The Verdict: The First Tech Visa Platinum card has a few advantages for members. It is very straightforward with no hidden costs and no annual fee. The card also comes in three versions, two of which earn rewards for every purchase. Unfortunately, the rewards Platinum cards each have a $25 annual fee while most credit unions offer rewards cards with no such cost. The card may, however, be recommended to consumers who already bank with the credit union and want to transfer balances to take advantage of the introductory 3.99% rate for one year.
Overview: Members of the First Tech Federal Credit Union can choose between three Visa Platinum cards. The regular Platinum card is a straightforward credit card with no rewards, while the Cashback and Points cards earn rewards for every purchase. All three cards are designed with specific needs in mind and the latter two carry a $25 annual fee. With a low introductory rate on balance transfers and no transaction fees, all three cards can appeal to cardholders that wish to transfer balances from high interest cards.
How These Cards Work: The FTCU Visa Platinum cards are all accepted worldwide and feature a 25-day grace period during which cardholders can avoid all interest charges by paying their purchase balance in full. The regular card earns no rewards and the cash back card earns 1% on all purchases. Cash back rewards are automatically deposited in the cardholder’s savings account with the credit union each month. Points have no restrictions and may be redeemed for gift cards, merchandise, travel and more. Cardholders can take advantage of an introductory 3.99% rate on balance transfers for 12 billing cycles.
Travel & Shopping Benefits: These cards feature standard travel and shopping benefits like travel accident insurance, auto rental insurance and warranty extension. One version of the card earns points while the other earns cash back on purchases. Points may be redeemed for travel, merchandise, gift cards and more.
Fees: There is no annual fee for the Platinum Visa and a $25 annual fee for both rewards cards. An APR between 7.25% and 16.00% applies to purchases and balance transfers, while cash advances are subject to an APR between 8.25% and 17.00%, based on credit worthiness. Balance transfers with all three cards have an introductory rate of 3.99% for twelve billing cycles which applies to balances transferred during the first six months after opening an account. There is no penalty APR and no minimum finance charge for any version of the Platinum card. All foreign transactions are subject to a 1% transaction fee. Late payments and returned payments may result in a fee up to $25. There is no over limit fee.
Pros:
- No annual fee
- APR may be as low as 7.25%
- Introductory APR on balance transfers
- No fee for balance transfers or cash advances
- Two different rewards cards available
Cons:
- Must be a First Tech Credit Union member to apply
- $25 annual fee for rewards cards
- APR can be as high as 17.00%
- No choice how cash back rewards are received
