Greylock Federal Credit Union Dream Signature Rewards Card
0% APR for 6 Months, 1.5 Points per $1
- Regular Purchase APR 8.75% to 18.00%, based on creditworthiness and the Prime Rate
- Balance Transfer APR 8.75% to 18.00%, based on creditworthiness and the Prime Rate
- Cash Advance APR 8.75% to 18.00%, based on creditworthiness and the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Intro Purchase APR 0% for the first 6 months of account opening
- Processing Network Visa
- Earn 1.5 points per $1 spent
- Enjoy an introductory purchase APR of 0% for the first six months of account opening
- Low, competitive interest rates
- No annual fee
- Intro Purchase APR: 0% for the first 6 months of account opening
- Regular Purchase APR: 8.75% to 18.00%, based on creditworthiness and the Prime Rate
- Balance Transfer APR: 8.75% to 18.00%, based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: 3% of the amount of each transfer or $5.00 minimum, whichever is greater
- Cash Advance APR: 8.75% to 18.00%, based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: 2% (minimum $10, maximum $25)
- Foreign Transaction Fee: Up to 1% of the US dollar amount of the foreign transaction
- Late Payment Penalty Fee: Up to $27
- Return Payment Penalty Fee: Up to $27
At a Glance
The Greylock Federal Credit Union Dream Signature Rewards Credit Card is a premium Visa Signature card for those who want great rates and to earn rewards effortlessly. The card earns 1.5 points for every dollar spent on purchases; 0% introductory APR on purchases for the first six months and a low ongoing APR – all for no annual fee.
Ideal for Those Who:
- Want a minimum starting credit limit of $5,000
- Want credit card rewards but also a low APR
- Are a current Greylock customer and want their best rewards card
Greylock Federal Credit Union Dream Signature Rewards Card Review
The Greylock Federal Credit Union Dream Signature Card is the premium rewards credit card option for those who currently – or are eligible to bank with – Greylock Federal Credit Union. As the top tier of their available credit card options, applicants will need to have Excellent credit scores of 750 or higher.
This card earns 1.5 points per dollar on all purchases and offers a competitive APR with no annual fee. Reward points are applicable towards a variety of redemption methods including gifts cards, merchandise, cash rewards, or travel.
Strengths and Weaknesses
One of the best features of the Dream Signature Rewards Card is that it also come with premium credit limits. Whereas the other non-secured cards have credit card limits that start at $500, the Dream Card starts with at a whopping $5,000 (although the maximum credit limit of $25,000 is the same for both Elevate and Explore).
These high credit limits, combined with a special 0% intro APR for six months on purchases, makes the Dreams Card a powerful tool for those who want to make larger purchases and pay them off over time – without fear of late payments or interest fees piling up. Plus, once the introductory 0% APR period expires, cardholders can expect an extremely competitive APR, with those having excellent credit scores receiving a typical purchase APR almost half the national average of 17%.
The most glaring weakness of the Dreams Signature Rewards Visa is when comparing the rewards rate to other non-Greylock card. To qualify for this card requires having the best possible credit score (Excellent) but only offers a slight improvement of what would otherwise be bottom-of-the-barrel reward rates. There are plenty of other rewards cards that offer 2, 3, or even 5 points per dollar – and are accepting of scores lower than ‘Good’. If your goal is to find the most lucrative rewards-earning potential possible, this card does not cut it.
Earning & Redeeming Rewards
Greylock Federal Credit Union only offers one other rewards card and the Dream Signature Rewards offers the highest rewards rate of 1.5 points (compared to the Explore Rewards Visa’s 1 point per dollar). This allows the card to be suitable for use as your main credit card, or as a supplementary card to use for purchases that don’t qualify for other bonus categories.
Points can be redeemed for a range of methods via CURewards for the following:
- Statement Balance (minimum $25 amount)
All Greylock Federal Credit Union Visa cards have access to Greylock mobile app (available in both the Apple and Google Play store) and where cardholders can:
- View account balances and transaction details
- Make credit card payments
- Dispute transactions
- Report a card lost or stolen
- Activate a card
- Add travel notes
- Set alerts and controls
Greylock is also offers mobile wallet technology (surprisingly tech-savvy for a regional credit union), which allows cardholders to seamlessly pay for purchases using their phone via Apple Pay, Google Pay, or Samsung Pay services.
Greylock Federal Credit Union Membership Requirements
Greylock Federal Credit Union is based in western Massachusetts with a handful of branches. Like all credit unions, Greylock has specific membership criteria concerning who is eligible to join and is limited to those who live, work, worship, attend school, volunteer, or are a member of an association that is headquartered in the following locations:
- Berkshire County, MA
- Westfield, MA
- Southwick, MA
- Granville, MA
- Montgomery, MA
- Russell, MA
- Columbia County, NY
- Bennington County, VT
Associations that are currently affiliated with Greylock Federal Credit Union are:
- Berkshire Museum
- Berkshire Humane Society
- The Berkshire Conservation District
However, there is a loophole for those who don’t reside in New England, as anyone with an immediate family member or a household member that is eligible for membership can be considered as well.
Should You Apply for the Greylock Federal Credit Union Dream Signature Rewards Card?
If you’re a Greylock member that has Excellent credit and want the best credit card rewards this credit union has to offer, you’re looking in the right place. Besides offering half a point per dollar more than the Explore rewards card, Dream also boasts a significantly higher starting credit limit that is sure to offer a nice boost to your credit score without an annual fee.
However, when looking at this card outside the scope of Greylock’s other credit cards – this card struggles to make a compelling offer for several glaring reasons:
- It lacks a signup bonus
- The introductory 0% APR is about half of what many other issuers offer
- The 1.5 points per dollar rewards rate is paltry compared to the 5X rewards that can regularly be found in cards from larger issuers
The one advantage that the Greylock Dream Visa has over other rewards cards is the fact that the APR is much lower than you would find in another rewards card. But considering that paying off your balance in full each month is the cornerstone to getting worth out of a rewards card (otherwise, the interest payments could quickly outweigh any value from your earnings), makes this a negligible benefit. Cardholders that anticipate needing to carry a balance should instead consider Greylock’s low APR Elevate credit card.
Overall, considering that the Excellent credit score needed for the Dream Signature Rewards could easily qualify the cardholder for the most coveted of reward cards from major lenders, cardholders wouldn’t need to look far (or hard) to find a better offer.