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Last updated on February 22nd, 2022
Latino Credit Union Visa Credit Card
- Regular Purchase APR 13.75% variable based on the Prime Rate
- Balance Transfer APR 13.75% variable based on the Prime Rate
- Cash Advance APR 13.75% variable based on the Prime Rate
- Annual Fee None
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- Processing Network Visa
- No annual fee
- No balance transfer or cash advance fees
- No penalty APR
- Regular Purchase APR: 13.75% variable based on the Prime Rate
- Balance Transfer APR: 13.75% variable based on the Prime Rate
- Cash Advance APR: 13.75% variable based on the Prime Rate
- Cash Advance Transaction Fee: $0.75 for each transaction at an ATM
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $10
- Return Payment Penalty Fee: $5
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At a Glance
The Latino Credit Union Visa Card is a basic credit card for those new to banking, new to the country, or those who prefer the simplicity of banking with the Latino Credit Union in North Carolina. The card features a competitive APR, no annual fee, and no hidden charges for things like balance transfers, cash advances, or over-the-limit transactions.
Ideal for Those Who:
- Already bank with Latino Credit Union
- Want to help with financial education for immigrant communities in the North Carolina area
- Aren’t interested in rewards, but rather a competitive interest rate
- Don’t want to pay an annual fee
Latino Credit Union Visa Credit Card Review
The Latino Credit Union Visa Credit Card is a basic, no-frills credit card for those who prefer the simplicity of confusing reward structures.
Like other credit union credit cards, the Latino CU Visa is geared towards those who hate fees and instead prefer a competitive APR. The card features a variable APR on purchases, balance transfers, and cash advances that are competitive with other lenders – but not so much that you simply can’t pass the card up.
Who Can Join Latino Credit Union?
Latino Credit Union was originally founded in 2000 as a grassroots response to an increasing spate of robberies and attacks on the Latino community IN Durham, North Carolina. Since then, the credit union has grown into a bank and community development organization designed to help immigrant communities and unbanked individuals.
The Great thing about Latino Credit Union is that anyone can join. Membership in the credit union is open to everyone, regardless of where they live or their ethnicity. To join Latino Credit Union, all you need to do is complete an online application form, complete the form, and return it with a one-time fee of $10 to one of the three options available on their membership site.
Those who reside within North Carolina also must pay the $10 membership fee but have the option of joining at any of the credit union’s locations.
The $10 membership fee is a one-time price that goes directly into providing financial education to the Latino community in Raleigh, Durham, Charlotte, and other locations throughout the state.
The Latino CU Visa features no hidden fees. There are no annual membership fees, no over-the-limit fees, no balance transaction fees, and no cash advance fees to be found. Cardholders also don’t have to worry about paying a penalty APR for an extended period should they be late making a payment.
Even the fees that do exist are modest: $5 for a returned payment and $10 for a late payment – both well below what you’d normally expect from a credit card.
… But Little Else
While no fees are a great feature of the card, there is little else to get excited about. Beyond basic Visa protections, such as Zero Liability and Auto Rental Collision Damage Waiver, there really aren’t many benefits of which to speak.
Should You Apply for the Latino Credit Union Visa Credit Card?
Overall, the Latino CU Visa isn’t the best credit card option available. While it might be an appealing option for some, it really should only be the preferred choice of those who are new to banking and only have one year of pay stubs to show their financial situation. For those individuals, The Latino CU Visa makes all the sense in the world.
Unfortunately, the card likely isn’t even the best credit card offered by the credit union itself. The Latino CU Visa Secured Card offers far better interest rates (up to 5% better) than the unsecured card, with the only hiccup being the security deposit required.
For those that are fairly new to credit and are looking to boost their credit score with an unsecured credit card, other options, such as the Discover It Chrome, Capital One Platinum Card, or even the Apple Card, may be better options.