TDECU Credit Cards

TDECU Credit Card Frequently Asked Questions
 

What information do I need to apply for a credit card?

The information usually needed to apply for a credit card is your legal name, birth date, address, Social Security Number, and annual income.

What happens when I get approved for a credit card?

Once you've been approved for a credit card, there are a few steps you should follow to make sure to use your card wisely:

1. Understand the terms and fees. The Schumer box is a good resource for your rate and fees, but you should also know your credit limit and have a balance that is 30% or below your limit.
2. Sign and activate your new card.
3. Read about any rewards your card may provide.
4. Set up payment reminders on your phone or calendar, because payment history is a main factor in credit score.

How old do you need to be to apply for a credit card?

You must be at least 18 years of age to apply for a credit card.

How can an 18 year old get a credit card?

There are a few ways an 18-year-old can get a credit card:

1. An independent source of income or a co-signer.
2. Have someone add the 18 year-old as an authorized user on their credit card. This is similar to having a joint credit card and allows the 18 year-old to build credit until they can open a card themselves.
3. Start with a secured credit card - with these you make a deposit and your credit card limit is the same as your deposit amount.

How do I pick the credit card that is right for me?

There are some easy steps to picking the right card for you:

1. Check your credit score. Most cards have a credit score requirement, so this will let you know what you qualify for.
2. Decide what card suits your needs best. Cards are separated into three main types, each with its own advantages:
   1. Rewards Cards - If you already have good credit or little to no debt, these can be a good choice. These cards allow you to earn cashback or accrue points for things like vacations.
   2. 0% APR Cards - These are useful if you are trying to get out of debt or finance new large purchases.
   3. Building Credit Cards - If you don't have a credit history or your credit score is low, this is the best option for you.
3. Look at the credit card offerings and choose the one that best fits your current situation.

How long will it take to receive my credit card?

You will receive your card 7-10 days after you are approved or from when your replacement is requested.

How much will having a secured credit card help me build credit and raise my credit score?

Secured credit cards help build credit because they require a deposit as collateral, and your credit limit is the same as the deposit. So, if you deposit $200 then your card limit is $200. As long as you pay your bills on time you get the deposit back when you close out the credit card. While it's hard to say exactly how much or how fast your credit score will improve using a secured credit card, if used properly you can generally expect to start seeing improvements within a few months, and a strong improvement within a year.

How can I check my credit card application status?

You can check the status of your application by logging into our Application Status Center.

Can I apply for a credit card with TDECU if I have a low credit score?

Yes, you can and TDECU has a solution for you! If you lack credit history or have a low credit score, you may want to consider our Credit Builder Mastercard® or our Share Secured Mastercard®. Call us at (800) 839-1154 or visit a TDECU Member Center to explore your credit card options and to apply.

How are credit limits determined for credit cards?

A process called "underwriting" is how companies determine your credit limit. While the exact process differs from company to company, some of the main factors considered are income, debt, credit score, expenses, previous credit card payment history, and the balance you keep on any cards you currently have.

What does minimum payment mean?

The minimum payment is the lowest amount of money that you are required to pay on your credit card statement each month. It is 2% of the total balance of your card (with a minimum of $18.00). It's important to make on-time payments, even if it is a minimum payment, to maintain a higher rate of repayment and to build your credit score.

How can I make a payment toward my credit card balance?

You can make a payment toward your credit card balance several ways, including online via TDECU Digital Banking, at a Member Center, or over the phone. Please visit our Payment Center to learn more.

How can I request a credit card limit increase?

If you would like to request an increase on your credit limit, please call our Member Care team at (800) 839-1154 or visit one of TDECU's local Member Centers.

How do I report my card lost or stolen?

1. Log into TDECU Digital Banking
2. Click on Service Center from the Navigation Menu
3. Click on Manage Cards
4. Tap on the card or click on Card Details
5. Click on Report Lost or Stolen

• • When reporting a card lost or stolen you will need to complete a short questionnaire. This information will be used to alert TDECU of any potential fraud on the account.
  • Once submitted, your card will be permanently deactivated. TDECU will mail a new credit card to your current address on file. To receive a new debit card, send a secured message via Digital Banking, call Member Care, or visit your nearest branch.
  • Once you report your card lost or stolen, the card will appear in a Lost or Stolen status within Digital Banking. When you log back in the card will no longer appear in the Card Management module.

How do I find out my credit card limit?

Your credit card limit is available on your monthly statement as well as your online account.

Can I apply for the same credit card twice?

If you've ever canceled a credit card, you can apply for that credit card again at a later time. If your actions with the credit card were positive, such as making payments on time and not repeatedly maxing out the card, then you'll have good odds of getting the card again.

If a credit card application is rejected, first read the rejection notice to find out the reasons for the rejection. Additionally, it is a good idea to check your credit so you know if it meets the minimum score the card requires. If your credit is holding you back you can apply for a credit card that fits your current profile, and if you currently have bad credit or no credit you can apply for a secured credit card.

How can I notify TDECU of my travel plans?

Log into Digital Banking and in the Service Center tab, click on Manage Cards and then Travel Notifications.

What should a Member do if they suspect fraudulent activity on their account?

We take protecting our Members’ finances seriously. If a TDECU credit card has been lost or stolen, or an account has been compromised, it is important for you to take the following steps:

To report fraud on a TDECU credit card, please contact: (888) 918-7341

Also:

1. The Member should contact the major credit reporting agencies (credit bureaus) to request a "fraud alert" be placed on their file. This will require creditors to call you before they open an account in your name. (Note: the credit bureaus will not accept an alert for debit card fraud. They record ID theft and loan fraud)

• Equifax: 866-349-5191

• Experian: 888-397-3742

• TransUnion: 800-680-7289

2. Notify local law enforcement agency to file an Identity Theft Report or a Debit/Credit Card Abuse

3. Report situations of consumer fraud to the Federal Trade Commission.

What is a Schumer Box?

A Schumer box is an easy-to-read table that summarizes the rates and fees of a credit card in the United States. It provides consumers information including the annual percentage rate (APR), the annual fee if applicable, cash advance fee, late payment fee, and returned payment fee. It is named after then New York U.S. Representative Chuck Schumer who helped create the legislation in 1988.