The Gold MasterCard from Tower Federal Credit Union is a card that offers both a substantial credit limit and a low, fixed credit card interest rate. In addition, unlike many credit cards on the market, the Tower FCU Gold MasterCard also offers an instant statement credit each month based on your total purchases. This rebate is automatic and is in effect for as long as you own the card.
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Tower Federal Credit Union also offers a standard MasterCard credit card. This card traditionally offers lower credit lines than the gold card, and is designed for people with a lower credit score.
You should only apply for the Gold MasterCard if you have excellent credit; otherwise, you should look into the standard MasterCard.
Rates and Fees for the Tower FCU Gold MasterCard
While Tower Federal Credit Union offers a low, fixed annual percentage rate of 10.9%, the Gold MasterCard also offers a special introductory rate for balance transfers. If you transfer a balance from an existing, non-Tower FCU credit card, you will receive an interest rate of just 4.9% for an entire year. When the 12 months has passed, the rate will return to the standard rate of 10.9%.
There is no annual fee for the Tower FCU card, and no penalty rate. This means that if you are late with a credit card payment, your rate will stay the same and not increase.
While finding a credit card with a low interest rate and no annual fee might be difficult, it is still important to look at all your options before applying for any particular card. J.D. Power and Associates offers a credit card ranking survey, as well as other important information on credit cards and the banks that issue them.
Additional Benefits of the Tower FCU Gold MasterCard
Each purchase you make with your Gold MasterCard entitles you to a 1% rebate, which is credited each month. This means if you make $500 in purchases during an entire month, Tower FCU will automatically credit you with a $5 rebate. This is only valid on purchases and does not apply to cash advances and balance transfers.
Generally, the credit limit for the Gold MasterCard from Tower ranges between $5,000 and $25,000. Credit card payments can be made online or at any Tower FCU branch office.
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