Selecting the best card means considering your needs and choosing one worth your investment. Two options available to HFS Federal Credit Union members are the Visa Platinum® and Visa Signature® credit cards. It’s possible to find the best credit card for your needs by comparing their rewards programs, interest rates, and fees. Both have great features and terms and conditions.
At HFS FCU, we take pride in helping our members choose the best credit cards for their needs. Consider what the Visa Platinum® vs Visa Signature® credit cards could mean for you.
There are a lot of great things about the Visa Platinum card, but is it really the best choice for you? In this full review, we’ll look at all the pros and cons, features, and other options to help you decide if Visa Platinum is right for you.
Overview of Visa Platinum
The Visa Platinum card is a basic, no-frills credit card It comes with
- No annual fee
- 0% intro APR on purchases and balance transfers for 21 billing cycles
- Cell phone protection
- No cash back or travel rewards
It’s best suited for those looking to finance a large purchase interest-free over an extended period or transfer a balance from a high-interest card The long 0% intro period makes it very useful for saving on interest, but it lacks common credit card perks like rewards
Pros of Visa Platinum
Here are the main advantages of the Visa Platinum card:
Long 0% Intro APR
The #1 benefit of Visa Platinum is the 0% intro APR on purchases and balance transfers for 21 billing cycles. This is one of the longest 0% periods available. It gives you well over a year and a half to pay off a large purchase or transferred balance without accruing interest. This can save you hundreds or even thousands in interest costs.
No Annual Fee
The card can be used for free every year after the intro period is over. This makes it easy to keep for a long time without having to explain why the cost is so high every year.
Cell Phone Protection
When you pay your cell phone bill with the card, you get up to $600 per claim in cell phone protection against damage or theft, minus a $25 deductible.
Good for Fair Credit
The card is accessible to those with fair credit (scores in the 670-739 range). You don’t need excellent credit to qualify. The 0% intro APR can help establish or rebuild your credit.
Cons of Visa Platinum
Here are the potential downsides to weigh:
No Rewards
The card earns no cash back, points, or travel rewards. It’s not the best choice if you want to get the most ongoing rewards.
3% Balance Transfer Fee
Balance transfers incur a 3% fee (minimum $5). This is higher than some competing cards. Large balance transfers will cost you.
Requires Good Credit
You will need at least a 670 credit score to qualify, so those trying to establish credit may not get approved.
Foreign Transaction Fee
A 3% foreign transaction fee applies to international purchases. It’s not ideal for travel abroad.
Alternatives to Consider
Here are some other cards to consider as alternatives:
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Citi® Double Cash Card – Earns unlimited 2% cash back with no annual fee. Also has an 18-month 0% intro APR.
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Wells Fargo Active Cash® Card – 2% cash rewards on purchases and a $200 sign-up bonus. 15 months 0% APR.
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Chase Freedom Unlimited® – 1.5% cash back on purchases. Sign-up bonus offer and 0% intro APR for 15 months.
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Citi® Diamond Preferred® Card – 21 month 0% APR on balance transfers and 12 month 0% APR on purchases. No annual fee.
Who is Visa Platinum Good For?
The Visa Platinum card is best suited for those who can maximize the 0% intro APR offer. It’s ideal for:
- Financing a large purchase over 18+ months
- Transferring high-interest credit card balances to save on interest
- Rebuilding or establishing credit history
It’s less ideal for:
- Maximizing ongoing rewards
- Those with excellent credit seeking premium perks
- Travelers needing a card without foreign transaction fees
Ultimately, Visa Platinum is a straightforward card that can provide great savings through its 0% intro offer. Just be aware it lacks the rewards and perks you get with other options. Weigh the pros and cons against your needs to decide if it’s a good fit for your wallet.
Visa Platinum Benefits and Features
Let’s take a more detailed look at the specific benefits and features that come with the Visa Platinum card:
Introductory APR Offer
- 0% Intro APR on purchases and balance transfers for 21 billing cycles
- After the intro period, 17.74%-28.74% variable APR
Ongoing Usage Benefits
- No annual fee
- Option to choose your payment due date
- Cell phone protection when paying cell bill with card
- Coverage up to $600 per claim (minus $25 deductible)
- Access to U.S. Bank ExtendPay Plan for financing large purchases over time
Credit Needed for Approval
- Good to excellent credit (670+) recommended
- Fair credit may still qualify
Signup Bonus
- None
Balance Transfers
- 3% intro balance transfer fee (minimum $5) for transfers within first 60 days
- After 60 days, 5% fee (minimum $5)
Foreign Transaction Fee
- 3% of all international purchases
Credit Limit
- $1,000 minimum credit limit
Cash Back Rewards
- None
As you can see, the key benefits are the intro 0% APR offer, no annual fee, and cell phone protection. There are no travel perks, points, or cash back rewards.
How Does It Compare to Other Popular Cards?
To give you an idea of how it stacks up, here is a comparison of some key features versus other top credit cards:
| Card | Intro APR | Balance Transfer Fee | Annual Fee | Cash Back/Points |
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How Does the Rewards Program Differ?
One of the most significant differences between the Visa Signature® and Visa Platinum® cards is the rewards program.
- With the Visa Platinum® credit card, you’ll earn 1 CURewards® point for every $1 spent on your card.
- With the Visa Signature® credit card, you’ll earn 2 CURewards® points for every $1 you spend on your card.
When you consider the Visa Platinum® vs. Visa Signature® in terms of redemption, the same offerings are generally available, with some key differences to consider.
You can still redeem for cash back, travel, and merchandise. However, the Visa Signature® program provides additional features and benefits, including special access to food and wine events, sporting events, shopping opportunities, and luxury hotels. This program can be an excellent choice for frequent travelers or luxury consumers with established credit for its flexibility and earning power.
Comparing Interest Rates and Fees
Knowing what a credit card will cost you is critical when borrowing. The interest rate you’ll pay is dependent on your credit score and other qualifications. You should also consider the annual fees for using a credit card; however, it should be noted that the Visa Platinum® and Visa Signature® credit cards do not have an annual fee.
The Annual Percentage Rate (APR) for both credit cards depends on your creditworthiness, though the Visa Platinum® credit card offers a lower (APR) based on the Prime rate published by the Wall Street Journal. Both APRs may change depending on the prime rate, with a maximum rate of 18%, and are subject to credit approval.
U.S. Bank Visa Platinum Card (Overview)
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