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Last updated on December 24th, 2020
UNIFY Variable-Rate Visa® Classic Credit Card
Enjoy No Annual Fee and a Low Variable APR
- No annual fee
- No fees on balance transfers and cash advances
- No foreign transaction fees
- Low variable rates
- Regular Purchase APR: 8.99% to 17.49% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 8.99% to 17.49% variable based on creditworthiness and the Prime Rate
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $25
At a Glance
The UNIFY Variable-Rate Visa Classic Credit Card is a great basic credit card for people who may be new too credit but do not want or need a secured card. UNIFY Financial Credit Union offers very competitive variable rates on its credit cards. Additionally, cardholders benefit from no annual fees and no fees on cash advances and balance transfers.
Ideal for Those Who:
- Want a basic credit card with a lower credit limit
- Prefer a lower interest rate that varies rather than a higher rate that stays the same
- Don’t want to pay annual fees
- Don’t want to pay fees for cash advances and foreign transactions
UNIFY Variable-Rate Visa Classic Credit Card Review
The UNIFY Variable-Rate Visa® Classic card is a basic credit card with a low maximum credit limit. This is an ideal card for young professionals who are just entering the workforce and want to start building credit but do not want to be tied down by a secured credit card. The variable-rate card offers a competitive low APR range that makes this a very attractive option for many consumers. Moreover, there are no annual fees or fees for cash advances, balance transfers, and foreign transactions.
Keep More of Your Money with No Fees
UNIFY never charges any annual fees for using its credit cards, and this includes the Visa Classic variable-rate card. Additionally, cardholders never have to pay any fees for balance transfers or cash advances. This last perk makes the UNIFY Classic card unique, as many banks and credit unions can charge hefty fees for cash advances.
International travelers don’t have to think twice about using their UNIFY Variable-Rate Visa® Classic while they are abroad because UNIFY never charges foreign transaction fees.
Low Variable Interest Rates
One of the major draws of the UNIFY Variable-Rate Visa® Classic variable-rate credit card is that its APR rates are lower than those of UNIFY’s fixed rate cards. The difference is a matter of a few percentage points, but this can make a huge difference dollar-wise, depending on how much of a balance you have on your credit card.
If you have never had a variable-rate credit card, you should be aware that one of the drawbacks of this card is the fact that your interest will change at any time. These changes usually result from changes to the Prime Rate, which can fluctuate with the economy and any decisions that the Feds make. UNIFY is not obligated to notify cardholders of changes to interest rates, so it is your responsibility to pay attention to the market if you want to know exactly what your interest rates will be. Of course, you can always call UNIFY to get an update on the interest rate.
How Much Credit Will You Get?
UNIFY offers several types of credit cards with varying maximum credit limits. The classic card provides the lowest credit limit at $4,999. This may be enough credit if you are looking to build a solid credit history without running the risk of getting into major debt. However, it may not be the best option if you will need to make a lot of big purchases to pay off over time.
Remember that maximum credit limits give applicants an idea of the highest amount of credit they can have on a credit card. They are not a guarantee of how much credit UNIFY will actually extend to a cardholder. Your individual credit limit will depend on your creditworthiness and can be lower than the maximum allowed on this card.
Additional Cardholder Perks
As UNIFY’s most basic variable-rate credit card, the UNIFY Variable-Rate Visa® Classic doesn’t offer too many additional features. Cardholders can opt to participate in the credit union’s overdraft protection, which transfers funds from your credit card to your checking account if you are overdrawn. This only applies to UNIFY checking accounts, and cardholders should know that UNIFY treats this overdraft protection feature like a cash advance. While there is no fee for cash advances, they will accrue interest.
Cardholders can also participate in an optional debt protection program. If this is your first time having a credit card, this may be a valuable option for you. Apart from these features, the Classic card includes Visa’s auto rental collision damage waiver. This is an added layer of insurance that is added to your rental vehicle when you reserve and pay for a rental car with your UNIFY variable-rate Classic Visa.
Should You Apply for the UNIFY Variable-Rate Visa® Classic Credit Card?
The UNIFY Variable-Rate Visa® Classic credit card is a great starter credit card for people who want to build their credit histories. Its low maximum credit limit prevents cardholders from amassing too much debt. However, the credit limit is high enough to give cardholders the comfort of being able to freely make purchases with their cards.
The low variable interest rate range is one of the most attractive features of this credit card. However, the interest rates are only 2 percentage points lower than the fixed-rate cards, on average. This may make a huge difference with a larger balance, but it may not be worth it for a credit card with a lower credit limit, especially if you prefer to know what your interest rate will be at all times.
No annual fee and no fees on balance transfers, cash advances, and foreign transactions are a signature feature of all UNIFY credit cards, so it does not make the Classic Variable-Rate Visa that distinctive. Nevertheless, it is a very attractive benefit, particularly if you are considering other credit card issuers.
Overall, the UNIFY Variable-Rate Visa is an ideal card for consumers who require more freedom (and credit) than what the UNIFY secured card offers but are not ready or do not yet qualify for cards with larger credit limits. If you are interested in seeing how a variable-rate credit card works for you, this may be a good card to have as the low credit limit can be a lower financial risk for some people.