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The Verdict: The Kinecta Visa Platinum card has many benefits to cardholders with few drawbacks. Because there is no annual fee, cardholders that want a simple credit card that costs nothing to carry will enjoy this card. Members that want rewards, however, can add the optional rewards program for $25 annually to earn points toward gift cards, travel and more. Because the APR can be high, this card is not recommended for individuals who carry a balance. It is also not the ideal card for transferring balances as a 3% transaction fee is charged.
Overview: Kinecta Federal Credit Union has two popular credit cards: the Visa Platinum and the Visa Signature Rewards. The Visa Platinum card is the simpler version with less shopping benefits but no annual fee, unless the cardholder chooses to add the rewards program for $25 each year. Although it doesn’t have the lowest interest rate, this card may appeal to members of the credit union that want a simple card that costs nothing to carry. The low annual fee for a rewards card may also be worth it to cardholders that don’t carry a balance.
How These Cards Work: The Kinecta Visa Platinum card is meant to be a straightforward card that’s easy for members to use daily. The card has a 25 day grace period on purchases, which allows the cardholder to avoid any interest charges from accruing by paying off balances in full during this period. If interest is charged, the minimum charge is $1.00. Balance transfers and cash advances both carry a 3% fee, with a minimum charge of $10. Cardholders of the Visa Platinum have the choice to add the Dream Points rewards system for an added fee of $25 annually. This allows the member to earn 1 point for every $1 spent with the card, which may be redeemed for merchandise, gift cards, travel and more. Because $25 is a rather low fee for a rewards card, it may be worth it to individuals that use their credit cards regularly and always pay in full during the grace period.
Travel & Shopping Benefits: Kinecta’s Visa Platinum card has excellent fraud protection and cardholders have zero liability for unauthorized purchases. The card includes $1,000,000 in travel accident insurance for cardholders and family members when tickets are purchased with the credit card. It also includes car rental insurance and auto rental collision damage waiver for personal rentals. Emergency cash and card replacement is available, along with travel or emergency assistance. Cardholders have the option to earn reward points for every dollar spent by enrolling in the Dream Points program for $25 annually. For individuals who use their credit card often and pay off their balance, this option may be well worth the money.
Fees: The Visa Platinum card from Kinecta has no annual fee unless the cardholder wishes to add Dream Points Rewards, which adds a $25 fee annually. The APR for balance transfers and purchases with the card is a variable 9.99% to 18.00%, depending on credit worthiness. Cash advances are subject to an APR of at least 11.99% but not greater than 18.00%. Cash advances, balance transfers and purchases may be subject to a default APR of 18.00% in case of delinquent payments. The minimum interest charge, if incurred, is $1.00. All foreign transactions outside of the country of issue are subject to a 1.00% fee. Late payments and returned payments result in a fee of $25. Document copies are $12, with one free annually, and there is a $25 for rush card replacements.
- $1,000,000 in travel accident insurance and emergency assistance
- Option to earn 1 point in rewards for every $1 spent for $25 annually
- No annual fee
- Must be a member of the Kinecta Credit Union to apply
- 3% transaction fee for balance transfers and cash advances
- APR up to 18.00%