The Los Angeles Firemen’s Credit Union was founded in 1935. The purpose of this credit union was to provide a banking option for firefighters. Even today, this credit union can only be joined by firefighters and their families. The exception to this is organizations that are sponsored by their local firefighters, such as the Red Cross.
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If you are the child of a member of the LAFCU, and you’re currently a student, then a credit card offered by this credit union that you might want to consider is the Student Visa Credit card. Although, technically, you don’t have to be a student to apply for this credit card, it was specifically designed for young adults with no credit history.
LA Firemen’s Credit Union Student Visa Credit Card – Things to Consider
One of the wonderful things about credit unions is that they often look to provide low interest credit cards for their members who have little to no credit history. The LA Firemen’s Credit Union Student Visa credit card offers a great interest rate of 11.99%.
What’s interesting about this credit card is that it claims to have a penalty APR, but its terms and conditions lists the penalty APR for this credit card to be 11.99%, which is the actual interest rate of the card overall. Therefore, it doesn’t actually seem to have a penalty APR. This APR also applies for balance transfers and cash advances.
There is no annual fee for this credit card and, surprisingly, there is no over-the-limit fee. In conjunction with the Credit Card Rules from the Federal Reserve, the late payment fees start at $15 and the return payment fee starts at $22. If you miss six consecutive payments in a row then the LA FCU has the right to charge you $39 a month in late fees.
The only other fee associated with this credit card is the foreign transaction fee, which is 1% of your total purchase price. The fee will be processed based on your total purchase price in U.S. dollars, not in the currency the transaction is made.
LA Firemen’s Credit Union Student Visa Credit Card – Applying for the Card
If you qualify as a member of the Los Angeles Firemen’s Credit Union, then you can apply for this Visa credit card online. As with many credit unions, you’ll find that you won’t get an answer immediately once you apply. Instead, you’ll submit your application and receive your card in the mail, if you qualify.
If you don’t qualify for the credit card, then the credit union is required to provide you with the reasons why. This is a requirement by law according to the FDIC. If the information you receive is insufficient, you are allowed to request as much detail as you want, including your credit score.
LA Firemen’s Credit Union Student Visa Credit Card – The Final Verdict
Overall, this credit card isn’t bad. It offers a great interest rate for someone who doesn’t have any credit. What’s more, since it’s not a secured credit card, you’ll have to have any money up front to secure the credit card. You’ll want to take the time to compare rates between credit card companies to ensure that you get the best option.
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