Central Florida Educators FCU MasterCard Platinum Cash Credit Card

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Central Florida Educators FCU MasterCard Platinum Cash Credit Card

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While many credit unions stick with either Visa or MasterCard as their card of choice, CFEFCU (Central Florida Educators Federal Credit Union) offers both types of cards. What’s more, they offer the very same offers, just with your choice of the Visa or MasterCard logo. As such, the CFEFCU MasterCard Platinum Cash credit card is the same as their Visa Cash credit card!

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Of course, the major difference between these two credit cards is that MasterCard offers the protections for this card while Visa protects the Visa cardholder. As both companies have an excellent reputation for their customer support and anti-fraud practices, you should feel well-protected no matter who you choose. What is interesting, however, is unlike American Express, neither Visa nor MasterCard were mentioned in the JDPower.com 2011 Credit Card Satisfaction Study.

Central Florida Educators FCU MasterCard Platinum Cash Card Overview

The CFE MasterCard Platinum Cash card is a rewards credit card, but it is a limited one. You can earn a 1% credit redemption when you use your credit card, but when it comes time to collect, you get that redemption in a payment on your credit card, not in cash! The total rebate is applied to your final statement at the end of each year (in December, not a year since card ownership).

There is also a maximum cap on the redemptions that you can earn. You cannot earn more than $2,000 a year in redemption on your credit card. If you were thinking about using this card for general purchases and paying it off at the end of each month to earn cash back, then this probably isn’t the card for you.

Central Florida Educators FCU MasterCard Platinum Cash Card Terms

The terms for this card are the same as they are for their Visa equivalent and they include:

10.25% to 17.75% variable APR for purchases, cash advances and balance transfers
No annual fee
No cash advance fee
No balance transfer fee
No ATM fee
17.75% penalty APR
1% foreign transaction fee
Penalty fees in compliance with credit card rules by the Federal Reserve

Central Florida Educators FCU MasterCard Platinum Cash Card Verdict

This card is a bit disappointing. Although it is a low interest credit card, the cash program is very misleading and doesn’t offer much to cardholders. There are better cards available for you to consider!

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