The Verdict: The Platinum Visa is a great offering from the State Employees Credit Union of Maryland. The card earns rewards on every purchase that may be redeemed for travel and merchandise. There are no hidden fees with this card and no annual fee, balance transfer fee or cash advance fee. The relatively low APR also makes this card a great choice for members that tend to carry a balance. Overall, this card is a good choice because it costs nothing to carry and may save cardholders money with rewards and no-fee transfers.

Overview: The SECU Credit Union in Maryland offers two credit cards to members: the Platinum Visa and the Share Secured card. The Platinum Visa is available to members with good to excellent credit that qualify for a high credit limit. This card earns rewards on purchases and has no hidden fees or costs. With no annual fee and a fairly low APR, the Platinum Visa is designed as an easy to use credit card for members.

How These Cards Work: The Visa Platinum card from SECU is accepted worldwide and earns one point for every dollar spent. These points can be redeemed for airline tickets as well as merchandise through the ScoreCard system. There is a 25 day grace period on all purchases. To avoid interest charges, cardholders may completely pay off their balance within this time frame. With no-fee balance transfers, members can also transfer balances from high-interest cards to their SECU card to save on interest.This SECU card also comes with optional credit insurance at a cost, which will pay the balance of the Visa up to $50,000 in case of death or the minimum payment up to $750 in case of disability.

Travel & Shopping Benefits: The Visa Platinum card from SECU includes up to $500,000 in travel accident insurance for the cardholder and immediate family members. Cardholders earn 1 point for every dollar spent through the ScoreCard system. These points may be redeemed for merchandise as well as travel tickets. Members are also able to use their Visa Platinum for discounts at a wide range of retailers, including Dell, Home Depot and Sam’s Club.

Fees: The SECU Visa Platinum card has no annual fee and no fee for balance transfers or cash advances. There is a variable 10.99% APR on purchases, balance transfers and cash advances that may go as high as 24.00% depending on the applicant’s credit eligibility. SECU will not raise the APR to a default interest rate after delinquencies. One advantage of the State Employees Credit Union of Maryland is its lack of hidden fees; aside from the 1% fee on foreign transactions through Visa, cardholders are only responsible for a late payment fee up to $25 and a returned payment fee up to $15.

Pros:

  • No penalty APR or annual fee
  • APR as low as 10.99%
  • No-fee balance transfers and cash advances
  • Earn 1 point for every purchase to use with the ScoreCard system
  • Up to $500,000 in travel accident insurance
  • No hidden fees

Cons:

  • Must be a member of SECU to apply
  • APR may be as high as 24.00%, depending on credit