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The Verdict: The Grow Financial Visa Platinum is a rewards credit card that earns points for every dollar spent. Although it has other advantages, like no annual fee and an APR that may be as low as 8.99%, the card still has many drawbacks that make it a poor choice for many members. This Visa Platinum card carries a penalty APR of 18.00%, along with many hidden fees. Overall, this card can only be recommended to individuals who never carry a balance and have no history of late payments. Overview: Grow Financial Credit Union offers a number of financial services to members, including the Visa Platinum card. This credit card is straightforward with basic travel benefits and a points system that allows cardholders to earn rewards. Although the APR can be as low as 8.99%, this is based on credit worthiness and may be as high as 17.99%. Despite the hidden fees and potentially high interest rate, the card does offer benefits like no annual fee and a generous credit limit. How These Cards Work: The Visa Platinum card is accepted worldwide and has a 25 day grace period so cardholders may avoid interest charges by paying their balance in full. The APR of 8.99% to 17.99% applies to both purchases and balance transfers, although a penalty APR of 18.00% may be triggered with a late payment. If a late payment is received and the penalty APR is incurred, it will remain in effect for 6 months. After this period, if there are no more late payments, the APR will lower again.
Travel & Shopping Benefits: The Visa Platinum card from Grow Financial offers basic travel benefits to cardholders, including free travel accident insurance for the cardholder, spouse and children when tickets are purchased with the credit card. Auto rental insurance is also included, which can save money while renting a vehicle because the cardholder can waive insurance options. There is zero liability for fraud as well through the Verified by Visa system, which allows cardholders to set up a password to use online while shopping. This card earns one point for every $1 spent, which may be redeemed through ScoreCard for merchandise and travel. Fees: There is no annual fee for the Grow Financial Visa Platinum card. An APR of 8.99% to 17.99%, based on credit worthiness, applies to both purchases and balance transfers. The APR for cash advances is 18.00%. The penalty APR for this card is 18.00% and may be triggered by a late payment. The penalty APR will apply for six months. Foreign transactions are subject to a 1.00% transaction fee. The penalty fee for returned payments and going over the credit limit is up to $25, while the late payment fee is up to $35. There are a number of other fees associated with the account, including a statement copy fee of $1 per page, an emergency card replacement fee of $20, a photocopy fee of $5, a photo card fee and reissue card fee of $5.95 and a convenience check stop payment fee of $20. Pros:
No annual fee
APR as low as 8.99%
No fees for balance transfers and cash advances
One point for every $1 spent
Must be a Grow Financial member to apply
Many hidden fees
APR as high as 18.00%
Credit Shout is a community of personal finance experts dedicated to helping you save money and make smart financial decisions. Learn how to master your credit card rewards, improve your credit score and start eliminating your debt.