TFCU Visa Platinum Credit Card Review

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The Verdict: The TFCU Visa Platinum card has many advantages. It has no annual fee, exclusive Platinum benefits and the highest credit limits the credit union offers. The APR of 9.96% isn’t the lowest around, although it is very reasonable. Because it has no annual fee and earns rewards on every purchase, many cardholders can enjoy using this card to pay for everyday expenses to earn points as long as they don’t carry a balance. Overall, the card’s advantages outweigh the negative points and make it a good choice for members of TFCU.

Overview: The Teachers Federal Credit Union in Long Island, New York offers members a number of credit cards to choose from. The Visa Platinum card is designed to give members the most exclusive benefits, like preferred services and a credit limit up to $25,000. This card has few fees and earns cardholders points for every purchase that can be redeemed for airline travel and merchandise.

How These Cards Work: The TFCU Visa Platinum card is accepted worldwide and has a 25 day grace period on all purchases. Avoid interest charges by paying off balances in full during this period. This credit card comes with the highest limit offered by the credit union and may be up to $25,000. Along with travel benefits like rental insurance and assistance, the card also comes with the ScoreCard program that earns points on every purchase. These points can be redeemed for airline travel or merchandise through the online ScoreCard catalogue. The minimum payment for each month is calculated as 2% of the total balance, or $20, whichever is higher.

Travel & Shopping Benefits: This Visa Platinum card from TFCU has the best possible travel and shopping benefits from the credit union. Members receive preferred services and offers, discounts at select retailers and more. Travel accident insurance and auto rental insurance is included when the Visa card is used and members can take advantage of 24 hour assistance. Emergency airline tickets and help is included. This credit card also earns one point for every $1 spent, allowing the cardholder to redeem points for either merchandise or airline miles through ScoreCard.

Fees: One advantage to the TFCU Visa Platinum card is its straightforward fee structure. The APR for purchases and cash advances is 9.96%, which is reasonable. Cash advances are subject to a transaction fee of 2% of the transaction total, not to exceed $999.99. In California, cardholders may be assessed an over limit fee up to $10 if the balance goes over the credit limit by 120% or $500, whichever is less. If the cardholder goes over their limit they are immediately responsible for paying the balance over the limit. Late charges may be assessed on the account if payment is not received within 16 days of the due date. The late fee is $18.

Pros:

  • No annual fee
  • Exclusive offers and Platinum benefits
  • Travel accident insurance, rental insurance and emergency assistance
  • Reasonable APR of 9.96%
  • Earn points for every purchase
  • Credit limit up to $25,000

Cons:

  • Must be a TFCU member to apply
  • 2% transaction fee for cash advances
  • Some cardholders may prefer cash back to rewards points

Credit Shout is a community of personal finance experts dedicated to helping you save money and make smart financial decisions. Learn how to master your credit card rewards, improve your credit score and start eliminating your debt.

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