The Verdict: There are three different versions of this credit card from BFSFCU. The regular Platinum card is a great choice for cardholders as it has a very generous credit limit, a full range of travel and shopping benefits and a low APR. The two rewards versions, however, come with an annual fee that makes them less appealing. Unfortunately, there are many more credit cards available that offer the same type of rewards or cash back with no annual cost to the cardholder. The cash back version even comes with a cap on annual rewards despite the $39 annual fee.
Overview: Bank-Fund Staff Federal Credit Union offers three versions of their popular Visa Platinum credit card: the Platinum, Platinum Member Rewards and Platinum Member Cash Rewards. The basic card offers a number of benefits, including travel insurance, emergency assistance, no annual fee and a credit limit starting at $5,000. The rewards cards, however, come with an annual fee of either $19 or $39, along with the ability to earn a 1% cash back rebate or 1 point for every $1 spent.
How These Cards Work: Members of BFSFCU may choose which card to apply for. All three are accepted worldwide and provide access to cash through ATMs. There is a 25-day grace period on the card as well, allowing cardholders to avoid interest charges on purchases by paying their balance in full during this time period. For balance transfers and cash advances, interest begins to accrue immediately. The cash back version gives the cardholder a 1% cash rebate on all purchases up to $1,200 per year. The points version of the card allows the cardholder to choose rewards like merchandise, travel, gift cards, rental cars, hotel stays and more. Members can begin redeeming starting at 1,100 points through the Members Rewards website. A penalty APR may be applied to the account after a late payment. This APR will apply to the outstanding balance until six consecutive on-time payments are received, at which point it will be reduced to the current rate for non-delinquent accounts.
Travel & Shopping Benefits: All three versions of this card come with a great range of travel and shopping benefits. All cards include travel and emergency assistance, up to $1,250 in lost luggage reimbursement, travel accident insurance and baggage delay insurance. The travel accident insurance provides up to $1,000,000 in coverage, $500,000 for the spouse and $50,000 for each dependent child. Personal identity theft protection covers up to $15,000 and auto rental collision damage waiver is included as well. The Platinum Cashback Rewards card earns a 1% cash rebate on all purchases up to $1,200 annually while the Platinum Member Rewards card earns 1 point for every $1 spent.
Fees: For the regular Platinum card there is no annual fee. A fee of $19 is charged annually for the Member Rewards card and $39 for the Cash Back Rewards card. There is a one-year introductory APR for the Platinum and Member Rewards card of 3.90%. After this period the regular APR is 8.9%. For the Cash Back Rewards card, an introductory one-year rate of 5.90% applies, after which the rate is 10.90%. All cards have a penalty APR that may be applied after a late payment. For the Cash Back Rewards card, the penalty APR is 13.90%; for the remaining two cards the penalty APR is 11.90%. The late payment and returned check fee are both $25, although there is no over limit fee.
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