The SEFCU Visa Gold credit card is a variable rate card. It’s available for all members of SEFCU. SEFCU is a New York State-based credit union with locations in Albany and surrounding areas. Residents of Albany and area towns are eligible for membership, as are employees of certain businesses who have affiliate status with SEFCU.
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Although they offer practically the same products as large banks, credit unions aren’t banks. Banks are businesses whose primary mission is to make money. A credit union by definition is a non-profit organization. Its mission is to help its members, who are also the owners, achieve their financial goals. This results in lower fees and higher yields on credit union products.
SEFCU Visa Gold Card Low Interest Rates
Credit unions as a rule charge lower interest rates on loans and lines of credit. Yahoo News explains why this is so in this article about credit unions.
The SEFCU Visa Gold credit card is a good example of this. For the first six months, there’s only a 6.9% APR. Once this introductory offer is up, the rate goes up to 8.25%. This is a variable rate card, so the rate can fluctuate a bit with the credit prime rate, but this doesn’t occur often.
In addition to no annual fee, there’s also a fairly wide range of credit limits, with a minimum of $2,500 to a maximum of $15,000.
Add to that the ability to set up automatic credit card payments from an account you already have with SEFCU.
SEFCU Visa Gold Credit Card Additional Benefits
Unlike SEFCU’s other credit cards, the Visa Gold includes a couple of nice travel-related perks. First, if you book your airfare using the Visa Gold card, you’ll get complimentary travel accident insurance up to $400,000. There are no forms to fill out–just use the card to purchase your tickets.
The credit card can also save you a lot of money when you rent a car. The SEFCU Visa Gold credit card offers rental car insurance. This insurance will cover the costs your regular auto insurance doesn’t cover if your rental car is damaged in a collision or stolen.
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