In order to build your credit, you have to begin by getting credit. For many people, this is a bit of a conundrum as many banks and credit card companies don’t like to offer credit to someone without any established credit. However, Kinecta Federal Credit Union does offer a credit card to help build credit: This card is the MasterCard Platinum First credit card.
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If you’re trying to establish credit, one of the things you need to understand is that you’re borrowing money. Choosing a low interest rate credit card or a card with low fees can save you money over time. In fact, the FDIC’s article on “5 Things You Should Know about Credit Cards“, recommends that you choose a card strictly based on interest rates and the available grace period.
Kinecta Federal Credit Union MasterCard Platinum First Credit Card Overview
As the name suggests, this credit card is meant to be a first credit card. If you have bad credit, but no recent infractions, then it’s possible that you can qualify for this card, although you will likely have a higher interest rate. If you’re a college student, or young adult with no established credit, this credit card is designed for you.
What’s nice about this card is that it comes with some features that you don’t often see on cards designed to build credit.
For example, this credit card includes car rental insurance as well as travel accident insurance. It also includes travel assistance services, roadside assistance, and the option of adding a rewards program for a $25 annual fee.
Kinecta Federal Credit Union MasterCard Platinum First Credit Card Terms
This offer has no credit card annual fee (unless you choose the rewards program), a 25-day grace period for new purchases, no over-the-limit fees, and low late payment/returned payment fees of $19. The APR for this credit card is 12.99% to 18%.
This is where your bad credit can affect you. If you’re trying to establish credit for the first time, you’ll qualify for the 12.99% interest rate providing that you meet all the other criteria for income, debt, and so on. If, however, you have bad credit, then you’ll pay 13% to 18% depending on your credit score.
Kinecta Federal Credit Union MasterCard Platinum First Credit Card Verdict
For establishing credit, the interest rate for this credit card isn’t bad. What’s more, if you want a rewards program you can get it for a $25 fee. For those of you with bad credit, the interest rate isn’t too bad either.
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