First Tech® Federal Credit Union Platinum Rewards Mastercard®
Enjoy No Annual Fee and 0% Intro APR for 12 Months on Balance Transfers
- Regular Purchase APR 11.49% to 18% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 11.49% to 18% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 12.49% to 18% variable based on creditworthiness and the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Processing Network Mastercard
- 0% Introductory APR on balance transfers for 12 months
- No annual fee
- Earn 1 point for every $1 spent with no cap and no expiration
- No fees on balance transfers, cash advances, and foreign transactions
- Regular Purchase APR: 11.49% to 18% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months from account opening date
- Balance Transfer APR: 11.49% to 18% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 12.49% to 18% variable based on creditworthiness and the Prime Rate
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $25
At a Glance:
The Platinum Rewards® from First Tech Federal Credit Union is this financial institution’s most basic rewards card. Cardholders must be a member of First Tech in order to qualify for this card, but once they’re approved they can earn one point for ever dollar they spend. Additionally, cardholders enjoy no annual fee and 0% APR on balance transfers for 12 months. Keep reading to learn more about this card.
Ideal for Those Who:
- Want to earn points on all their purchases
- Don’t want to pay an annual fee
- Don’t want to pay fees for balance transfers, cash advances, or foreign transactions
- Want a 0% introductory APR on balance transfers for 12 months
Platinum Rewards Mastercard® Review
First Tech’s Platinum Rewards card offers cardholders one point for every dollar that they spend using their credit card. Additionally, cardholders can earn 10,000 bonus points in the first 60 days after opening an account. No annual fee and no fees for many standard transactions make this card particularly appealing. What’s more, cardholders can also enjoy a 0% interest rate on balance transfers in their first year.
Use Your Credit Card Without Paying Fees
Platinum Rewards cardholders never have to pay an annual fee to use their credit card. This is unique feature as many rewards cards do charge an annual fee for access to all the card’s perks, including First Tech’s Odyssey card.
In addition to no annual fee, cardholders never pay fees for balance transfers, cash advances, and foreign transactions. No fees on cash advances is definitely one of this card’s most striking features as most credit cards charge fees for this type of transaction. Additionally, the cash advance APR is almost identical to the regular purchase APR, so you can withdraw funds from your account without having to worry about surcharges.
Travelers will enjoy no foreign transaction fees when they’ve visiting other countries. The fact that Mastercard is one of the most widely accept credit cards in the world means that you don’t have to carry around a lot of cash when you travel abroad.
Earn Points on All Your Purchases
As a rewards card, this credit card earns cardholders points on the purchases they make. The Platinum Rewards Card has a straightforward points system: one point for every dollar spent.
There are no confusing point tiers to worry about, and almost every type of purchase can qualify you for rewards points. There are a couple of transactions, however, that do not ever qualify for points. Besides balance transfers and cash advances (which hardly ever earn cardholders points on any credit card), you cannot earn points for gambling transactions. These include purchasing lotto tickets or buying chips or credits at a casino.
One of the best details about this card’s rewards program is that there is no limit to the amount of points you can earn, and your points don’t ever expire. That means you can save up your points and redeem them for big-ticket rewards, including travel, merchandise and donations to your favorite charities.
10K Bonus Rewards Points
First Tech gives new cardholders a head start on earning rewards points with an introductory bonus. If you spend at least $2,000 in the first two months from the date of opening an account, you automatically qualify for 10,000 rewards points. That comes out to five points for every dollar you spend in the first 60 days of having your account.
0% APR on Balance Transfers
Another attractive feature of this card is its introductory interest rate on balance transfers. If you transfer a balance from another credit card within 90 days of opening your account, you qualify for 0% APR on that balance for 12 months.
The 12-month period begins on the date that you transferred that balance. After 12 months, any balance that remains from that transfer will accrue the regular interest rate, which is the same as the purchase APR.
Coupled with the fact that there are no balance transfer fees with this credit card, the Platinum Rewards Mastercard is an ideal balance transfer credit card.
Additional Mastercard® Perks
Many cardholders only look at the benefits that the credit card issuer offers when deciding to apply for a credit card. However, the payment network (in this case, Mastercard®) also includes a lot of perks.
Platinum Rewards Mastercard cardholders have access to Mastercard’s many travel services. These include 24/7 assistance worldwide in case you lose your credit card. Additionally, cardholders receive a 15% discount on Airport Concierge™ services, including airport meet and greet. If you are renting a car and pay for the rental with your Mastercard, then you can also take advantage of an added layer of insurance through MasterRental Coverage.
Should You Apply for the Platinum Rewards Mastercard®?
The Platinum Rewards card is an ideal option for those looking for a basic rewards card with no annual fee. The lack of balance transfer, foreign transaction, and cash advance fees is another attractive feature of this card.
If you pair the zero fees on balance transfers feature with the introductory 0% APR on balance transfers, this can be a perfect credit card with which to pay off a balance from a higher-interest card. Even if you don’t pay off the balance in full within 12 months, you can still take advantage of a competitively low interest rate.
When compared to the Choice card, this card lacks some features. For one, you get less bonus points early on. Additionally, you have access to a more limited range of rewards. For instance, Choice cardholders can redeem their points for cash back, while Platinum Rewards cardholders do not have that option. You also can earn more points on certain purchases with the Choice card.