Last updated on February 24th, 2023
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SchoolsFirst FCU School Employee Mastercard®
SchoolsFirst FCU School Employee Mastercard®
- 11.75% to 17.90% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 11.75% to 17.90% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 16.75% to 17.90% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The SchoolsFirst FCU School Employee Mastercard is an exceptional cash back credit card that provides special payment terms for educators and school employees. The card offers 1.5% cash back on all purchases and features no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1.5% cash back on purchases — deposited into your Summer Saver account
- Enjoy an interest-only payment option during the summer when you may not be working or getting a paycheck
- Ability to skip your December billing cycle without credit score being impacted
- Automatically get a 0.50% lower rate for every year you make on-time payments
- Regular Purchase APR: 11.75% to 17.90% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 11.75% to 17.90% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 16.75% to 17.90% variable based on creditworthiness and the Prime Rate
- Penalty APR: 17.90%
- Foreign Transaction Fee: 2% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $25
- Return Payment Penalty Fee: $20
- You are a school employee
- You prefer the freedom to opt for interest-only payments in the summer months
- You plan to use cash back rewards towards direct deposits
- You do't want to pay an annual fee
School Employee Mastercard Review
The School Employee Mastercard from SchoolsFirst Federal Credit Union is an enticing cash back offer tailored to educators’ unique needs.
How to Earn Cash Back Rewards
The School Employee Card earns an unlimited 1.5% cash back on all eligible purchases. The 1.5% back applies to rewards directly deposited into an associated SchoolsFirst Summer Saver savings account.
Special Features Tailored to the Unique Needs of Educators
SchoolsFirst FCU understands the needs of its members. Because school employees and educators go above and beyond for their pupils and community, the School Employee Mastercard does the same.
The card provides a unique, interest-only payment option during summer months when teachers and other school staff might not be receiving a paycheck. Like other SchoolsFirst cards, cardholders can also skip their December statement payment – without impacting their credit score.
The final unique perk with the School Employee Mastercard is the most enticing. Every year a cardmember makes all their monthly payments on-time, they will receive a 0.50% APR reduction. This APR reduction applies only until the member reaches the lowest advertised rate.
An Excellent APR
That lowest advertised rate is extremely competitive – even in the world of credit unions. While the APR varies with credit scores, at the lowest ebb, it is around 8%. The average APR for excellent credit is approximately 14.5%, with credit union’s averaging a rate of about 11.75%. Even those with lower credit scores can expect an interest rate on purchases and balance transfers significantly below the national average.
Other Card Features
Other notable features of the School Employee Mastercard Credit Card include mobile wallet integration, free credit score monitoring, and customizable reports through SavvyMoney. Cardholders can also expect the usual Mastercard perks and protections, including:
- Mastercard Enhanced ID Theft Protection for 24/7 identity monitoring and fraud protection
- MasterRental Insurance rental car coverage for damage due to collision or theft when using the Inspire Card to rent vehicles
- Mastercard Priceless® Cities, an exclusive benefit that offers one-of-a-kind experiences and adventures
Should You Apply for the SchoolsFirst FCU School Employee Mastercard?
Overall, the School Employee Mastercard from SchoolsFirst Federal Credit Union is an excellent rewards card for dedicated educators. The card’s unique School Employee features, including interest0only summer payments, skipping December payments, and a potential 0.5% APR reduction each year are exceptional.
The APR with the card is extremely competitive with other credit union cards, meaning the lack of any 0% intro APR periods isn’t too much of a worry. The 1.5% cash back on purchases is another great feature, placing the card on par with cash back cards from many major issuers.