A lot of people think that they need a rewards credit card to get a good deal in today’s market. In reality, having just a good basic credit card like the TDECU Classic MasterCard and using it responsibly is often a much better choice than getting a card with a lot of bells and whistles.
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The most important thing a cardholder should be concerned with is making sure their debt does not get out of control. The Suze Orman financial advice website has a lot of information on the subject of managing debt.
TDECU Classic MasterCard Rates
The TDECU Classic MasterCard has an interest rate range of 7.99% to 17.99%. While this is a bit high for a credit card from a credit union, it is still very low compared to bank-issued credit cards.
The cardholder’s final rate will be decided by just how creditworthy they are. Unlike most credit cards, the holder of this Classic MasterCard credit card can expect to pay the same amount in interest for purchases, cash advances, and balance transfers. Typically, most people have to pay a much higher rate of interest for cash advances.
There is no interest at all for any types of transactions for the first six months that the account is active. This means that the cardholder can take advantage by making a balance transfer or cash advance. Credit card balance transfers, in particular, can be very useful if the cardholder has a balance on another card with a very high interest rate.
If they transfer a balance and pay it off before the no-interest period ends, they could potentially save hundreds of dollars.
TDECU Classic MasterCard Fees
There is no annual fee for this card, which is very common for most available credit cards. However, unlike the majority of credit cards, this Classic MasterCard also has no fees for cash advances or foreign transactions.
The fee for credit card balance transfers is 2% of the total balance being transferred, with a maximum charge of $50 and a minimum fee of $10.
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