Total Visa Credit Card Review

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Total Visa Credit Card Review

The Total Visa Credit Card is not one of the best credit cards according to Investopedia. Here is a list of our top credit cards that we believe provide superior possibilities.

Full Review of Total Visa Credit Card

Pros

  • Does not require a security deposit

  • Reports to the three major credit bureaus

  • Cash advance fees waived for the first year

Cons

  • Expensive fees

  • Limitations on how the card can be used

  • May be liable for $50 of unauthorized purchases

Pros Explained

  • People with bad credit or little to no credit history often utilize secured credit cards to begin developing or restoring their credit. A secured credit card requires a security deposit, which serves as your credit limit. A secured card often requires you to deposit hundreds of dollars all at once in order to use your card, which many individuals cannot afford. Because the Total Visa Credit Card is unsecured, there is no need for a security deposit. Even if you have less-than-perfect credit, you may be able to apply for the card and get a credit limit of $300 without having to put your money as collateral.
  • Reports to the three main credit reporting agencies: The Bank of Missouri issues the Total Visa Card, and it reports your account activity to the three main credit bureaus: Equifax, Experian, and TransUnion. You may improve your credit over time if you use your account properly, which means making all of your payments on time, making the minimum monthly payment, and keeping your balance below your credit limit.
  • Cash advance costs are eliminated for the first year: There are no cash advance fees for your first year as a cardholder. If you use your card to acquire cash at a checkout, an ATM, or a bank, you will still have to pay interest on the money, but there will be no additional cash advance charge for the first year. Following that, the cash advance cost is either $10 or 3% of the cash advance amount, whichever is larger.

Cons Explained

  • Expensive costs: While the Total Visa Credit Card does not demand a security deposit, there are some pricey fees to be aware of:
  • The yearly charge is $75 for the first year and $48 every year afterwards. The charge is imposed prior to the use of your card and subtracted from your original credit limit. If your credit limit is $300, for example, your first accessible credit limit is $225.
  • There is a one-time cost of $89 for the program.
  • Monthly maintenance charge: The monthly servicing price is $75 after the first year ($6.25 invoiced monthly).
  • Additional card charge: There is a $29 fee per card if you request an additional card for another user.
  • Credit limit increase cost: If you seek and are approved for a credit limit increase, you will be charged a credit limit increase fee equivalent to 20% of the increase. For example, if your credit limit is raised by $100, the cost is $20, which is removed from your available credit.
  • Express delivery charge: There is a $35 price to have your card mailed to you by express delivery.
  • Copying price: There is a $3 copying fee per page if you request copies of billing statements or other documents.
  • Late payment cost: Late payments are assessed a $40 fee, or $29 if no other late payments have been made in the previous six months.
  • If a payment is returned to you due to insufficient funds, you will be assessed a $40 fine, or $29 if no other late payments have been made in the previous six months.
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To put such costs into perspective, your first year as a cardholder would cost you at least $164 in non-refundable fees. That is money you will never see again, making this a pricey card to own. The Capital One Secured Mastercard is a less expensive choice.

It includes no annual cost and a security deposit of $49, $99, or $200 depending on your credit profile. Furthermore, your security deposit is refundable.

More information regarding Total Visa fees may be found at rates, fees, expenses, and limits.

  • Constraints on card use: The Total Visa Credit Card has certain odd limitations on how it may be used. It cannot, for example, be used outside of the United States or at automated gasoline stations. If you wish to use your card to purchase petrol, you must enter the gas station and pay at the register. This law is inconvenient since many individuals use credit cards to pay at the pump.
  • You may be liable for $50 in fraudulent purchases: Most credit cards have zero liability protection, which means you are not liable for unauthorized transactions made to your credit card if it is lost or stolen. That is not always the case with the Total Visa Credit Card. There are several restrictions, and you might be held accountable for up to $50 in unlawful transactions.

The Total Visa Credit Card is designed for those with bad credit or little to no credit history who are unable or unable to put up a deposit for a secured credit card. You may apply for the card online and get an answer in seconds. If you are authorized, you will get an unsecured Visa card that you may use at merchants in the United States.

Standard Benefits

The card offers little perks, but you may design your own card and it sends your account activity to the main credit agencies.

Cardholder Experience

The Bank of Missouri offers the Total Visa Credit Card. The Bank of Missouri is not included in the J.D. Power Credit Card Satisfaction Study since it is a minor credit card issuer.

Call 877-526-5799 if you have any queries regarding your card application or to pay your program fee to start an account. Call 877-480-6988 to check your account balance or make a payment.

To report a lost or stolen card, contact (877) 480-6988 24 hours a day, seven days a week.

You may also email customer care at [email protected] if you have general queries. (However, as the bank points out, it’s never a good idea to communicate personal information over email, like account numbers or passwords.)

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Security Features

This card has just the most basic security measures. While you are not normally responsible for illegal transactions, you must tell The Bank of Missouri verbally or in writing as soon as you become aware that your card has been lost, stolen, or used without your permission. There are limited exceptions, and you may be responsible for up to $50 in unlawful charges in specific cases.

Our Verdict

While the Total Visa Credit Card may provide you with an unsecured credit card even if you have bad credit, its many fees make it a costly alternative. Because such costs are non-refundable, a secured credit card is probably a better option. You may gradually improve your credit and qualify for a standard unsecured card. You will get your security deposit refunded, saving you hundreds of dollars over utilizing the Total Visa Credit Card.

Consider the Discover it Secured credit card instead of the Total Visa Credit Card. It has no annual cost, monthly service fee, or program fee, and it does not have the Total Visa card’s usage limits. The Discover it Secured card also gives rewards on certain purchases, and with responsible credit usage, you may ultimately qualify for an unsecured card.

Investopedia Credit Card Rating Methodology

Investopedia is dedicated to providing the most accurate credit card advice in the business. We’ll tell you when a card is excellent, when it’s awful, and we’ll only declare a card the greatest if we’d suggest it to our friends or family.

Overall Star Rating Explained

To rank credit cards, we objectively examine, score, and weight roughly 100 unique card characteristics, which are then categorized into five key feature sets: fees, interest, rewards, perks, and security/customer service. Here’s how we weighted those feature sets to get a card’s total star rating:

We have applied our patented grading approach to every widely recognized credit card in the domestic market of the United States, allowing users to make fully informed decisions. It’s crucial to understand that we make a lot of assumptions regarding how you’ll use your credit card when calculating our overall score:

  1. While we make no assumptions about whether or not balances are held on a certain card, we do apply differing weights to all credit cards’ promotional APR (if applicable), as well as the normal, long-term purchase and balance transfer interest rates.
  2. We use BLS (U.S. Bureau of Labor Statistics) income and average category spending data to calculate annual earnings rates for rewards cards that offer cash back, points, or miles rewards at a fixed rate on all spending or with bonus rewards for specific spending categories such as gasoline, groceries, restaurants, or travel.
  3. The maximum points value of a rewards card is calculated by dividing the number of points, cash back, or miles required to exchange for the retail price of the most valuable redemption option (for example, in the case of a card that offers a domestic roundtrip airline ticket as a redemption option vs. another redemption option of lesser value that requires the same amount of points or miles to acquire, we would base the rewards value on the airline ticket).
  • Cards that are chosen as the greatest overall in their respective categories often include the majority, if not all, of the following characteristics:
  • Fees that are low or reasonable Credit card fees may take numerous forms, but the most common are those for annual card membership and debt transfers. There are several reward and non-reward card alternatives with no annual fee, but the cost of the ones that do charge an annual fee is generally justified by their attractive recurring benefits and initial signup incentives. Balance transfer costs are often removed during introductory periods with certain cards, which is a feature that is highly and favorably weighted in our scoring model for cards that provide this advantage. Balance transfer costs, if paid, vary between 3% and 5%, and we evaluate them appropriately. Other regular costs, such as those for late payments or cash advances, may often be avoided, but we assess them compared to other cards in the market for reference, but with less weight allocated.
  • Competitive Motivation Many credit cards provide 0% introductory APR on purchases and debt transfers for varied periods of time before reverting to a permanent or normal APR (based on a variable rate related to the prime rate) that applies to any balances that are not paid in full. The introductory APR % and term (in months) are both rated, as is the midpoint of the variable regular APR interest rate range.
  • Excellent Benefits Credit card reward schemes might provide cash back, points, or travel benefits (which can be generic or travel partner-specific, as with airline and hotel co-brand card programs).For cards that give rewards, we calculate the value per dollar spent as well as typical redemption values and award higher ratings to cards that provide greater customer value. We also appreciate sign-up bonuses and their first spending criteria when they are available.
  • Excellent Advantages Concierge service, TSA Pre-check, vehicle rental coverage, travel accident insurance, lost baggage help, and free credit scores are all examples of credit card advantages. We grade cards based on the amount and quality of over a dozen standard and upscale advantages, with additional weighting given to travel-related perks that apply to premium travel cards where they are present.
  • Excellent security/customer service Security and customer service features like as lost or stolen card replacement, the ability to freeze one’s card through an issuer app, and 24 hour customer assistance are becoming increasingly common in the card industry, and we put a high value on them.
  • You can also read our comprehensive methodology for a more in-depth look at how we evaluate cards and reward the best in different categories.
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