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Last updated on December 24th, 2020
Safe 1 Credit Union Mastercard Platinum Card
No Annual Fee and 0% Intro APR for 12 months
- Regular Purchase APR 7.75% to 19.75%, variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 7.75% to 19.75%, variable based on creditworthiness and the Prime Rate
- Cash Advance APR 7.75% to 19.75%, variable based on creditworthiness and the Prime Rate
- Annual Fee None
- Credit Needed Good , Fair
- Intro Purchase APR 0% for 12 months from account opening date
- Processing Network Mastercard
- No annual fee
- 0% Introductory APR on purchases and cash advances for 12 months
- No balance transfer fees
- Low interest rates
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 7.75% to 19.75%, variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months from account opening date
- Balance Transfer APR: 7.75% to 19.75%, variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 7.75% to 19.75%, 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
- Penalty APR: 27.5%
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $15
- Return Payment Penalty Fee: $25
At a Glance
The Safe 1 Mastercard Platinum Card offers cardholder’s Safe 1’s lowest interest rates coupled with no annual fee. Cardholders can also take advantage of 0% APR for the first 12 months on purchases and balance transfers made within 90 days of opening an account. Keep reading to learn more about the features of this credit card.
Ideal for Those Who:
- Don’t want to pay an annual fee for a credit card
- Want a credit card with a lower interest rate
- Want to take advantage of 0% APR for the first 12 months
- Don’t want to pay balance transfer fees
Safe 1 Mastercard Platinum Card Review
The Safe 1 Platinum card includes some features that applicants may find attractive. On top of offering a competitive APR, cardholders never have to pay an annual fee. Additionally, cardholders can take advantage of no fees on balance transfers. Pair that with a 0% introductory APR on purchases and balance transfers, and you have the makings of a credit card that might be the right fit for you.
No Fees So You Can Keep More of Your Money
Safe 1 charges no annual fee to use its Mastercard Platinum Card. On top of that, there are no fees for balance transfers. This means that you can take advantage of Safe 1’s introductory 0% interest rate to transfer your balance from a high-interest credit card for free if you plan to pay it off in 12 months.
0% Introductory Interest Rate
As an incentive to apply for this credit card, Safe 1 offers new cardholders 0% APR for the first 12 months that they have a credit card account. Cardholders have 90 days from the date of opening their account to transfer a balance or make purchases and take advantage of this promotion.
To break it down, if you get approved for the Mastercard Platinum, any purchases you make within the first three months of opening your account will accrue no interest whatsoever. The same applies for balance transfers. Those purchases and balance transfers you make in the first 90 days will not have any interest added to them for 12 months.
Now, you will have to pay off any balance from those purchases or balance transfers within those 12 months if you want to avoid paying interest on them. Otherwise, Safe 1 will apply your regular APR to that balance after the twelfth month.
You should also keep in mind that any purchases or balance transfers you make after the first 90 days of opening your account will accrue the regular interest.
Additional Cardholder Perks
As a Mastercard cardholder, you will also have access to numerous Mastercard benefits. On top of being one of the most widely accept credit cards in the world, Mastercard also offers Premium cardholders extended warranty options on purchases made with the Mastercard. This extended warranty only covers items with original manufacturer’s warranties of 12 months or less. Mastercard will double the warranty period up to 12 months for free. There are certain limitations, of course, so it’s wise to review your benefits guide before depending on this service.
Cardholders also get access to a Price Protection benefit when they find an item advertised for less money than what they paid for it. Mastercard can reimburse you the difference between those two prices if you file a claim within 60 days of purchase and provide proof of the lower price (such as a printed ad).
Other perks include identity theft protection through a toll-free phone number that is available 24-7, 365 days a year. If you are a frequent traveler, then you will be interested in Mastercard’s Global Service, which can offer phone assistance in emergencies, help facilitate emergency cash advances, and help you locate ATMs no matter where you are. Furthermore, you will have access to a 15% discount on Airport Concierge™ services.
Should You Apply for the Safe 1 Mastercard Platinum Card?
This credit card is an ideal fit for people who want to pay off an existing balance from another credit card. The combination of no balance transfer fees and 0% APR for the first 12 months can help you pay off a large bill over time without any added expenses.
This Platinum Card can also be helpful if you are needing to make large purchases in the short term that you plan to pay off in 12 months. If you are looking to refurnish a home or pay for a vacation, for instance, this credit card can let you pay it off without racking up any interest.
Even if you have any unpaid balances after 12 months, Safe 1’s interest rates are competitively low, even if you are approved for a higher APR. In short, this can be a good short-term credit card if you want to save the most money, but it can also find a lifelong home in your wallet.