The M&I Bank FSB Visa Signature Premier Elite credit card is a type of rewards credit card that lets the cardholder earn one point for every dollar spent. With their first purchase the cardholder will also receive 5,000 bonus rewards points. If the cardholder spends $50,000 annually, they will receive another 5,000 rewards points.
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While many people like the idea of earning points that they can exchange for rewards like plane tickets and free hotel rooms, these credit cards do usually have higher interest rates. Because of these higher rates many people do not think the potential rewards are worth it. To get a better understand of rewards credit cards you can go to the Smart Money website.
M&I Bank FSB Visa Signature Premier Elite Credit Card Rates
For the first six months that the M&I Bank FSB Visa Signature Premier Elite credit card is opened, the cardholder will have a special, low annual percentage rate of 4.99%, 6.99%, or 9.99%. After the credit card’s introductory period has expired, the cardholder’s permanent annual percentage rate will be 8.24%, 10.24%, or 13.24%. This special interest rate applies to purchases only.
There is no special interest rate for cash advances or balance transfers. These credit card transactions will have a constant interest rate of 22.24%. It is very unusual for the interest rate for balance transfers to be the same as the cash advance rate. Typically, the rate for cash advances is higher and the balance transfer rate is the same as the purchase interest rate. There is no penalty annual percentage rate for this credit card at this time.
M&I Bank FSB Visa Signature Premier Elite Credit Card Fees
There is no annual fee for this card in the first year. After the first year the annual fee is $49.
There is a 3% transaction fee for both cash advances and balance transfers. Both of these fees have a minimum charge of $10. The fee for foreign transactions is only 2%. There is only one penalty fee for this credit card for late payments. The late payments fee is $3
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