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Last updated on March 16th, 2021
Insight Visa Platinum Credit Card
- Regular Purchase APR 9.9% to 17.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 9.9% to 17.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 9.9% to 17.99% variable based on creditworthiness and the Prime Rate
- Annual Fee None
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- Processing Network N/A
- No annual fee
- Low interest rates everyday
- Visa protections and perks
- Regular Purchase APR: 9.9% to 17.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 9.9% to 17.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 2% of the amount of each balance transfer, whichever is greater
- Cash Advance APR: 9.9% to 17.99% 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
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $25
At a Glance
The Insight Platinum Visa Credit Card places low-interest rates at a premium – but at a cost. The card, issued by Central Florida-based Insight Credit Union, features an exceptionally low APR on purchases, balance transfers, and cash advances. The card also boasts no annual fee, no penalty APR, no over-the-limit charge. The low APR, however, is offset by charges for foreign transactions, cash advances, and balance transfers – something many other credit union credit cards lack.
Ideal for Those Who:
- Already bank with Insight CU
- Don’t want to pay an annual fee
- Plan to carry a balance or finance a large purchase over several months
Insight Visa Platinum Credit Card Review
The Insight Visa Platinum Card is a reliable low APR card that is hurt by the lack of any introductory interest-free periods and a plethora of fees.
Insight Credit Union
Insight Credit Union, which issues the card, has geographic restrictions on who can become a member. Insight Credit Union membership is open to those who live or work in the following Central Florida counties:
- Brevard County
- Citrus County
- Columbia County
- Desoto County
- Dixie County
- Gilchrist County
- Hardee County
- Hernando County
- Highlands County
- Lake County
- Levy County
- Marion County
- Orange County
- Osceola County
- Pasco County
- Putnam County
- Seminole County
- Sumter County
- Suwanee County
- Taylor County
- Volusia County
Additionally, those who make a $25 tax-deductible donation to the Insight Community Foundation may also join the credit union. The Insight Community Foundation is a non-profit charity that provides funding and support to the communities that Insight Credit Union serves.
Enjoy a Low APR
The Insight Visa Platinum Credit Card is designed to be a low APR card that offers an excellent interest rate on purchases, balance transfers, and cash advances. And, for those with excellent credit scores, it achieves that mission admirably.
Those with the very best credit scores can expect a typical APR around the 10% mark, while those with less-than-perfect scores will receive a rate rising to around 18%. As the national average for interest rates on credit cards sits near 17.5%, and the usual APR cap on many cards resting at approximately 24%, the insight Visa Platinum offers exceptional rates for everyone.
No 0% Intro APR
While the Insight Visa Platinum benefits from a competitive interest rate, it is let down by the complete lack of any introductory periods for APR. There is no special period for balance, for instance, which makes it difficult to recommend the card as a balance transfer card.
The absence of a 0% introductory APR period on purchases is also a shortcoming, but since the card has such a solid interest rate every day, it is less of an obstacle for potential applicants. While 0% for 12 months would be an impressive addition – and make many looking to finance a more significant purchase quickly consider applying – the fact is the normal interest rate is good enough to make it a useful tool for staggering payments on TVs, home appliances, or other significant buys.
Beware of Fees
Credit Union credit cards usually pride themselves on being fee-free. Unfortunately, that isn’t the case with Insight Credit Union. Though the Visa Platinum Card has no annual fee (and no penalty APR), there are a surprising amount of fees and charges associated with the card. Want to conduct a balance transfer? That will cost you 2% of the transfer cost (or $10 – whichever is greater). The same applies to cash advances. And while the foreign transaction fee is only 1% (well below the usual 3% of many cards), it is still another fee, which is frustrating to say the least.
As the card is a Visa product, Cardholders get the usual suite of Visa perks and protections. These include auto rental insurance, travel and emergency accident assistance, additional product protections through Warranty Manager, and more. These benefits aren’t particularly impressive – especially since they come with all Visa cards, but they are nice, nonetheless.
Should You Apply for the Insight Visa Platinum Credit Card?
Overall, the Insight Visa Platinum Card just doesn’t have enough going for it to woo potential applicants beyond those who already bank with Insight Credit Union. The APR may be extremely competitive, but the lack of any 0% introductory periods and the additional fees more than hold this card back.
There are countless examples of low APR credit cards from larger lenders that offer everything this card lacks. The SunTrust Prime Rewards Card, for instance, features a tough-to-beat three-year introductory offer for balance transfers at just the Prime Rate; and for those looking to finance a significant purchase over time, the Union Bank Visa features an equally competitive interest rate on purchases, plus the added bonus of 05 intro APR on purchases for the first 15 months.
The Insight Visa Platinum may be a letdown for many, but that doesn’t mean it won’t work for some. In fact, for those who currently bank or have loan products with Insight Credit Union, the card offers a reliable option for those who plan to carry a balance and want the lowest possible rate while they do so.