Wachovia offers two types of credit cards, the Wachovia Visa® Platinum with Rewards and the Wachovia College Visa® Credit Card. Each of these Wachovia credit cards has something unique to offer to consumers and can make purchases just a little bit easier when you find that you have a need. While there may not be many Wachovia credit cards, Wachovia is able to offer better deals by keeping their card availability simple and specific. Choosing the right Wachovia credit card is also simple, as there is no confusion about what they have to offer you.
Because there are only two choices when it comes to Wachovia credit cards, not everyone is going to qualify for them. The Wachovia College Visa Credit Card, for example, is designed specifically for students who have no credit or do not have a lot of established credit. This is not a card designed for those with bad credit; however, you do not necessarily have to be a college student to qualify for the card. In general, student credit cards have higher interest rates than regular credit cards so that the risk of giving credit to a person with no credit history is somewhat negated, for the lender, by the interest rate.
Wachovia College Credit Card
The Wachovia college credit card is no exception to the higher interest rate rule. The beginning interest rate on Wachovia’s college credit card is 13.99%, which is about 5.5% higher than their platinum credit card. The rate is also variable, which means that the interest rate on purchases can vary daily and the max interest rate on this card, while in good standing, is 19.99%. Depending on your credit, you may not qualify for the lowest interest rate, so you could start anywhere in the 13.99% to 19.99% interest rate range.
Wachovia Credit Card Interest
It is important to note two things about the situation with Wachovia’s credit card interest. The first is that no matter what company you apply for a credit card with, you will face the same variance in interest rates (although some may start lower and then increase). The second point is that every rate is based on your credit score. If you have no credit at all, it is likely that you will pay a higher interest rate until your risk is assessed at a lower rate. You can do this by making all of your payments on time and keeping a low balance on your credit cards.
Wachovia Visa Platinum Credit Card
The Wachovia Visa Platinum credit card is designed for those individuals with established credit. What’s more, in order to qualify for a Wachovia platinum credit card, you will have to have credit in good standing. Typically, a credit score of over 750 will garner a Wachovia Visa Platinum card. However, it is not just your credit score that will determine your eligibility for this card, it is also how much credit you have, how high of a balance you keep on other cards, and what other type of debt that you have. Even if all of your other debt accounts are in good standing, if your debt exceeds a certain percentage of your income, the risk of giving you credit increases.
There are many benefits to using a Wachovia Visa Platinum credit card, the most appealing being that they are currently offering a no interest for 12 months on all balance transfers to the platinum card. This means that if you are paying 12% interest on another card and transfer it to your Wachovia platinum card, you can get a major head start on paying off that balance (and with no interest to bog you down).
The interest rate on the Wachovia Visa Platinum credit card is 8.99% to 19.99%. This card, like the college credit card, has a variable rate. This rate can vary from day to day within these percentage points. If you miss two consecutive payments, or a payment does not clear with your bank, then these rates are moot and you will be charged a much higher interest rate of 29.99%, or the maximum allowed in the state that you live in. There is real value in paying all of your bills on time; with credit, however, the value is even greater because of the interest rates charged.
Wachovia Rewards Program
Wachovia offers a rewards program on the Visa Platinum card. With points for every dollar you spend, you can redeem your points for rewards from eating at a nice restaurant to traveling to exotic locations and staying at five star hotels. Wachovia also offers a program that allows you to combine points earned from all your Wachovia accounts (such as checking, savings, and credit cards) into one account so that you can redeem them faster.
Both cards offer consumers a 25-day grace period to pay off any new purchases before interest accrues. Paying off your credit card balance every month is a great way to establish credit without ever paying more than you have to for a purchase. Both cards also offer identity and card theft protection leaving you with zero liability for any purchases be made in the event of identity or card theft. There are also no annual fees for the Wachovia credit cards.
Compare Credit Card Offers Now!
Choosing the right credit card is important for your financial well-being and one way to do so is by comparing the best banks for credit cards. It is possible that Wachovia has the right card for you, but in order to be sure, you should use the free and handy credit card chaser above and allow us to chase down all of the cards that fit your criteria. The process is easy and quick, just fill our form on our website and we will find the right credit cards for you. You can do that before leaving your chair. Why not do it now?