional cash rewards when you shop online at the Cash Back Mall
  • No foreign transaction fee
  • No annual fees
  • No balance transfer fee
  • You will earn 2% cash back on all qualifying purchases. Certain restrictions apply.
  • Credit line starting at $5,000 up to $100,000.
  • With the introductory offer, you will earn a $200 bonus if you spend $3,000 in eligible purchases within 90 days of your SDFCU Premium Cash Back+ Card enrollment date.
Edited by Rogue
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And anyone can join State Dept. FCU thru the American Consumer Council: https://www.sdfcu.org/how-do-i-join

 

American Consumer Council (ACC)

 

If you are unable to join through any of the other methods, as a consumer, you may be eligible to join our credit union through the American Consumer Council (ACC, a nonprofit advocacy group. When opening your SDFCU account you will need to choose ACC on your application.

If you have additional questions, please contact one of our Member Service Representatives at 703.706.5000 or 800.296.8882, or email or stop by one of our convenient branch locations.

Edited by Rogue
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I'm not planning on defaulting but this is in one of the disclosures before submitting an application.

 

Security Interest
THE GRANTING OF THIS SECURITY INTEREST IS A CONDITION FOR THE ISSUANCE
OF CREDIT UNDER THIS APPLICATION IF YOUR APPLICATION IS APPROVED, YOU SPECIFICALLY GRANT US A CONSENSUAL
SECURITY INTERST IN ALL INDIVIDUAL AND JOINT ACCOUNTS YOU HAVE WITH US NOW AND
IN THE FURTURE TO SECURE REPAYMENT OF CREDIT EXTENDED UNDER THIS AGREEMENT.
YOU ALSO AGREE THAT WE HAVE SIMILAR STATUTORY LIEN RIGHTS UNDER STATE AND/OR
FEDERAL LAW. IF YOU ARE IN DEFAULT, WE CAN APPLY YOUR SHARES TO THE AMOUNT YOU
OWE
Shares and deposits in an Individual Retirement Account or any other account that would lose special tax
treatment under state or federal law if given are not subject to this security interest.
If you have other loans with us, collateral securing such loans will also secure your obligations under this
agreement, unless that other collateral is your principal residence or non-purchase money household
goods.
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OF CREDIT UNDER THIS APPLICATION IF YOUR APPLICATION IS APPROVED, YOU SPECIFICALLY GRANT US A CONSENSUAL
SECURITY INTERST IN ALL INDIVIDUAL AND JOINT ACCOUNTS YOU HAVE WITH US NOW AND
IN THE FURTURE TO SECURE REPAYMENT OF CREDIT EXTENDED UNDER THIS AGREEMENT.

 

 

Security agreements like this are a common stipulation in credit union card agreements. Either stay away from credit union cards or keep minimal balances in your accounts.

 

On a different note their Platinum card is supposedly a true chip+pin priority card. I wonder if that's also true with this one.

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I'm not planning on defaulting but this is in one of the disclosures before submitting an application.

 

Security Interest
THE GRANTING OF THIS SECURITY INTEREST IS A CONDITION FOR THE ISSUANCE
OF CREDIT UNDER THIS APPLICATION IF YOUR APPLICATION IS APPROVED, YOU SPECIFICALLY GRANT US A CONSENSUAL
SECURITY INTERST IN ALL INDIVIDUAL AND JOINT ACCOUNTS YOU HAVE WITH US NOW AND
IN THE FURTURE TO SECURE REPAYMENT OF CREDIT EXTENDED UNDER THIS AGREEMENT.
YOU ALSO AGREE THAT WE HAVE SIMILAR STATUTORY LIEN RIGHTS UNDER STATE AND/OR
FEDERAL LAW. IF YOU ARE IN DEFAULT, WE CAN APPLY YOUR SHARES TO THE AMOUNT YOU
OWE
Shares and deposits in an Individual Retirement Account or any other account that would lose special tax
treatment under state or federal law if given are not subject to this security interest.
If you have other loans with us, collateral securing such loans will also secure your obligations under this
agreement, unless that other collateral is your principal residence or non-purchase money household
goods.

 

 

Memberlicious, isn't it?

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OF CREDIT UNDER THIS APPLICATION IF YOUR APPLICATION IS APPROVED, YOU SPECIFICALLY GRANT US A CONSENSUAL
SECURITY INTERST IN ALL INDIVIDUAL AND JOINT ACCOUNTS YOU HAVE WITH US NOW AND
IN THE FURTURE TO SECURE REPAYMENT OF CREDIT EXTENDED UNDER THIS AGREEMENT.

 

 

Security agreements like this are a common stipulation in credit union card agreements. Either stay away from credit union cards or keep minimal balances in your accounts.

 

On a different note their Platinum card is supposedly a true chip+pin priority card. I wonder if that's also true with this one.

 

I PIF every month so it's not an issue for me. I recalled a similar notice being a point of abuse in the lawsuits brought against NFCU which were settled in 2016.

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I'm not planning on defaulting but this is in one of the disclosures before submitting an application.

 

Security Interest
THE GRANTING OF THIS SECURITY INTEREST IS A CONDITION FOR THE ISSUANCE
OF CREDIT UNDER THIS APPLICATION IF YOUR APPLICATION IS APPROVED, YOU SPECIFICALLY GRANT US A CONSENSUAL
SECURITY INTERST IN ALL INDIVIDUAL AND JOINT ACCOUNTS YOU HAVE WITH US NOW AND
IN THE FURTURE TO SECURE REPAYMENT OF CREDIT EXTENDED UNDER THIS AGREEMENT.
YOU ALSO AGREE THAT WE HAVE SIMILAR STATUTORY LIEN RIGHTS UNDER STATE AND/OR
FEDERAL LAW. IF YOU ARE IN DEFAULT, WE CAN APPLY YOUR SHARES TO THE AMOUNT YOU
OWE
Shares and deposits in an Individual Retirement Account or any other account that would lose special tax
treatment under state or federal law if given are not subject to this security interest.
If you have other loans with us, collateral securing such loans will also secure your obligations under this
agreement, unless that other collateral is your principal residence or non-purchase money household
goods.

 

 

Memberlicious, isn't it?

 

Yep. It made me feel just as warm and fuzzy as when they wouldn't graduate my secured card a few years back. This thread came right on time because I've been going back and forth over closing my SDFCU accounts for the last few months. I had been using my primary account bill pay to send $20/month for the last 5 years to keep the account from going dormant and when DCU offered the 5.12% savings I moved my little change purse fund over and changed the bill pay to quarterly.

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I'm not planning on defaulting but this is in one of the disclosures before submitting an application.

 

Security Interest
THE GRANTING OF THIS SECURITY INTEREST IS A CONDITION FOR THE ISSUANCE
OF CREDIT UNDER THIS APPLICATION IF YOUR APPLICATION IS APPROVED, YOU SPECIFICALLY GRANT US A CONSENSUAL
SECURITY INTERST IN ALL INDIVIDUAL AND JOINT ACCOUNTS YOU HAVE WITH US NOW AND
IN THE FURTURE TO SECURE REPAYMENT OF CREDIT EXTENDED UNDER THIS AGREEMENT.
YOU ALSO AGREE THAT WE HAVE SIMILAR STATUTORY LIEN RIGHTS UNDER STATE AND/OR
FEDERAL LAW. IF YOU ARE IN DEFAULT, WE CAN APPLY YOUR SHARES TO THE AMOUNT YOU
OWE
Shares and deposits in an Individual Retirement Account or any other account that would lose special tax
treatment under state or federal law if given are not subject to this security interest.
If you have other loans with us, collateral securing such loans will also secure your obligations under this
agreement, unless that other collateral is your principal residence or non-purchase money household
goods.

 

 

Memberlicious, isn't it?

 

:grin:

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I'm not planning on defaulting but this is in one of the disclosures before submitting an application.

 

Security Interest
THE GRANTING OF THIS SECURITY INTEREST IS A CONDITION FOR THE ISSUANCE
OF CREDIT UNDER THIS APPLICATION IF YOUR APPLICATION IS APPROVED, YOU SPECIFICALLY GRANT US A CONSENSUAL
SECURITY INTERST IN ALL INDIVIDUAL AND JOINT ACCOUNTS YOU HAVE WITH US NOW AND
IN THE FURTURE TO SECURE REPAYMENT OF CREDIT EXTENDED UNDER THIS AGREEMENT.
YOU ALSO AGREE THAT WE HAVE SIMILAR STATUTORY LIEN RIGHTS UNDER STATE AND/OR
FEDERAL LAW. IF YOU ARE IN DEFAULT, WE CAN APPLY YOUR SHARES TO THE AMOUNT YOU
OWE
Shares and deposits in an Individual Retirement Account or any other account that would lose special tax
treatment under state or federal law if given are not subject to this security interest.
If you have other loans with us, collateral securing such loans will also secure your obligations under this
agreement, unless that other collateral is your principal residence or non-purchase money household
goods.

 

These cross collateralization clauses are standard at probably every credit union in America and this is well known here on CB. In fact, I can't think of one credit union that I have looked at over the years that did not have a cross collateralization clause. I always assume that every credit union I look at has one.

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Approved - Premium Cash Back Plus Visa -$30K apparently they are bk friendly. Pulled EX - FICO8 is 758. This is my highest CL.

That's awesome, Congrats!

 

Looks like the secured card you were lamenting sure paid off for you with that initial approval. And State Department is very well known here for not graduating secured cards, however if they provide these kind of approvals after a secured card stint, it may just be worth the effort for some.

 

How long did you have your secured card and what was the limit? How old is your BK? Do you know if they pulled FICO 8/Bankcard? I would at least ask SDFCU to backdate the opening date of your new VISA to that of your secured card, the worst they can say is no and it's worth a shot to add some age.

Edited by Rogue
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Is there a master 2% flat cash back / no AF card thread?

 

If not there should be since this is the minimum anyone with fair/good credit should accept from a rewards card.

 

I'm happy to start one.

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Memberlicious, isn't it?

Guess I'm the only person that thought this was amusing - "If account has 100 or more transactions, receive a FREE year-end account summary"

 

The FREE is their emphasis not mine.

 

 

Memberotic!!!

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Approved - Premium Cash Back Plus Visa -$30K apparently they are bk friendly. Pulled EX - FICO8 is 758. This is my highest CL.

That's awesome, Congrats!

 

Looks like the secured card you were lamenting sure paid off for you with that initial approval. And State Department is very well known here for not graduating secured cards, however if they provide these kind of approvals after a secured card stint, it may just be worth the effort for some.

 

How long did you have your secured card and what was the limit? How old is your BK? Do you know if they pulled FICO 8/Bankcard? I would at least ask SDFCU to backdate the opening date of your new VISA to that of your secured card, the worst they can say is no and it's worth a shot to add some age.

 

 

BK -11/10. I looked at my old SDFCU posts and I was declined for an unsecured card due to insufficient credit history in 8/2012 not bk. Apparently they told me the secured card wouldn't graduate when I applied immediately after. (I have the memory of a fruit fly -whoops! :( ). I closed the secured card 12/2014 with a $7.5K limit/deposit. My FICO 8 is 758. The score SDFCU used is 724 from Experian/Fair Isaac (Ver. 2).

 

I will definitely ask them about backdating. Thanks for the advice!

Edited by Allkindabroke
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I wonder if you can convert an existing card with them to this product.

 

Admittedly I'm a bit gun shy to call and ask. My last convo with them over a CLI request went less than stellar....

 

SDFCU Underwriter "Sir I see here that you already have over $300K in available credit. Why would you possibly want more credit? The other underwriters and I just don't understand this request."

 

*Cricket, cricket*

 

ME "Well, I'm trying to build my credit profile and have more spending choice with my credit products."

 

"SDFCU Underwriter: "I'd say you have already accomplished that. Your request is denied. Is there anything else I can help you with?"

 

Apparently they're small enough to take a manual look at some of their apps and not just go with what the computer says....

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On a different note their Platinum card is supposedly a true chip+pin priority card. I wonder if that's also true with this one.

 

 

 

This is the most interesting part for me...

 

I like the rarer things...hidden TLs, true chip&pins, etc.

 

[eta]

 

Gawd, I wish it was a better looking card though. It looks like it was designed by the AARP Design Guidance Committee...

 

Edited by brainchasm
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I wonder if you can convert an existing card with them to this product.

 

Admittedly I'm a bit gun shy to call and ask. My last convo with them over a CLI request went less than stellar....

 

SDFCU Underwriter "Sir I see here that you already have over $300K in available credit. Why would you possibly want more credit? The other underwriters and I just don't understand this request."

 

*Cricket, cricket*

 

ME "Well, I'm trying to build my credit profile and have more spending choice with my credit products."

 

"SDFCU Underwriter: "I'd say you have already accomplished that. Your request is denied. Is there anything else I can help you with?"

 

Apparently they're small enough to take a manual look at some of their apps and not just go with what the computer says....

 

This sounds like a company that really wants your business. :swoon:

 

Remember, with a credit union you aren't just a customer, you're an owner!!!!!!!!!!!!!!!!!!!!

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I had a similar experience...I think all underwriting is manual. They gave me a lower limit than all my other cards and when I inquired they mentioned all my available credit from other issuers. I said I was interested in getting something in the upper part of the "up to $100k" limit they advertised. They again told me that I already had plenty of credit and maintained their previous decision.

 

They are also a pain to pay. If you want to pay online you must deposit into your member share account first (mobile check deposit subject to long holds). It's the only place I snail mail a check to pay so that I can pay from an external account. I think this is because their online banking consists of at least 3 unrelated systems that don't talk to each other.

 

After a year I did get an auto CLI

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I had a similar experience...I think all underwriting is manual. They gave me a lower limit than all my other cards and when I inquired they mentioned all my available credit from other issuers. I said I was interested in getting something in the upper part of the "up to $100k" limit they advertised. They again told me that I already had plenty of credit and maintained their previous decision.

 

They are also a pain to pay. If you want to pay online you must deposit into your member share account first (mobile check deposit subject to long holds). It's the only place I snail mail a check to pay so that I can pay from an external account. I think this is because their online banking consists of at least 3 unrelated systems that don't talk to each other.

 

After a year I did get an auto CLI

 

"We aren't very ambitious because we don't care if we make a profit or not. If you'll waste a few minutes on our web site you'll see that our basic savings account pays 0.10% APY, so we clearly don't care if we get that business either. We're barely trying. You're lucky we even have a web site."

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