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Verdict: The Mastercard from First Community Credit Union is designed to be very consumer friendly. There is no charge for balance transfers or cash advances and fees are kept very low. This credit card also features a very low fixed interest rate of 9.9%, making it a great choice for consumers who tend to carry a balance or those who want to transfer a balance from another high interest card. Still, this credit card is held back by a few things. There is an annual fee of $29, which is high considering there are no rewards or travel benefits. Most consumers are better off looking for a credit card with no annual fee to avoid paying an unnecessary cost each year.
Overview: First Community Credit Union offers a great range of credit card products to members. The Mastercard is one of the basic credit cards that does not offer rewards. This credit card has very limited travel and shopping benefits, although it has absolutely no fees for cash advances and balance transfers. There are no hidden costs and penalty fees are capped at $10, making this credit card very appealing to cardholders who want a low interest, simple credit card. Unfortunately, there is an annual fee for the card that makes it hard to recommend fully.
How These Cards Work: The First Community Mastercard features fraud protection and zero liability for any fraudulent purchases. The card is accepted worldwide, giving the cardholder access to cash anywhere. There is a 25-day grace period on purchases only, allowing the cardholder to avoid interest charges completely by paying their balance in full during this period. Interest on balance transfers and cash advances begins immediately on the transaction date. This credit card has no rewards program and limited benefits, although cash advances and balance transfers are provided fee-free. Cardholders may access their account information online to view statements and balances, make transfers, schedule payments and more.
Travel & Shopping Benefits: This card does not offer much in the way of travel and shopping benefits. This credit card includes $250,000 in travel accident insurance that covers the cardholder and immediate family when tickets are purchased with the card. Fraud protection is also provided, as well as zero liability for fraudulent purchases. There are no discounts or rewards with this card.
Fees: There is a $29 annual fee for this credit card. The APR is a fixed 9.9%, which applies to purchases, balance transfers and cash advances. There is no penalty APR and no minimum interest charge. There are also no fees for balance transfers and cash advances. A 1% fee applies to foreign transactions. There is no over limit fee, but a fee up to $10 applies to returned payments and late payments. There are no hidden costs to this credit card.
- Very low fees
- No fees for cash advances and balance transfers
- Low fixed rate
- Must be a First Community member
- Annual fee of $29
- Limited benefits
- No rewards