DURHAM, NC – The $25 million Latino Community Credit Union, the relatively young CU formed to serve the burgeoning Hispanic population in North Carolina, has begun to offer a credit card.

The CU began offering the card on May 1. The Visa Classic “Latino Credit” card comes in two forms: secured and unsecured, the CU said.

The unsecured card is the traditional credit card, while the secured card requires a collateral deposit. The advantage of the secured card is that it develops credit history and allows the user to make purchases at retail stores, by phone and over the Internet, the CU said.

“The secured card is the first step toward developing credit history, which is so important in the United States,” says Oscar Saavedra, Charlotte branch manager. “The secured card's interest rate is excellent, much lower than our competitors. It's 9.75% and there is no annual fee.”

Regarding the unsecured card, Saavedra explains: “It's for people who have more credit experience. It was something our members had requested a long time ago. The fact that cash advances have the same interest rate as purchases is a really good deal.” This card does not have an annual fee either.

As an added security measure, all LCCU cards will include a user picture ID, the CU said.