Not everyone wants a rewards credit card. Typically, they come at a higher interest rate and often the reward options don’t balance out that higher interest rate. That’s why banks such as FirstMerit offer credit cards such as the Standard MasterCard credit card.
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Just because this card isn’t a rewards credit card doesn’t mean that it doesn’t offer benefits. Keep reading to learn what the FirstMerit Bank Standard MasterCard credit card can offer you and learn whether or not it’s right for you.
FirstMerit Bank Standard MasterCard Credit Card Benefits
One of the first benefits that you might enjoy from the Standard MasterCard is the fact that you can shop on the MasterCard Marketplace website and save money. How this works is that you purchase a gift card for specific place, such as your favorite restaurant. The value of the gift card might be $30, however on the Marketplace website, you only pay $15.
Another benefit that this credit card offers is the option to purchase life, unemployment, or disability insurance. Typically, the purchase price for this option is based on your total credit card balance. If you are disabled, unemployed, or even die, you’re not responsible for your credit card debt.
If you use your credit card to pay for airplane, train or cruise tickets then you’ll receive $100,000 in travel accident insurance, which will pay out in the event of your death.
FirstMerit Bank Standard MasterCard Credit Card Considerations
One of the things you want to consider is whether you want to choose a variable rate Standard MasterCard or the fixed rate Standard MasterCard. The variable rate is based on the prime rate, which according to the Financial Forecast Center, isn’t going to change anytime soon.
FirstMerit offers you the option of choosing between a fixed and variable credit card APR, suggesting that with a fixed rate, you’re guaranteed your rate no matter what happens. What they don’t say is that the rate hasn’t changed for years and doesn’t look as if that will change for years.
The variable APR for this credit card is 11.74% to 17.74%. The APR for the fixed rate is 14.9% to 18.9%. Of course, these rates are based on your credit score. As you can see, choosing the variable rate definitely provides an advantage in terms of your APR.
FirstMerit Bank Standard MasterCard Credit Card Verdict
This credit card is for people with very good to perfect credit, and offers some good terms, which include low transaction fees and reasonable penalty fees. This is definitely a card you want to consider if you’re in the market for credit card.
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