If you are looking for a credit card, Pen Air Federal Credit Union might be an option that you want to consider. This credit union offers members many benefits, including several credit card options for a variety of people with different credit scores.
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One of the credit cards offered by Pen Air FCU that doesn’t require you to have a perfect credit score is the Pen Air FCU MasterCard Platinum credit card. This credit card is available to people with not-too-perfect credit, providing you have some recent positives on your credit report.
Overview of the Pen Air FCU MasterCard Platinum
The Pen Air FCU MasterCard may be called a platinum credit card, but the same terms don’t apply to this card as many other companies have for their platinum credit cards. There are a variety of things that Pen Air will look for when considering you for their credit card, which you can learn more about from the Federal Reserve.
One downside to this Platinum MasterCard is that it isn’t a low or no fee credit card. There are fees for cash advances, as well as foreign transactions. In addition, Pen Air charges the maximum in late payment and over-limit payments allowed by the Federal Reserve.
Some of the terms include:
- No annual fee
- 8.9% to 17.9% variable credit card APR for purchases, cash advances, and balance transfers
- 18% penalty APR
- 25-day grace period on new purchases
- Up to $29.00 late payment and/or returned payment fee
- 1% foreign transaction fee
- 3% cash advance fee ($5 minimum)
Pen Air FCU MasterCard Platinum Rewards Program
One of the reasons that this credit card isn’t as good as it could be is because of its rewards program.
The rewards program for the Pen Air FCU MasterCard Platinum credit card gives you a choice: Either a cash back program or CURewards points. With the CURewards options members earn a point for every dollar spent, and can then use those point to purchase merchandise or travel.
However, this cash back program is based on credit card tiered rewards.
This wouldn’t be a big deal, but the problem is that you have to spend more than $3,000 on your credit card before you qualify for 1% cash back on your purchase. This credit card has a starting credit limit of $300, which means that many of you will earn a mere 0.25% cash back on your purchases. This means that, for every $1 you spend, you will receive back just a quarter of a penny.
Your cash will be deposited into your account with Pen Air on an annual basis. The year begins and ends on the date you activate your card, not in January of each year.
Pen Air FCU MasterCard Platinum Verdict
If you have rough credit, then the APR for this credit card, which ranges between 8.9% and 17.9%, might not be too bad, depending on where you fall in this equation. However, a big problem with this card is that it has a lot of fees; something that is unusual for a credit union credit card. You owe it to yourself to compare this card with other options before you decide whether it’s right for you.
The credit card finder tool above will help you peruse several credit card options FREE of charge!
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