Most of you are thinking to yourself, “Where are they going to get me?”
Summary of the PCU Visa Credit Card
It is a rather straightforward product. If you have balances on other credit cards of $500 or more, PCU will pay you $60 per card to transfer that balance to them. That makes it worthwhile for a very good reason; the standard rate on the PCU Visa is 11.99%, which is probably better than the standard rate you are paying on any other credit card you might have.
The person who still has manageable credit card debt should prosper from this move. One detrimental factor that you must consider is how much credit limit you have remaining due to the balances you have on credit cards and your current credit rating. Getting approved for the PCU Visa is the first bridge that you must cross.
If you go to the PCU website, there is a link to apply online, but it is actually just a place to print out forms to complete. You will still have to fax or mail the application to get your answer. In the event that you are accepted, you will receive your $60 per card when those balances have been paid off and the card is cancelled.
This seems like a small thing to ask from PCU. The money is actually placed as a credit to your account, which will help pay for the balance you are transferring.
Keep in mind, if you are near your credit limit after the transfers, you will be very limited on what you can charge until the balance is paid down. Also, you should check the complete agreement because fees and charges do apply to some parts of the credit card agreement.
While there is not a rewards program included with this credit card, if you are transferring balances, it is highly unlikely that you will get any use from a rewards card anyway. PCU does have a Member Rewards Program, but it is not the standard kind with points and vouchers.
Instead, you are rewarded when you maintain at least $5000 in your account on average for a monthly period. This helps you avoid or at least reduce transaction fees and charges for ATM and EFTPOS. You may also qualify for fee rebates.
The annual fee for the Visa card is not charged to you the first year with PCU. If you transfer other accounts, such as a savings, you may be able to avoid the annual fees altogether.
The Advantages of a Visa Card
Aside from what PCU is offering by way of a good interest rate, there are other standard features that make owning a Visa very attractive.
- Visa is accepted in almost any place you will ever travel. More than 250 countries currently honour your Visa card. The number of places around the world that Visa is accepted exceeds 29 million.
- With your balances paid in full, you will enjoy a 55 day interest free grace period on purchases.
- Internet banking allows you to transfer funds, keep track of your credit card activity, and pay bills. When you don’t have access to online banking, you can still use the telephone for most of your banking needs.
- Online purchases are secured by Visa’s state of the art security system.
- You have access to Visa Entertainment, which provides many services you can’t get anywhere else.
