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The Verdict: The TFCU Cash Back Classic card ranks high in many areas. It has no annual fee and earns 1% cash back on all purchases. This can easily add up to substantial earnings for most cardholders that always pay off their balance in full and use their card regularly. However, this card does have a rather high APR that makes it unsuitable for carrying balances or transferring balances from other credit cards. Overall, it’s a good fit for members of the credit union that want to earn extra money each month on purchases.
Overview: The Teachers Federal Credit Union, located in New York, offers a few credit card options to members. One of the most popular is the Cash Back Classic card, which earns 1% cash back on all purchases. The card features no annual fee, no hidden fees and an easy-to-use redemption system. Although the card has some disadvantages, like the fairly high APR, it is still a good choice for responsible cardholders that do not carry a balance.
How These Cards Work: This card is accepted worldwide and has a 25 day grace period. Cardholders can avoid interest charges by paying their balance in full during this time. The minimum payment each month is calculated as 2% of the balance that does not exceed the limit, or $20, whichever is greater. For example, a balance of $3,000 would have a minimum due of $60, while a balance of $500 would have a minimum due of $20. This card earns cardholders 1% cash back on all purchases, which may be received as a check or statement credit.
Travel & Shopping Benefits: The TFCU Cash Back Classic card earns cardholders 1% cash back on all eligible purchases. With no annual fee, this can add up to substantial savings. This card includes a few travel benefits as well, like emergency airline tickets, travel accident insurance if tickets are purchased with the card, auto rental damage waivers and 24 hour access to Visa’s Assistance Center and travel reservation service.
Fees: The TFCU Cash Back Classic is a straightforward card with few fees. There is no annual fee for the card and the variable APR for cash advances and purchases is 12.84%. A transaction fee is charged for cash advances that is equal to 2% of the total, not to exceed $999.99. If the maximum credit limit is exceeded the cardholder must immediately pay the total balance that exceeds the limit. In California, the over limit fee is capped at $10 if charges exceed the limit by $500 or 120%. A late charge is assessed if payment is more than 16 days late. This fee is $18.
- No annual fee
- 1% cash back on all purchases
- No hidden fees
- Travel insurance and emergency assistance
- Must be a TFCU member to apply
- Some individuals may prefer a points system instead of cash back
- 12.84% APR is on the high end
- 2% transaction charge on cash advances