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Verdict: The LFCU Visa Platinum card has a lot to offer cardholders. The card is free of hidden fees and has no annual fee. The optional rewards version earns one point for every $1 spent. This card offers cardholders a full range of travel benefits, as well as an introductory APR on balance transfers, purchases and cash advances. Although the APR can be high for those with poor credit, this card is well suited to individuals who want a free to carry card that earns rewards and pays them back for purchases every month.
Overview: The Lockheed Federal Credit Union offers a range of financial services to members, including a Visa Platinum and Visa Platinum Rewards card. Both cards offer a low APR, travel and shopping benefits and a great introductory APR. With generous credit limits and optional rewards, the Visa Platinum card from LFCU can fit the needs for most cardholders.
How These Cards Work: The Visa Platinum card is accepted worldwide through the Visa network and gives cardholders 24-hour access to cash at ATMs around the world. The card has a 25-day grace period for purchases, allowing cardholders to avoid interest charges by paying their account balance in full before the due date of each billing cycle. The rewards version of the Visa Platinum card earns one point for every $1 spent. There is no limit to the amount of points that may be earned and points do not expire as long as one purchase is made every 12 months. There is currently a 0% introductory APR for purchases, cash advances and balance transfers for six months. This intro APR applies to transactions that occurred during the first 90 days after opening an account. With the rewards card, cardholders may choose to lock in a 24-month introductory APR of 4.99%.
Travel & Shopping Benefits: The LFCU card comes with many benefits for shopping and traveling. Free travel insurance and auto rental insurance is included. These services are available to the cardholder, spouse and children under 22 when tickets or rentals are made with the credit card. Emergency assistance is also provided, includes: medical references, emergency message services, legal referrals, emergency transportation, emergency ticket replacement, lost luggage locator, emergency translation, prescription assistance and pre-trip help. The warranty manager service with this card allows the cardholder to register warranties for purchases and receive an extended warranty up to one year. The Rewards version of this card also earns one point for every $1 spent. These points may be redeemed for merchandise, travel, gift cards and more.
Fees: There is no annual fee for the LFCU credit card. The APR for the Visa Platinum is 8.24% to 17.99%, depending on credit history. For the rewards card, an APR of 9.24% to 17.99% will apply. The APR is the same for purchases, cash advances and balance transfers. With the rewards card, however, an introductory rate of 4.99% to 9.99% will apply to balance transfers. A penalty APR of 17.99% may be applied to the balance and future purchases if a payment is received more than 60 days late. After 6 consecutive on-time payments, the regular rate will be reinstated. There is no minimum interest charge and no charge for balance transfers or cash advances. Foreign transactions are subject to a 1% transaction fee. The overdraft protection transfer fee is $4. The late payment penalty fee is tiered. For balances under $100, the fee is $15. Balances between $100 and $500 incur a $20 fee and balances over $500 incur a $25 fee. The fee may be up to $30 if two late payments are made during a six-month period. The over-limit fee is $25, although the cardholder must opt-into the ability to spend over their credit limit. The returned payment fee is $29 and the stop payment fee is $20.
- No annual fee
- 0% introductory APR for 6 months
- Rewards card has 4.99% APR for 24 months
- No hidden fees
- No fee for balance transfers and cash advances
- Must be a LFCU member
- APR as high as 17.99%
- Penalty APR
- High penalty fees