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Verdict: The Union Bank Platinum Edition Visa Card is a basic credit card — no rewards or cash-back programs — that offers solid purchase interest rates to cardholders who have strong credit scores. The card’s highest purchase interest rate, reserved for those consumers with the lowest credit scores, fits within industry standards, too. That makes this a good option for any cardholder who carries a balance from month to month.
Overview: Like many credit cards available today, this one charges cardholders a purchase interest rate based on their credit scores. Those with the highest scores will be rewarded with the lowest purchase interest rates. The Union Bank Platinum Edition Visa Card also comes with no annual fee.
How This Card Works: The card comes with an introductory interest rate of 0 percent on all new purchases for the first six billing cycles after consumers open their new accounts. It also comes with an introductory rate of 0 percent interest on all balance transfers for the first 12 months after consumers activate their accounts. After these introductory periods end, interest rates will adjust according to the creditworthiness of cardholders.
Travel and Shopping Benefits: As a basic credit card, this Platinum Edition Visa Card does not come with any perks such as cash-back bonuses or free miles. The card does, though, come with free roadside assistance services and protection against fraudulent purchases.
Fees: The fees are where this card sets itself apart from many of its competitors. Cardholders with high credit scores can earn a purchase interest rate of 9.99 percent. Those with lower scores will secure rates of either 14.99 percent or 17.99 percent. The cost of a cash advance is either $15 or 5 percent of the advance amount, whichever is higher. The card’s late-payment and returned-payment fees are both $35. There is no annual fee to hold this card. Cardholders should be careful, though, to always make their payments on time: The penalty interest rate with this card is a high 29.99 percent.
- Purchase interest rate can be low depending upon credit score.
- No annual fee.
- Fraud protection.
- Penalty interest rate of 29.99 percent.
- No rewards or cash-back programs.