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Last updated on July 19th, 2021
- No annual fee
- Credit limit up to $15,000
- 100% of the credit limit is available for cash advances
- 25-day grace period on purchases
- Regular Purchase APR: See Terms*
- Balance Transfer APR: See Terms*
- Cash Advance APR: See Terms*
- Foreign Transaction Fee: 1% of the transaction in U.S. dollars
- Late Payment Penalty Fee: $35
At a Glance
The Family Security Visa Platinum Business Card is a no annual fee business credit card from Alabama based, Family Security Credit Union. The card offers companies 100% of their credit line as available for cash advances – credit lines which extend to as much as $15,000.
Ideal for Those Who:
- Already bank with Family Security CU
- Operate small to medium-sized companies
- Value access to cash when they need it
- Don’t want to pay an annual fee
Family Security Visa Platinum Business Card Review
The Family Security Visa Platinum Business Card makes it easy for businesses throughout southern and northern Alabama to their spending while enjoying the purchasing power and protections that come with a Visa credit card – all for no annual fee.
Family Security Credit Union
Family Security Credit Union is an Alabama-based credit union with over twenty locations dotted throughout the state. While most of the branches center on Mobile and Huntsville, there are locations scattered throughout the state, making it a credit union that is equally useful in Birmingham as it is on the blue waters of the Gulf of Mexico.
Membership in the credit union is open to anyone who lives, works, worships, or attends schools in any of the countries where Family Security has a branch, as well as past and present Ruby Tuesday employees, employees and retirees of the Specialty Restaurant Group, or the Compass Family of Companies.
Credit Limits for Nearly Every Sized Business
The Family Security Visa Platinum Business Card, like any good credit union card, strives to serve all its members. For this reason, the bank offers credit limits up to $15,000, which will likely be welcome news to small and medium-sized companies.
While $15,000 might not seem like a high credit limit – especially for large corporations – it is a very respectable credit limit from a credit union. Since credit unions have much smaller bottom-lines than larger lenders, such as American Express, Chase, or others, they don’t have the cash reserves to match credit limits of $50,000 or more.
Since larger banks can offer higher credit limits, the Family Security Business Card might not be the ideal choice for those types of firms. For almost every other Alabama company, however, they are likely to find a credit limit to suit their needs perfectly.
Available Cash When You Need It
One of the best perks of the card is the flexibility to get cash when needed. Many business credit cards only offer cash advances for some of the available credit limit. With Family Security, however, companies can receive a cash advance on 100% of their available line of credit.
Having immediate access to the cash you need is a great feature that can significantly aid small to medium-sized companies in the merchandising and retail sectors – as well as bar and nightclub owners. These industries tend to rely on available cash flow for everyday incidentals or on-the-spot payments, so the opportunity to access every bit of the (up to) $15,000 credit limit is a huge plus.
A Great Low APR
As with other Family Security credit card products, the Visa Platinum Business Card offers a low APR on purchases, balance transfers, and cash advances. The actual rate varies depending on the creditworthiness of the company, but those with an excellent credit score can expect rates starting from around 11%, which is an exceptional rate. Even those companies who have a less-than-stellar credit score can expect a very competitive APR that is manage with the national average of around 17% to 18%.
Should You Apply for the Family Security Visa Platinum Business Card?
The Family Security Visa Platinum Business Card is an excellent financial tool for the small-to-medium-sized Alabama business that want the purchasing power they want, plus the access to cash they need to succeed.
The card benefits from a great APR, no annual fee, and credit limits that to suit most companies. The ability to receive 100% of the available credit limit for cash advances in the hallmark of this card, however, as it gives businesses that require continuous cash flow the chance to make the purchases they need – without the fear of a credit card machine or vendor.
While the Visa Platinum Business Card might not be the right choice for every company, for those who already bank with Family Security Credit Union, it is a generous offer that should be carefully considered, as it provides real value for most companies.