Greylock Federal Credit Union Explore Rewards Card
0% APR for 6 Months, 1 Point 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 6 months
- Processing Network Visa
- No annual fee
- Introductory purchase APR of 0% for the first six months of account opening
- Earn 1 reward point for every $1 spent
- Rewards can be redeemed for gifts, travel, and cash rewards
- Intro Purchase APR: 0% for 6 months
- 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 Explore Rewards credit card isn’t the most competitive card available but it’s a low APR rewards card ideal for Greylock customers wanting to earn (modest) rewards for their purchases. Cardholders will earn 1X points per dollar on all purchases and enjoy 0% intro APR with no annual fee.
Ideal for Those Who:
- Want credit card rewards but also a low APR
- Are low spenders who primarily use cash or their debit card
- Have Good – but not Excellent – credit
- Are a current Greylock customer
Greylock Federal Credit Union Explore Rewards Card Review
The Greylock Federal Credit Union Visa Explore Card is a basic – yet, effective – rewards credit card for the existing Greylock customer. The card earns 1 reward point for every dollar spent on purchases which be redeemed for a statement credit, travel, or merchandise. While the rewards will be modest at best, finding a rewards card that also boasts such a low APR may be hard to beat. Even better, the card features a 0% introductory APR period for 6 months and no annual fee.
Deciding Between the Explore Rewards or Dream Signature Rewards Card
The Explore Rewards Card is the mid-tier option of Greylock’s two rewards credit cards. Both have identical APR ranges and fees, 0% introductory APR offers, and neither have annual fees, however the Greylock Dream Signature Rewards Card, has an increased earning rate (1.5 points per dollar spent) as well as a significantly higher starting credit limit.
So, what then, would be the incentive to choose one over the other? The most decisive difference between the two cards aside from the nominal difference in point earnings is that the Dream Signature Rewards credit card requires a credit score of Excellent, while the Explore Rewards Card is more lenient, available to those with Good scores below 750.
Explore Rewards or the Low APR Elevate Card?
Another similar credit card option to the Greylock Federal Credit Union Explore Rewards is the simple and single-purposed Elevate card. This alternative is touted by Greylock as their absolute lowest APR option available – if you intend or foresee that you may ever need to carry a balance and want to limit the amount you’ll pay in interest to be as low as possible, the Elevate might be in your best interest.
However, it’s worth noting that both cards have the exact same APR range and that the differences may be nominal. While it’s frequently advised that cardholders should not seek rewards credit cards if they intend on carrying a balance (usually the APR is so high on those cards that it will eat up any returns you might get from your rewards), in this case the APR will be (relatively) low regardless of which card you select, and you’re not gaining or giving up much if you choose one over the other.
The main reason to choose the Elevate card rather than earn rewards with a similarly low APR from the Explore card, would simply be if you dislike dealing with tracking and redeeming credit cards and only want a card for the ability to make the occasional purchase.
Other Greylock Credit Card Features
All Greylock Federal Credit Union cards have access to the Greylock mobile app (available in both the Apple and Google Play store) where cardholders can do the following:
- 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 also offers mobile wallet technology, enabling cardholders to pay for purchases using their digital wallet of choice: 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
There is a loophole for Greylock member-hopefuls 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 Explore Rewards Card?
The card offers a mix of manageable credit lines, excellent APR, and rewards points. When compared to other Greylock cards, it’s a slight step up from the most basic of credit card perks (but not by much), and this card is even less attractive when you compare it to offers from larger lenders. A return of 1 point per dollar is often the base amount that other rewards usually offer after you’ve maxed out the 2, 3, or 5X bonus categories. Even the Explore Card’s lack of an annual fee fails to add any appeal as there are several rewards cards that boast that in addition bonus categories or a higher flat rate earning structure.
Overall, this card does not offer much – regardless of how you look at it. Potential card applicants with Good credit scores could easily find more lucrative offers elsewhere but the most practical benefit to owning this card is for the opportunity to earn modest rewards and having the comfort of having a low interest rate should you need to carry a balance. We would not recommend going out of your way to join Greylock Credit Union to open this card, but if you’re already a member, new to rewards credit card and want to get your financial feet wet, this card would make for a good beginner (albeit, unexciting) option.