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Last updated on March 16th, 2021
Greylock Federal Credit Union Elevate Card
0% APR on Purchases and Balance Transfers
- Regular Purchase APR 7.25% to 18% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 7.25% to 18% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 7.25% to 18% variable based on creditworthiness and the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Intro Purchase APR 0% for 6 months after account opening date
- Processing Network Visa
- No annual fee
- Low, competitive interest rates
- Special introductory purchase APR of 0% for first six months of account opening
- Travel and accident insurance
- Intro Purchase APR: 0% for 6 months after account opening date
- Regular Purchase APR: 7.25% to 18% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 1.99% for 12 months from account opening date
- Balance Transfer APR: 7.25% to 18% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 7.25% to 18% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 2% of the amount of each cash advance, whichever is greater (maximum $25)
- Foreign Transaction Fee: Up to 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $27
- Return Payment Penalty Fee: Up to $27
At a Glance
The Elevate Card is a straightforward low APR card and one of four credit cards offered by Greylock Federal Credit Union. The card features an excellent regular APR and a special 0% intro APR period on purchases for the first six months.
Ideal for Those Who:
- Are considering taking out a personal loan in order to cover a large upcoming purchase
- Plan to carry a balance from want the lowest rate possible
- Occasionally use payday advances or credit card cash advances
- Already bank with Greylock Federal Credit Union
- Live, work, or study in eligible areas of MA, VT, or NY
Greylock Federal Credit Union Elevate Card Review
The Greylock Federal Credit Union Elevate Card is a low APR credit card designed solely to provide customers with the lowest possible interest rates and credit card fees. Aside from having a competitive APR that falls well below the national average, the Elevate card boasts no annual fee, low cash advance and balance transfer fees, as well as a significantly lower cash advance APR than other credit cards. The one caveat of this credit card: cardholders won’t earn any type of reward for purchases (neither points or cash back).
Potential applicants should keep in mind that applying for the Elevate credit card requires being a member of Greylock Federal Credit Union prior to submitting your card application, as well as having an open checking account and debit card.
Best Uses of the Elevate Credit Card
Potential cardholders should consider this card if they’re looking for a tool to get their finances in order or need help affording a large upcoming purchase. If you’ve ever taken out a payday loan or a cash advance through your credit card – you’ll likely find that the Elevate card has much more forgiving rates and can improve your credit score (whereas one-time loans do not).
For those who struggle to pay your credit card balance in full every month or have pre-existing debt from other lenders, this card is a solid option to use for everyday purchases while you work towards becoming debt-free. This card isn’t flashy, but it makes for a reliable financial tool to keep in your back pocket that will minimize your interest payments.
Signup Bonuses & Introductory Offers
The Greylock Federal Credit Union Elevate card does not offer a signup bonus for new cardholders. While not unexpected considering that the card does not offer any types of credit card rewards, it would’ve been helpful if it at least offered a statement credit. The card is not entirely lacking in new cardholder benefits, and does have
The card offers 0% APR on purchases for the first 6 months after account opening – while always helpful, this rate is below average (typical introductory APR periods are for 12 months). If you have Good to Excellent credit, you wouldn’t have a difficulty qualifying for cards with longer intro APR periods and could likely find a much more lucrative offer. However, if your credit is on the low side of the scale, this might be one of the better options available – with few credit cards poor credit offering such grace periods at all.
Great APR (But No Credit Card Rewards)
The primary draw of the Greylock Federal Credit Union Elevate card is that it offers a low regular APR for purchases, balance transfers, and cash advances (very rare). A trifecta of low-interest payments, the Elevate card is ideal for those who take several months to pay off purchases in their entirety – this could be because of an irregular income schedule that falls outside of your credit card due dates or taking on several large unexpected costs (like finding structural damage on an old building) within a short time period.
Regardless of why you may carry a balance from one month to another, the Greylock Elevate card makes for a compelling choice with low repayment terms that easily make up for the lack of reward points. While the APR will vary from applicant to applicant, depending on both their creditworthiness and the current Prime Rate, even those with less than perfect credit scores can expect a very competitive APR on par with the national average.
Other Greylock Credit Card Perks
Credit unions aren’t known for being tech-savvy, but Greylock allows their customers to manage their account through their app and even connect their credit cards to digital wallets like Apple Pay and Google Pay.
Through Greylocks’ ManageMyCard mobile app, cardholders can monitor real-time transaction information and manage other important credit card activity with just a few clicks (however, it’s important to keep in mind that there may be discrepancies between the website and the mobile app):
- 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
Lastly, although credit unions credit cards are reputed to have small credit limits, Greylock FCU card limits have a healthy range of $500 up to an impressive $25,000.
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:
- Berskshire County, MA
- Westfield, MA
- Southwick, MA
- Granville, MA
- Montgomery, MA
- Russell, MA
- Columbia County, NY
- Bennington County, VT
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.
Associations that are currently affiliated with Greylock Federal Credit Union are:
- Berkshire Museum
- Berkshire Humane Society
- The Berkshire Conservation District
Joining the Greylock Credit Union
If you fall under one of the criteria to be eligible for membership, becoming a member can be done either in-person at a physical branch or online. Both methods will require a Social Security number, a driver’s license (or other valid government ID) along with $5 for a primary share account.
Should You Apply for the Greylock Federal Credit Union Elevate Card?
As one of four available consumer cards, “Elevate” is Greylock’s best low APR credit option – a role it fills well, albeit, in a very limited capacity. There are no credit card rewards whatsoever, a card feature (or in this case, a lack thereof) that puts it at a critical disadvantage to both other credit cards on the market and other Greylock Credit Union card offerings.
All four Greylock Federal Credit Union cards have the exact same APR range and boast no annual fee. However, there are two card options – the Explore Rewards Visa and the Dream Signature Rewards Visa – actually, offer credit card rewards on top of all the features of the Elevate card (the fourth option is the secured version of the Elevate card).
According to Greylock representatives, there is no significant difference in credit score requirements – so why would anyone chose the bare bones Greylock Elevate Visa over their other cards? The answer boils down to someone seeking the lowest possible APR. If you applied for all three unsecured cards, you would find that the Elevate would provide the lowest APR option even though they all had the same range – this is simply due to the structure of the card.
Overall, the Greylock Federal Credit Union Elevate Card is a decent low APR credit card for those who:
- Already have a pre-existing relationship with the financial institution and may need to leverage that in order to qualify for a credit card (as they would have difficulty elsewhere).
- Have a high likelihood of carrying over a credit card balance or want a cheaper alternative to payday advances (and other short-term loans).
These great rates come at the cost of being able to earn credit card rewards, but that’s not really a detriment if paying off your balance in full each month is outside of the realm of possibility. Carrying a balance would quickly eat up the value of your rewards and cost you more than you would earn. So if you are working to get your finances order and need a cash advance from time-to-time, the Greylock Federal Credit Union Elevate Card will serve you well.