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Verdict: There are three separate versions of the Provident credit card available to members. Each offers no fee, fixed rate balance transfers, no annual fee and competitive interest rates. All three also earn rewards for every purchase, with the Platinum cardholders having a choice between points and cash back. Despite the downsides–like an APR as high as 18.0% for those with poor credit–these cards are an excellent choice for members who carry a balance frequently, spend more than $2,000 per month or those who want a free to carry card to earn rewards.
Overview: Provident Credit Union offers three different Visa credit cards to members: the Classic, Gold and Platinum. All three cards feature fixed rates and no fees for balance transfers, a rewards system, no annual fee and competitive interest rates. With many choices and plenty of advantages, there is a Visa card for every spending style with Provident Credit Union.
How These Cards Work: All three Provident credit cards are accepted worldwide and carry a full 25-day grace period on purchases only. This allows the cardholder to pay their balance in full before the due date to avoid interest charges completely. Interest is charged for balance transfers and cash advances beginning on the transaction date. All cards feature fraud protection in the form of Verified by Visa and CardLock, which allows the cardholder to block and unblock purchase transactions if fraud is detected. Overdraft protection is also available for Provident checking accounts. All three versions of the card have rewards systems. For the Classic and Gold cards, points are earned for every dollar. Platinum cardholders may choose between cash back and rewards points.
Travel & Shopping Benefits: All cards feature Verified by Visa and CardLock to prevent identity theft and fraudulent purchases. Visa Rewards, an online merchant discount program, is also included with every credit card. All cards also earn rewards through CURewards to earn points for merchandise, travel and more. The Gold card adds auto rental insurance, travel and emergency assistance and $400,000 in travel accident insurance for the cardholder, spouse and dependents. The Platinum card includes travel accident insurance up to $1,000,000 and the ability to choose a 1% cash back rewards instead of CURewards points.
Fees: There is no annual fee for any of the Visa cards from Provident. For the Classic card, the standard fixed APR is between 16.65% and 18.0%, based on credit worthiness. The introductory APR of 10.65% may be given for six months to cardholders with excellent credit. The relationship APR for this card is 14.65%, with an introductory APR of 9.65% for six months. The fixed rate for balance transfers is 9.9%. For cash advances, the standard APR is 16.65% to 18.0% and the relationship APR is 14.65%. For the Gold card, the standard APR is between 14.65% and 18.0%. The introductory APR of 10.65% may be given for six months to cardholders with excellent credit. The relationship APR is 12.65% with an intro APR of 8.65% for six months. The fixed rate for balance transfers is 9.9%. For cash advances, the standard APR is 14.65% to 18.0%, or 12.65% for the relationship rate. For the Platinum card, the standard fixed APR is between 12.65% and 13.15%,. The introductory APR of 10.15% to 10.65% may be given for six months to cardholders with excellent credit. The relationship APR for this card is 10.65%, with an introductory rate of 8.64% for six months. The mortgage relationship rate is 9.65% with an introductory rate of 6.65% for six months. The APR for balance transfers is a fixed 9.9%. The same APR applies to both purchases and cash advances with no introductory APR. The minimum interest charge is $0.50. The cash advance fee is 2% or $4, whichever is greater. Foreign transactions are subject to a 2% fee. Late and returned payments result in a $15 penalty fee.
- No annual fee
- Introductory APR for 6 months
- Fixed APR
- Lower fixed APR for balance transfers
- Rewards with all three cards
- Must be a member of Provident Credit Union
- Complicated rate structure
- APR as high as 18.0%