Visa is the first thing that will come to mind if you’ll be asked about credit cards. It’s the pioneer of all the credit cards and whatever we have now are just results of the innovation that Dee Hock and a number of banks have developed in 1968.
They formed a centralized electronic payment that would allow all banks to accept payment from their customers. This system was named Visa because they didn’t want to complicated the way it was pronounced plus it would be said in the same way easily in any language.
Visa is currently offering an online secured credit card. This should’nt surprise us especially Visa had always been the leader in introducing new ways of payment and banking. After a few years when they first started, the primary use of Visa cards was for mail-order and catalog purchases. When the time came that debit cards became popular, Visa partnered with a national ATM network which allowed it to be used more often for a variety of purposes. Eventually, e-commerce came which gave Visa a wider market.
One of the online credit cards that they’re offering is the Millenium Black Diamond Visa and below are some of its pros and cons.
- Guaranteed approval.
- No credit check.
- Credit lines up to $10,000.
- Reports your good behavior to all three credit bureaus.
- Purchase APR is a little high compared to others (19.5%).
- ‘Set-up Fee’ of $99.95
- Annual fee of $59. (On its own, not terrible. But along with the hundred bucks to set up the account? It’s a little much.)
- No grace period at all. (Most cards offer at least some grace period.)
The cons of the card should not matter so long as you handle the card well as it could build your credit which would allow you in not getting high interest loans like installment loans with no credit check.