Founders Platinum Credit Card Review | Credit Shout
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Founders Platinum Credit Card Review

By Christine Layton / November 13, 2011
Founders Platinum Credit Card Review

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The Verdict

The Founders Platinum credit card has no annual fee, no transaction fees for balance transfers or cash advances and earns rewards on every purchase.

Unfortunately, this card does not offer the best interest rate, which may be as high as 17.90%.

Consumers may also find a better card that offers more extensive travel and shopping benefits at a lower rate.

Overall, this card is still a good choice for members that don’t carry a balance and want a simple card that costs nothing to carry and earns rewards that are easy to redeem.


Founders Federal Credit Union offers members the opportunity to apply for a Platinum credit card through either Mastercard or Visa.

The credit card offers a number of benefits, such as rewards and no annual fee.

There are downsides, however, that make this credit card best for individuals who don’t carry a balance from month to month.

How These Cards Work

The Founders Platinum card is available as either a Visa or Mastercard.

The card is accepted worldwide at millions of locations and earns 1 point for every $1 spent.

These points may be redeemed through CURewards for gift cards, travel, merchandise and more.

Cash advances and balance transfers begin to accrue interest on the transaction date, although purchases have a 25-day grace period.

Balances on purchases paid in full before the due date of each month will not be charged interest.

Travel & Shopping Benefits

This Platinum card includes free travel insurance for cardholders that applies to tickets purchased in full with the credit card.

Cardholders may also choose the optional payment protection plan which makes monthly payments or pays the balance in full in case of death, disability or unemployment.

This credit card offers cardholders excellent fraud protection as well through Verified by Visa, which allows the cardholder to choose a password to use while making online payments.

The Founders Platinum card also earns rewards on every dollar spent, which cardholders may redeem for merchandise, travel and more through CURewards.


There is no annual fee for the Founders Platinum credit card, whether it’s the Mastercard or Visa. The same variable APR applies to purchases, cash advances and balance transfers. The APR will be 9.85%, 10.85%, 13.85% or 17.90%, depending on credit history.

A penalty APR may be incurred on the account if a payment is made more than 60 days late. If the penalty APR is applied, it will remain in effect until six consecutive on-time payments have been made. The penalty APR is 17.90%.

There is a minimum interest payment of $1.00.

Both late payments and returned payments may result in a penalty fee of up to $29.

There is no transaction fee for balance transfers or cash advances, although there are a few other fees that may apply to cardholders. A “cross border” transaction fee of 1.00% may be charged, and a lost or stolen card replacement costs $6. The receipt copy fee is $5 and the research fee is $20/hour and $2 per copy.

The Bottom Line


  • No annual fee
  • Rewards through CURewards
  • Travel insurance
  • No transaction fee on balance transfers or cash advances


  • Must be a Founders member to apply
  • Penalty APR may apply
  • APR may be as high as 17.90%
  • Lacks a substantial amount of travel rewards


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Editorial Discloser: Opinions expressed here are authors alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.