The SchoolsFirst Federal Credit Union offers four credit cards for those who qualify as members. One such credit card is the SchoolsFirst FCU Visa Platinum credit card. You’ll find that this credit card meets a number of needs for people who have very good to perfect credit scores.
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Before applying for this Visa Platinum credit card, you do have to become a member of the SchoolsFirst FCU. You can learn about some of the criteria used to determine your eligibility from the Federal Reserve’s website.
Qualifying for the SchoolsFirst FCU Visa Platinum Credit Card
Getting the SchoolsFirst FCU Visa Platinum credit card begins by qualifying to become a member. To become a member of this FCU, you can be either a student or a teacher. Additionally, virtually anyone who works in education, such as administrative assistants, principals, and support staff, also qualify for membership.
SchoolsFirst FCU only accepts members who live or go to school in certain counties in Southern California. These counties include:
- Santa Barbara
- San Luis Obispo
- San Diego
- San Bernardino
In addition, you need a credit score of 740 or better; you cannot have bankruptcies, judgments, or foreclosures on your credit report; and you cannot have any recent missed or late payments for your other debt.
The Terms for the SchoolsFirst FCU Visa Platinum Credit Card
The APR for the Visa Platinum credit card from SchoolsFirst is variable and based on the prime rate of 3.25% plus their base rate. For the Visa Platinum credit card, the base rate is 5.25% for purchases and balance transfers, and 10.25% for cash advances. This equates to an 8.5% APR for purchases and balance transfers, and a 13.5% APR for cash advances.
The above-mentioned APRs are the starting available APRs, and the maximum APR for this platinum credit card would be 17.9%. There is no penalty APR.
The maximum credit line for the SchoolsFirst Visa Platinum credit card is $25,000 and the minimum credit line is $5,000. SchoolsFirst FCU may reduce your credit limit based on your credit report at any time.
This is a no-fee credit card. This means that you will not pay an annual fee, balance transfer fee, cash advance fee, and so on.
The Verdict for the SchoolsFirst FCU Visa Platinum Credit Card
Overall, this isn’t a bad credit card, and it offers a decent starting APR, especially considering its lack of fees.
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