Visa Credit Cards

Key factors to review include:

• Annual Percentage Rate (APR): This is the interest rate charged on balances you carry from month to month. Many cards have different APRs for purchases, balance transfers, and cash advances and rates may change with the Prime Rate.
• Fees: Look for annual fees, late payment fees, balance transfer fees, cash advance fees, and foreign transaction fees.
• Grace Period: Many cards do not charge interest on purchases if you pay the entire statement balance by the due date each month.
• Credit Limit: Understand how much credit you’ll have available and how that fits into your budget.
• Rewards and Benefits: Some cards offer cash back, points, travel rewards, purchase protection, or other perks.
• Your Repayment Plan: A credit card should ideally be used as a payment tool, not a long-term loan. Consider whether you can pay the balance in full each month.

Making the minimum payment keeps your account in good standing and generally helps you avoid late fees and penalty APRs. However, it has significant drawbacks:

• The remaining balance continues to be carried forward.
• Interest is charged on the unpaid balance.
• Most of your payment may go toward interest rather than reducing the principal balance.
• It can take many years to pay off the debt.
• You may pay substantially more in total interest over time.

• The unpaid amount accrues interest based on the card’s APR.
• Interest is typically calculated using an average daily balance method.
• New interest charges are added to your balance each billing cycle.
• If the balance isn’t paid off, interest continues to accrue, increasing the total amount owed

• Visa Platinum: Great everyday credit card with competitive rates.
• Visa Platinum Rewards: Earn rewards on every purchase.
• Visa Platinum Veterans: Special rates for qualified veterans and their families.
• Visa Platinum Secured: Build or rebuild credit with a secured card backed by savings

The IC Visa Platinum Rewards Credit Card combines the convenience of a Visa credit card with a rewards program that lets you earn points on everyday purchases. With no annual fee and rewards redeemable for travel, cash, gift cards, and merchandise, it can help you get more value from your spending.

The IC Visa Platinum Secured Credit Card is a credit card designed for individuals who want to establish or rebuild their credit history. Unlike a traditional credit card, it is secured by funds you deposit into a savings account, which serves as collateral for the credit line.

You provide funds to secure the account, and those funds remain on deposit while the card is open. You then use the card like any other credit card and make monthly payments. Responsible use, including making payments on time and keeping balances low, can help build or improve your credit history. This card is commonly used by members who may not qualify for a traditional unsecured credit card.

• Secured by Savings: Your credit limit is backed by funds held in a savings account.
• No Annual Fee: The card does not charge an annual fee.
• The minimum credit limit is $500, with higher limits available based on the amount secured.

Yes. IC Credit Union’s Visa credit card program allows balance transfers from other credit cards.

• A balance transfer allows you to move debt from one credit card to another credit card, typically to consolidate debt or potentially reduce interest costs. This means the balance from your existing credit card is paid off and transferred to your IC Visa credit card.
• There is a balance transfer fee of either $10 or 3% of the amount transferred, whichever is greater.
• Balance transfers are subject to the card’s balance transfer APR, and interest on a balance transfer begins from the date the transfer transaction is posted to the account.
• The available credit line on your IC Visa card would need to accommodate the transferred balances.
• Common reasons include simplifying finances by combining multiple credit card balances into one payment, potentially obtaining a lower interest rate, or paying down debt more efficiently