VISA Credit Cards

At Tuscaloosa VA Federal Credit Union, we offer Credit Cards with no gimmicks and no hidden fees buried in fine print!

Credit cards are convenient and simple to use.  In an age of online, over-the-phone, and at-the-pump purchasing, a credit card is practically essential in today’s economic environment.  The fact is however, after luring consumers with bargain introductory interest rates, many bank-issued credit cards boost Annual Percentage Rates to 29.9% and even higher. In addition to paying sky-high interest on your purchases, you may be paying annual fees in excess of $50 just for the privilege of holding the card.

There is a smarter, cost-effective alternative: Tuscaloosa VA Federal Credit Union’s VISA Classic or Platinum Credit Card.  With features including a Fixed Low Annual Percentage Rate, No fees, and a 25-Day Grace Period on purchases, the Tuscaloosa VA Federal Credit Union VISA Classic or Platinum packs the most value.  It’s just another way, Tuscaloosa VA Federal Credit Union “makes a difference.”

  Tuscaloosa VA Classic Tuscaloosa VA Platinum Compare to Nat'l Standards
Annual Fee None None $50 - $120
Balance Transfer Fee None None 3% - 5%
Cash Advance Fee None None 2%, no less than $10
Over-the-Limit Fee None None $25 - $39
Grace Period 25 days 25 days 0 days – 20 days
Late Payment Fee $20 $20 $29 - $39
Universal Default Penalties NONE NONE YES
Billing Method Average Daily Balance Average Daily Balance Two-cycle Billing
Inactivity Fee None None $15
Prepayment Penalties None None Applicable
PERSONAL SERVICE Walk-in and see us! Call Us Directly! 1-800 number…do they care?
Rewards Program Not Available Available (VISA Preferred) Available

Here are some of the top tricks that are used in the credit card industry today.  And, why choosing one of Tuscaloosa VA Federal Credit Union’s VISA card is even more valuable. 

According to Consumer Reports, last year $43 billion was earned in annual fees, cash-advance fees, balance-transfer fees, etc.  And, another $80 billion was earned in interest charges.  How do big credit card companies earn that much on 0% offers.  Here’s how:  (Comments below are derived or reprinted from Peter Davidson, Bankrate.com, motleyfool.com, Selena Marnjian, cardweb.com, and consumerreports.org)

Universal Default Penalties

If you miss a monthly payment – a competitor’s credit card payment, a mortgage payment, a book or music club payment, utility bill, a loan – you may be in for a big shock.  Your credit history could be perfect for that particular card issuer, but as soon as they check, your interest rate increases to the high-risk interest level.

According to Wikipedia, "Universal Default is the term for a practice in the financial services industry for a particular lender to change the terms of a loan from the normal terms to the default terms (i.e. the terms and rates given to those who have missed payments on a loan) when that lender is informed that their customer has defaulted with another lender (even though the customer has not defaulted with the first lender)."

According to Cardweb.com, the average person carries eight cards with a balance of $8,400 in credit card debt.  If those eight cards has a Universal Default feature then your financial position has just changed dramatically.

Tuscaloosa VA Federal Credit Union does NOT have a Universal Default Penalty on any cards.

Two-cycle Billing

This method calculates interest on two previous month’s balances instead of just the one month.  Unless you pay off your balance for two months in a row, the two-cycle method will include the prior cycle’s average balance in calculating your finance charges even though you paid off that cycle’s balance in full.

Tuscaloosa VA Federal Credit Union does NOT use a Two-cycle Billing method.  We use just the Average Daily Balance Method.  You truly have a FREE credit card if you pay if off every month within the grace period.

No-Balance Fee

According to a recently article published on motleyfool.com, some credit card companies are now starting to charge a fee if you pay off your bill in full each month. 

Card companies also know that many consumers try to take advantage of those 0% offers in the mail; therefore, are now retroactively charging the higher interest on those cards for payoff purposes.

At Tuscaloosa VA Federal Credit Union, we welcome you to pay off your card in full every month and offer you a convenient choice in cards to do just that.  Our mission is for all our members to build financial wealth and gain financial freedom!  Your Tuscaloosa VA Federal Credit Union VISA card is for your convenience and not to keep you in debt.

Bait-and-switch card offers

Direct mail offers generally advertise the issuer’s premium card at an eye-opening low interest rate, while the fine print says the company can issue a more costly non-premium card with a higher annual percentage rate if you fail to qualify for the premium card.  Just because you apply for a card with a low rate doesn’t mean the card that shows up in the mail actually carries that low rate.

At Tuscaloosa VA Federal Credit Union, there are no gimmicks with our cards.

Together, card credit issuers mail out more than 3 billion solicitations a year and spend millions more marketing to you during the Super Bowl, etc.  They spend it because they know they can more that make up for it in fees and higher interest rates. 

We may not send you several mail offers a year, but it doesn’t mean our card has less features and benefits.  In fact, just the opposite is true.  Our cards offer the BEST VALUE overall.  Don’t get caught up in the interest rate game.  Our Platinum card with VISA’s Preferred Scorecard Rewards offers the same travel discounts and rewards that the major card companies offer. 

For lost/stolen VISA Credit cards, please call (800) 808-7230.