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The Verdict: Live or work in the California counties of Alameda, Contra Costa, Marin, Napa, Sacramento, San Francisco, San Mateo, Santa Clara, Solano or Sonoma? Then you can join the Patelco Credit Union. And if you’re a member of this credit union, you can aply for the Patelco Visa Classic or Student Visa credit card. That’s a good thing; it comes with a reasonable interest rate and low fees. It’s a perfect card for someone with limited or no credit.
Overview: Credit unions offer their members a solid array of credit cards, including those designed for consumers with limited, no or damaged credit. The Patelco Visa Classic or Student Visa credit card fits nicely in this category. It gives consumers, as long as they’re members of this credit union, the opportunity to build or rebuild their credit without paying exorbitant fees or purchase interest rates.
How This Card Works: This is a basic credit card. It does not come with its own rewards or cash-back program. However, by paying this credit-card bill on time, and by not running up too much credit-card debt, consumers can use the Patelco Visa Classic or Student Visa credit card to build up a high enough credit score so that they can apply for credit cards that do come with rewards or cash-back bonus programs.
Travel and Shopping Benefits: Because this is a basic starter credit card, it does not come with any travel or shopping benefits. Unless, that is, you count the reasonable purchase interest rates and fees.
Fees: The purchase interest rate attached to this card ranges from 13.15 percent to 16.15 percent, depending on the creditworthiness of the cardholder. The card charges no annual fee, while cash advances cost 2.5 percent of each transaction or $2.50, whichever figure is higher. The card’s late-payment fee is $15 if the payment is 15 days or more late. The card does not charge over-the-limit or returned-payment fees. It also does not charge a penalty interest rate for cardholders who are late with their payments.
- No annual fee.
- Low fees.
- Reasonable purchase interest rate.
- Must be a member of Patelco Credit Union to apply for this card.
- No rewards program.