As a member of the MIT Federal Credit Union, you’ll have the option of applying for one of their four credit cards. One of the credit cards that they have for offer is the MIT Federal Credit Union Platinum Visa credit card.
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The MIT Federal Credit Union is a credit union that was created specifically for staff members of the Massachusetts Institute of Technology. Over the years, they expanded their services to include a number of different businesses as well as students and alumni of the Institute.
Joining the MIT Federal Credit Union
To begin, in order to join the MIT FCU, as mentioned above, you have to be on staff at MIT. This means everyone from the maintenance team to the Dean of Women qualifies to become a member. This is not only reserved for teaching staff.
In addition, any current or former students of MIT can join the MIT FCU. To expand this, the credit union also includes any family members of current or former students, as well as any family members of current staff.
There is also membership availability for people who work in specific fields in Cambridge, Massachusetts, such as the medical field. They also include people who work with children and in health and fitness.
Any employee that works for a company that works with the MIT Lincoln Laboratory under a contractual basis is able to become a member of the MIT Federal Credit Union. Any family members of the employees that fall under this contract are also eligible to become members.
Lastly, any person who works at the MIT FCU and any of their family members can become members of this credit union. When family members are mentioned this only includes family members who are currently living in the same household.
MIT FCU Platinum Credit Card General Information
Before you consider the MIT FCU Platinum credit card, you’ll want to learn a bit more about the bank that offers this credit card, and about the credit card itself.
In 1940, the MIT Federal Credit Union was founded in Cambridge, Massachusetts. This credit union was founded by a small group of people who worked for MIT. It’s very common for credit unions to be founded by a small interest group and to grow over the years, much like the MIT Federal Credit Union has done.
As with all credit unions, the MIT FCU is member owned. However, a Board of Directors is nominated annually to make the decisions regarding the credit union. Only major decisions are put to a corporate vote among all members.
You have the option of applying for this credit card online or you can fill out the application and mail it in or bring it in yourself. This is not an instant online approval credit card, so even if you fill out the application online you’ll still have to wait for a written response from the credit union.
This credit card is not a card for people with bad credit or with any recent infractions on their credit history. You will have to have very good to perfect credit in order to qualify. The MIT FCU also uses a variety of other criteria to determine your qualification status. You can see some of those criteria at the Federal Reserve website.
MIT FCU Platinum Credit Card Need to Know Information
There’s quite a lot of information that you want to know or, more importantly, need to know, prior to applying for this credit card. First of all, it has an 8.99% interest rate that is based on the prime rate. This interest rate applies to purchases, cash advances, and balance transfers.
There’s also a penalty APR of 16.99% applied to this credit card if you miss two consecutive payments. The penalty APR may be removed (note the word MAY in the fine print of their contract) if you make six on-time payments in a row.
The fees for this card are relatively minimal, with a 1% foreign transaction fee and no balance transfer or cash advance fee. Typically, the lack of fees is one of the biggest benefits to choosing a credit union credit card.
Another thing you need to know about this credit card is that the MIT FCU reserves the right to require you to pay off your credit card debt on demand, for any reason.
In addition, you cannot use your credit card outside of the country without first contacting the credit union two weeks prior to use, to let them know of your intention to make a purchase internationally.
Understanding all of the aspects of a credit card you intend to apply for ensures that there are no surprises when you start using your card. Ensure that you check all of the terms and conditions associated with any credit card before you apply.
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