As a CEFCU member, you are privy to a number of benefits. One of the benefits that they offer is that you are able to apply for one of their low interest credit cards. As with most low interest credit cards, the CEFCU Visa Platinum credit card is not a bad credit credit card, you will need very good to perfect credit in order to qualify.
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You do have to be a member of CEFCU in order to apply for their credit cards. The process is simple, however, membership is limited to people who live in Illinois or people who work for or are retired from Caterpillar Inc. or be a household member of someone who is a member of CEFCU.
CEFCU Visa Platinum Credit Card Overview
CEFCU Visa Platinum credit card is a classic credit card. What this means is that it is not a rewards credit card, you don’t earn anything by using your card. CEFCU does have a Platinum Rewards card with a slightly higher starting interest rate for those of you who are interested in a rewards credit card.
There are some benefits to using this card, however. They include car rental insurance if you use your card to rent your vehicle and travel accident insurance if you use your card to book your travel. You will also find that there are no ATM fees if you use a CEFCU ATM to withdraw your money.
As with most Visa cards, you are protected with Visa’s Zero Fraud Liability program. This program ensures that you don’t have to pay if your card is lost or stolen and then used by someone else.
CEFCU Visa Platinum Credit Card Terms
The terms for this card are similar to most credit cards. The terms include:
- 8.5% to 18% variable APR for purchases and balance transfers
- 11.5% to 21% variable APR for cash advances
- 21% to 24% penalty APR – applies until you make six on time payments in a row
- No annual fee
- $1 cash advance fee
- 1% foreign transaction fee
- 2% foreign cash advance fee
A variable APR means that the APR changes with the Prime Rate. The good news is that this rate hasn’t changed in years and it is not predicted to change anytime soon.
CEFCU Visa Platinum Credit Card Verdict
This card offers some good benefits, including the very low starting interest rate. However, if you don’t qualify to be a member, you cannot qualify for this card.
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