There was once a time that a gold credit card was considered to be the premier option for credit cards. There was a difference with gold credit cards because they came with high credit limits and were only available to people with a lot of money and a very good credit score. Today, however, gold credit cards are distributed to people with all different financial levels and credit scores; however, one credit card that still has a higher obligation level for those who qualify is the Marriott Employees’ Federal Credit Union Visa Gold credit card.
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Even though this gold credit card is more of a traditional gold credit card, it still isn’t like the gold credit cards from the past. There’s still a certain amount of leeway for your credit–for example, if you had trouble in the past but have a 2+ year positive reporting history, then it’s possible for you to qualify for this credit card.
Benefits of the ME FCU Visa Gold Credit Card
There are a lot of benefits to choosing this credit card.
For some of you the biggest benefit will be the fact that the maximum credit line for this credit card is $30,000.
This is not to say that you will qualify for the $30,000 credit line, but if you meet all of their criteria, it is possible. You can learn a lot about what creditors look at when they consider you for higher credit lines at the Federal Reserve’s website.
Although it’s not suggested in the name, this is a rewards credit card. Because it’s a Visa credit card, it associated with the ScoreCard rewards program. This program is sponsored by Visa and allows you to purchase merchandise at a deep discount, as well as earn rewards points faster by purchasing merchandise, travel, gift certificates, and so on from sponsored merchants.
For regular purchases bought with your ME FCU Visa Gold credit card, you’ll earn one point for every dollar that you spend. These points can be redeemed for a variety of items or services such as travel, merchandise, hotel rooms, and more.
In addition to the rewards points that you can earn, other benefits of this credit card include rental car insurance, high credit line options, emergency assistance while you’re traveling, and $150,000 in travel accident insurance. Any coverage that you receive can only be obtained as a direct result of using your Visa Gold credit card for the actual purchase.
Terms of the ME FCU Visa Gold Credit Card
In order to apply for this credit card you do have to be a member of the Marriott Employees’ Federal Credit Union, or be related to a member while living in their household. This is an interesting stipulation offered by the ME FCU, as most other credit unions do require you to become a member to access any of their services. In this case, if you live with a member and are related to them then you can apply for loans, credit cards, and other ME FCU financial services without becoming a member.
The interest rate for this credit card is 13.8%, which is a little high for credit union, especially considering you’re going to have to have very good to perfect credit in order to qualify for this credit card. However, considering that it’s a rewards credit card, the rate isn’t unreasonably high.
There is no additional rate for cash advances and balance transfers–that 13.8% interest rate will apply to these as well as your purchases. There is no credit card penalty rate for late payments, and the transaction fees are low at 1% for foreign transactions and 2% for balance transfers and cash advances.
While any changes to the terms of your credit card have to be presented to you in writing, the ME FCU does have the right to cancel your credit card account for any reason and demand payment in full. This is something you want to keep in mind before considering this credit card as an option.
The Bottom Line for the ME FCU Visa Gold Credit Card
Overall, the terms for this credit card aren’t bad.
You have the opportunity to qualify for a credit card that could lead to a very high credit limit in the future. The rewards options are nice, and offer a lot of flexibility in terms of what you can redeem your points for.
As always, you should check other credit unions and other creditors before making a final decision about a credit card. This isn’t to say you should apply for all of these additional credit cards, but compare the terms and see what each company has to offer.
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