This credit card is very similar to the TDECU Family Classic MasterCard except that, since the cardholder will have to have a higher credit score to qualify for the Platinum version, they will also receive a lower credit card interest rate. This type of family credit card is designed for parents that want to safely teach their teen how to properly manage credit card debt.
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By teaching their teens good financial skills early on, parents can save them from a lifetime of bad spending habits. One of the main financial problems that plagues the country is compulsive shopping. The Wall Street Journal, in the article “Shop ‘Til You Stop: How to Treat Compulsive Spending,” has advice on how to deal with things like compulsive spending and other bad financial habits.
TDECU Family Platinum MasterCard Rates
Like many cards available on the market right now, the TDECU Family Platinum MasterCard has a special introductory credit card no-interest period.
There is no interest for purchases or cash advances for the first six months and no interest for balance transfers for the first nine months.
After this initial no-interest period, the cardholder will have an interest rate between 7.99% and 17.99%. This range of interest is applied to purchases, cash advances, and balance transfers.
Since there is no interest charged for nine months on balance transfers, this card is a great choice for someone that is interested in making this type of transfer. A balance transfer should be something that someone who has a large balance on a high interest credit card should really look into. By not having to pay interest for nine months, the cardholder could potentially save hundreds of dollars depending on how high the credit card balance is.
TDECU Family Platinum MasterCard Fees
The TDECU Family Platinum MasterCard has very few fees compared to most other credit cards. There is no annual fee, cash advance fee, or foreign transaction fee. The only transaction fee is a 2% balance transfer fee. There is a flat $25 penalty fee for going over the card’s credit limit, having a returned payment, or making a late payment.
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