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Verdict: The Redwood Platinum Visa card has many advantages to cardholders, particularly those with excellent credit. The card has two rate structures with a fixed rate as low as 8.99%. There is no fee for balance transfers and cash advances performed at a RCU location and there is no annual fee as well. Unfortunately, drawbacks to this card include a rewards program that costs an additional $35 annually and an APR as high as 20.99% for individuals with less than perfect credit. It’s best to pass on the rewards program as the cost is too high and unnecessary. This credit card is best for members with great credit who are looking for a free to carry credit card with no hidden fees.
Overview: Based in California, Redwood Credit Union offers membership to residents in many counties like San Francisco, Sonoma, and Napa. The credit union offers a single credit card to members that’s intended to meet many needs. The card has two rate structures, one of which is a fixed rate designed for applicants with excellent credit. The card also features travel and shopping benefits, an optional rewards program and fee-free balance transfers. Overall, this card can suit many needs although there are drawbacks that make it less than ideal.
How These Cards Work: The Redwood Platinum Visa is accepted worldwide and has a full 25-day grace period for purchases. To avoid interest payments, the balance must be paid in full during this time. Interest on balance transfers and cash advances begins immediately on the transaction date. There are two separate rate structures for this credit card: a fixed or a variable APR. Only applicants with excellent credit receive the low, non-variable rate. This credit card also has a rewards program that earns one point for every $1 spent. Cardholders may check their balance and redeem points online for travel, merchandise, gift cards and more.
Travel & Shopping Benefits: The Redwood Platinum Visa offers a range of travel and shopping benefits for the cardholder. Travel accident insurance is provided when tickets are purchased in full with the card. This insurance covers the cardholder, spouse and dependents. Emergency travel assistance provides cash disbursement and card replacement. Auto rental insurance is provided automatically when a rental vehicle is purchased with the card to protect against theft and damage. The extended purchase protection extends manufacturer’s warranties and registers warranties to provide ultimate protection to cardholders.
Fees: There is no annual fee for the Redwood Platinum Visa. The variable APR for purchases and balance transfers is 9.49% to 17.99%, and 12.49% to 20.99% for cash advances.With the fixed rate the APR is between 8.99% and 9.99% for purchases and balance transfers and 11.99% and 12.99% for cash advances. Balance transfers are free, as well as cash advances if performed at a RCU location. When performed elsewhere, cash advances are 2% or $20, whichever is greater. Foreign transactions are subject to a 1% fee. The late payment penalty is up to $15 and the returned payment fee is up to $22. There is no over-limit fee. The RedwoodRewards Plus program is an additional $35 if selected.
- No annual fee
- No balance transfer fee
- Low, fixed rate available
- Must be a member of Redwood Credit Union
- Variable APR is as high as 20.99%
- Rewards program is an additional $35 annually