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Verdict: The Platinum credit cards offered by MSUFCU have a few big advantages for cardholders. The credit limit is very generous and may be as high as $50,000 for those who qualify. There are also no hidden fees and a range of shopping and travel benefits. Still, these credit cards fall short with relatively high interest rates up to 17.9%. There is also a penalty APR that may be applied indefinitely and the rewards version of the card only earns 0.5% cash back on purchases, which is very easy to beat. Overall, this credit card is only recommended to members who do not carry a balance at all, always make on-time payments and don’t expect to earn rewards for purchases but simply want a free to carry card for large purchases.
Overview: Michigan State University Federal Credit Union (MSUFCU) offers two Platinum Visa cards to members. Both cards offer credit limits up to $50,000 for those who qualify, along with an interest rate as low as 8.9% and no annual fee. The Platinum Plus card offers cash back to cardholders, although it is at a low 0.50% rate, which does not compete with most cash back cards on the market today. Still, both cards may be a good option for members who want a generous spending limit and no hidden costs.
How These Cards Work: This credit card is accepted worldwide and enables the cardholder to access cash at ATMS anywhere. There is a 25 day grace period that applies to purchases only, allowing the cardholder to avoid all interest charges by paying the balance in full during this time. Balance transfers and cash advances incur interest charges beginning on the transaction date. Cardholders may also remotely access their account through Green on the Go mobile banking, MoneyLine and ComputerLine to view balances, make transfers, make payments and review transactions. There is a penalty APR for this card of 17.9% that may be incurred if the account becomes delinquent more than 60 days. The penalty APR may be applied indefinitely. There are two versions of this credit card: the Platinum and the Platinum Plus. The latter earns the cardholder 0.50% cash back on all purchases.
Travel & Shopping Benefits: Cardholders qualify for a range of discounts with their Visa Platinum cards, including 25% off Dell computers and discounts at Sam’s Club and other retailers. Overdraft protections is available that may be linked to a checking account and credit insurance is also optional. This credit card includes auto rental insurance, travel accident insurance and a warranty program that registers and extends warranties on qualifying purchases. The Platinum Plus version of the credit card earns cash back for cardholders with a 0.50% percentage rate. The cash back is paid annually and deposited into the cardholder’s MSUFCU savings account.
Fees: There is no annual fee for the Michigan State University Platinum card. The variable APR is between 8.9% to 17.9% and applies to purchases, cash advances and balance transfers. For the Platinum Plus card, the APR is a fixed 12.9%.There is a penalty APR for the credit card of 17.9%. A 1% fee applies to ATM transactions, while a 3% fee applies to foreign transactions which is calculated after transaction is converted to U.S. dollars. There is a late payment fee that is tiered. The fee is $0 if the minimum payment due is under $15; $15 if the payment due is between $15 and $24.99; and $25 if the payment due is $25 or more. The returned convenience check fee is $25.
- No annual fee
- No fees for balance transfers
- APR as low as 8.9%
- Credit limit up to $50,000
- Must be a MSUFCU member to apply
- Fixed rate of 12.9% or up to 17.9%
- Penalty APR of 17.9% that is indefinite
- Very low 0.5% cash back