For consumers looking to build or rebuild their credit history, the Imagine® Visa® Credit Card offers an unsecured option with unique features. While it presents opportunities for credit building without a security deposit, the card comes with significant costs that warrant careful consideration.
Quick Card Overview
- Annual Fee: $99-$175 first year, $49 thereafter
- Credit Limit Range: $400-$1,000
- Regular APR: 29.99%-36.00% Fixed APR
- Rewards Rate: 3% on gas, groceries, utilities; 1% on other purchases
- Recommended Credit Score: 630-850 (Fair to Excellent)
- Account Maintenance Fee: $180 annually after first year ($15 monthly)
Key Benefits and Features
Unsecured Credit Building
Unlike many credit-building options, the Imagine Visa doesn’t require a security deposit. This can be advantageous for consumers who:
- Can’t afford to tie up funds in a security deposit
- Want to start building credit immediately
- Prefer not to deal with deposit requirements
Rewards Program
The card offers a competitive rewards structure for a credit-building product:
- 3% cash back on essential categories:
- Gas purchases
- Grocery store purchases
- Utility bill payments
- 1% cash back on all other eligible purchases
Credit Building Tools
- Reports to all three major credit bureaus (Equifax, Experian, TransUnion)
- Regular credit line reviews
- Online account management tools
Understanding the Cost Structure
First-Year Costs
The card’s fee structure varies based on your approved credit limit:
| Credit Limit | First-Year Annual Fee |
| $1,000 | $175 |
| $700 | $175 |
| $500 | $125 |
| $400 | $99 |
Ongoing Costs
After the first year, cardholders face:
- Reduced annual fee of $49
- Monthly maintenance fee of $15 ($180 annually)
- Total second-year cost: $229
Breaking Down the Math: Rewards vs. Fees
To offset the card’s costs through rewards, consider these spending scenarios:
First Year ($500 credit limit example):
- Annual fee: $125
- Required monthly spending on 3% categories to break even: $347.22
- Weekly spending needed: $86.81
Second Year:
- Combined fees: $229 ($49 annual + $180 maintenance)
- Required monthly spending on 3% categories to break even: $636.11
- Weekly spending needed: $159.03
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Application Process and Approval
How to Apply
- Check for pre-qualification online
- Complete the full application if pre-qualified
- Receive a decision (typically within minutes)
- Card delivery takes 7-14 business days
- Expedited shipping available for $19 fee
- Delivers within 3 business days
Approval Factors
- Credit score (recommended 630+)
- Income level
- Current credit utilization
- Payment history
- Recent credit applications
Maximizing Card Benefits
Optimal Usage Strategies
- Pay balance in full monthly to avoid high APR
- Focus spending on 3% categories
- Set up automatic payments for utilities
- Monitor credit score improvements
- Consider upgrading after 12 months of responsible use
Common Pitfalls to Avoid
- Carrying balances (due to high APR)
- Missing payment due dates
- Approaching credit limit regularly
- Neglecting reward tracking
- Overlooking alternative cards after credit improves
Alternative Cards to Consider
Secured Card Options
- Discover it® Secured Credit Card
- $0 annual fee
- $200 minimum deposit
- 2% cash back on gas/restaurants
- Possible upgrade after 7 months
- Capital One Quicksilver Secured
- $0 annual fee
- $200 minimum deposit
- 1.5% flat cash back rate
- Upgrade consideration at 6 months
Unsecured Alternatives
- Traditional starter cards
- Student credit cards (if eligible)
- Store credit cards
Expert Analysis: Pros and Cons
Advantages
- No security deposit required
- Competitive rewards on everyday purchases
- Reports to all credit bureaus
- Pre-qualification available
- Potential for credit limit increases
Disadvantages
- High fee structure
- Elevated APR range
- Limited credit limit options
- Annual reward redemption only
- No clear upgrade path
Final Verdict
The Imagine Visa Credit Card serves a specific niche in the credit-building market. While it offers the advantage of no security deposit and decent rewards, the high fees and APR make it a costly option. Consider this card if:
- You cannot afford a security deposit
- Your spending patterns align with the rewards categories
- You plan to pay in full monthly
- You have a clear exit strategy to upgrade after improving your credit
For many consumers, secured cards with lower fees may provide a more cost-effective path to building credit, especially when considering the long-term costs of the Imagine card’s fee structure.
Note: Rates and fees mentioned are accurate as of December 2024 and are subject to change. Contact WebBank directly for the most current information.
Frequently Asked Questions
Q: How long does it take to receive the card?
A: Standard delivery takes 7-14 business days. Expedited shipping ($19 fee) delivers within 3 business days.
Q: What’s the typical credit limit?
A: Credit limits range from $400-$1,000, with $745 being the average approved limit.
Q: Can I get approved with poor credit?
A: While the recommended score is 630+, some applicants with lower scores may be approved based on other factors.
Q: Are there foreign transaction fees?
A: Yes, the card charges a 3% foreign transaction fee.
Q: How often are credit limits reviewed?
A: The issuer conducts periodic reviews, but no specific timeline is guaranteed.
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