Visa Platinum vs. Signature: What’s Right for Me?
Introduction
There are many different credit card options out there, and it’s more important than ever to understand how they work before opening a new one. Rewards may seem exciting until the reality of fees and interest rates sets in.
CFCU offers two different credit card options, a Visa® Platinum and Visa ® Signature card. This article will explain the difference between the two, and the benefits of both, so you can make an informed decision.
Visa Platinum vs. Signature: A Comparative Look
A Visa® Platinum card generally offers competitively low rates on purchases, as low as 8.90%. This will be a significant benefit to those who carry a balance on their card month over month. Many credit cards, especially store cards can have interest rates up to 30-40% interest, so this can be a huge savings. It can also be a great card for those looking for a first credit card where you may be looking to establish a good credit score.
The Visa® Platinum card allows credit limits under $5,000, so a Visa® Signature card may be a better option for those looking for a higher credit limit.
Key Differences between Visa® Platinum and Visa® Signature
A Visa® Signature card offers low rates, but not as low as the Platinum card. Visa Signature rates are as low as 9.90%. The main differentiator between Platinum and Signature cards is that Signature cards earn Cash Back rewards. This can be a great incentive for those who pay off their balance each month and don’t care as much about the interest rate.
Visa® Signature card credit limits start at $5,000 so a person looking to establish good credit may find the Platinum to be a better fit with a lower limit.
Who Should Consider a Visa® Platinum Card?
A young adult who is looking for a first credit card would be a good fit for a Visa® Platinum Card. Additionally, someone who is re-establishing a good credit score may also benefit from the Platinum Card. If you are someone who carries a balance on a credit card month over month, a Platinum may also be a good fit.
Who Should Consider a Visa® Signature Card?
If your credit is a little more established, and you’re looking to earn rewards, the Signature card could be a good fit for you. If you pay off your card more frequently, you might not be as concerned about the higher interest rate.
Additional benefits
Being a CFCU Visa® Signature cardholder comes with several exclusive benefits in addition to Cash Back, including buyer’s protection, roadside assistance, Visa Concierge and more. Visa® Credit Cards are accepted around the world and are great for travelers.
How to Apply
Members and not-yet-members can apply for a Visa Platinum or Signature online. You’ll just need to provide some personal information and answer a few questions.
CFCU offers two great options for consumers looking to save money and earn rewards with a Credit Card. Review your spending and travel habits to decide which credit card might be right for you.
