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The Verdict: Overall, the Platinum Visa card from Visions has a number of advantages. The card offers a generous credit limit, rewards points and an APR as low as 8.00%. Even though the annual fee is only $14 this is still a major drawback for the credit card. There are dozens of rewards cards from credit unions and banks alike that offer the same benefits at no yearly cost to the cardholder. For this reason alone it is difficult to recommend this credit card to consumers.
Overview: Visions Federal Credit Union offers four basic credit cards to members, including the Platinum Visa card. This card offers rewards points through ScoreCard that may be redeemed for merchandise or travel, along with a credit limit up to $30,000. Although it provides free travel insurance for cardholders, there are a few downsides to this card that make it a poor choice for some members.
How These Cards Work: The Platinum Visa card from Visions is accepted worldwide. A PIN number is given to the cardholder to access ATMs around the world for instant access to cash. The monthly minimum payment for this credit card is calculated at 2% of the outstanding balance, or $25, whichever is greater. The card has a generous 28-day grace period that allows cardholders to avoid interest charges on purchases by paying their balance in full during this time. Cash advances and balance transfers, however, have no grace period. The credit limit on this card is up to $30,000. Membership in the credit union is required, along with a $25 minimum deposit and a $1 membership fee.
Travel & Shopping Benefits: The Visions Platinum Visa card offers cardholders free travel and accident insurance of at least $1,000,000 when tickets are purchased with the card. This covers the cardholder, spouse and children. The card also offers fraud protection and Verified by Visa, which allows the cardholder to select a password to use during online shopping to verify identity and prevent fraud. For every $1 spent, this card earns one reward point that may be redeemed through ScoreCard. Rewards start at 2,500 points and include travel and merchandise.
Fees: This card has a $14 annual fee. The APR is 6.90% for the first six months on purchases, balance transfers and cash advances. After this introductory period the APR is a variable 8.00% to 12.50%, based on credit history. There is no transaction fee for balance transfers, cash advances or purchases, although a 1% foreign transaction fee may apply through the outside Visa network. The fee for late payments, returned payments and going over the credit limit are up to $20 each.
- No fee for balance transfers and cash advances
- Low APR
- Rewards points for every purchase
- Generous credit limit
- Must be a Visions member
- $14 annual fee