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The Verdict: The Visions Mastercard offers credit limits up to $10,000 and an APR between 6.25% and 14.25%. This credit card, however, offers few advantages to cardholders as it has no travel benefits or rewards. Cardholders are charged an annual fee of $12 to carry this card and there is no grace period on purchases, so purchases begin to accrue interest on the transaction date. Unfortunately, there are many credit cards that offer more benefits, a generous grace period and rewards with no annual fee.
Overview: Visions Federal Credit Union offers a number of financial services to members, including four credit cards. The basic card offered by the credit union is the Visions Mastercard, which has an annual fee of $12 and no travel benefits or rewards. This simple credit card does, however, offer credit limits up to $10,000 and an APR as low as 6.25%.
How These Cards Work: The Visions Credit Union Mastercard is accepted worldwide. It comes with ATM access, allowing cardholders to use their PIN to make cash advances around the world. The monthly payment is calculated as 2% of the balance, or $25, whichever is larger. This credit card has no grace period so purchases begin to accrue interest on the transaction date. Cash advances and balance transfers also accrue interest on the date of the transaction. The credit limit on this card is up to $10,000.
Travel & Shopping Benefits: This credit card has little shopping and travel benefits. It uses Mastercard SecureCode, which adds extra security while shopping online. With this system, the cardholder selects a password that may be used during online checkout to confirm identity.
Fees: The Visions Mastercard has an annual fee of $12. The APR for this card is 5.90% for the first six months for purchases, balance transfers and cash advances. After this introductory period the regular rate for the card is between 6.25% to 14.25%, depending on credit worthiness. There is no grace period so interest will be charged immediately for purchases, cash advances and balance transfers. There is no fee for balance transfers, cash advances or purchases, although a 1% fee will be applied to foreign transactions. The late payment fee, over limit fee and returned payment fees are up to $20.
- Credit limit up to $10,000
- No transaction fee for balance transfers
- APR as low as 6.25%
- Introductory rate of 5.90% for six months
- Must be a Visions Credit Union member
- Annual fee of $12
- No travel or shopping benefits
- No grace period
- No rewards