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Last updated on December 23rd, 2020
Members First Visa Platinum With Annual Fee
Enjoy a Low APR on Purchases & More
- Enjoy special 2x bonus points on every purchase
- Easily redeem points for a variety of rewards
- Mobile wallet comparability
- Regular Purchase APR: 10.9% variable based on creditworthiness
- Balance Transfer APR: 10.9% variable based on creditworthiness
- Cash Advance APR: 10.9% variable based on creditworthiness
- Annual Fee: $12
- Foreign Transaction Fee: 1% of the transaction in U.S. Dollars
- Late Payment Penalty Fee: Up to $37
- Return Payment Penalty Fee: Up to $37
At a Glance
The Members First Visa Platinum with Annual Fee Card is a low APR credit card that also earns rewards with every purchase. The card, an offering from Panhandle-based credit union, Members First Credit Union of Florida, features an excellent fixed-rate APR that is 2% lower than the no annual fee version of the card, for an annual fee of just $!2.
Ideal for Those Who:
- Already bank with Members First CU of Florida, or live within the catchment area
- Want a fixed rate APR instead of a rate that may change monthly
- Don’t mind paying $12 a year for a great rate
- Want to earn rewards with every purchase
Members First Visa Platinum with Annual Fee Review
The Members First Visa Platinum with Annual Fee Card is a rewards and low APR credit card from Florida credit union, Members First Credit Union of Florida.
Both versions of the Members First Visa Platinum Cards come with a fixed rate APR for purchases, balance transfers, and cash advances. The Platinum Visa with Annual Fee Card, however, enjoy significantly improved interest rates for the nominal fee of $12 per year.
The Annual Fee Visa Platinum Card features a fixed rate APR of around 10%, which is 2% lower then the No Annual Fee Visa Platinum for just $1 a month. This is an excellent rate for a great price, which works out to approximately $0.03 per day, which is well worth the price.
Fixed-rate APRs are preferable, as they do not change with the Prime Rate, which has been very active recently. The Prime Rate, which is the rate at which the Federal Reserve charges interest on money it lends, can force significant fluctuations in the interest rates that consumers pay on their credit cards, mortgages, and other loan products.
With a fixed rate, such as that on offer with the Members First Visa Platinum with Annual Fee, cardholders don’t have to worry about rate changes, instead enjoying a great, low APR every day.
Earn Rewards with Every Purchase
Like other credit union cards, the Members First Visa Platinum with Annual Fee earns points with every purchase in the ScoreCard Rewards Program Every purchase with the card earns a single point per dollar spent, with points redeemable for a variety of rewards, including:
- Statement credits
- Cash back
- Fuel discounts at participating Alon, BP, or Shell gas stations
- Gift cards from a variety of major retailers
- Travel rewards, like flights, hotels, and car rentals
- Merchandise from major retailers and designers
- Charitable donations
Purchase erase is another option for using rewards points. Cardholders can use their points for Redeem2Erase credit card transactions, which reimburse the cost of previous purchases from major brands, like Apple, Keurig, Pandora, and more.
Perks and Protections
The Members First Visa Platinum with Annual Fee comes with security protections designed to help keep you safe at every turn. The card comes equipped with EMV chip technology, which, while featured on almost every new credit card is a nice feature. This technology adds an additional layer of security for in-person purchases, helping to prevent credit card fraud.
Members First also supports digital wallet technology, meaning the card syncs seamlessly with mobile wallet apps, like Apple Pay, Google Pay, or Samsung Pay. This feature is boosted by the addition of SecurLOCK Equip, which allows users to turn their credit card on and off at will and control as many card accounts as they wish – right from their phone or mobile device.
Who Can Join Members First Credit Union of Florida?
Members First Credit Union of Florida is – you guessed it – a credit union based in Florida. As such, membership in the credit union is exclusive. To join Members First Credit Union of Florida, a prospective member must meet fir into one of the following categories:
- Someone who works or resides in Escambia, Santa Rosa, or Okaloosa County, Florida
- Employees (either current or retired) of any school or educational intuition in Escambia, Santa Rosa, or Okaloosa County, Florida
- Student so any school in Escambia, Santa Rosa, or Okaloosa County, Florida
- Members or associates of the Escambia Retired Educators Association
- Current, former and retired employees or groups on retainer or who hold a contract with Sterling Fibers (Pace Plant), Cytec Industries, American Cyanamid or Cyanamid Employees Credit Union
- Anyone who has an immediate family member who meets the above criteria
Should You Apply for the Members First Visa Platinum with Annual Fee?
Credit union credit cards typically offer excellent value for money, and the Members First Visa Platinum with Annual Fee is no different. The card features an excellent APR on purchases, cash advances, and balance transfers that are 2% lower than what you’d get with the no annual fee version of the card, but at a very affordable price.
The annual fee of just $12 is nominal at best, as it works out to a single dollar per month (or approximately $0.03 per day). For this, you get an APR that is almost half of what the national average for credit card interest rates of 17%.
The ability to earn points through the ScoreCard Rewards Program is another nice feature, which, will not exceptional, adds some real value to the card. Also adding value is the presence of mobile wallet technology, and the option of using the SecuLOCK to control when – and where your card is used.
There are things to be wary of with the Visa Platinum Card, however. There are no fees for balance transfers and transfers also enjoy the low fixed rate. If, however, you use the card to make a balance transfer, interest begins to accumulate immediately. This means it is critical to stay on top of your payments. Otherwise, you may find yourself under the same mountain of credit card debt you started with in the first place.
Overall, however, the Members First Visa Platinum with Annual Fee from Members First Credit Union of Florida is an excellent credit card for those who live in the catchment area for the credit union and want a no-nonsense rewards card that offers savings every day.