Get Low-Interest Rates and High Rewards with a Credit Union Credit Card

Are you looking for a low-interest credit card and high rewards? An Interior Federal credit card may be a perfect choice. Credit unions generally offer benefits that are hard to find elsewhere, including lower-than-average interest rates and attractive reward programs. In this article, we’ll explain how to get the most out of your credit union credit card. You’ll learn about the benefits, fees, and other crucial information you need to make an informed decision.

Benefits of a Credit Union Credit Card

The main benefit of a credit union credit card is the low credit card interest rate. Most credit unions, like Interior Federal, offer lower interest rates than banks and other financial institutions, which means you will save money in the long run by not having to pay as much interest on your balance. In addition to lower interest rates, at Interior Federal, members can earn cash back through our Member Rewards Program that allows members to earn points or cash back for every purchase. This can be a great way to get extra value from your credit card spending and make the most of your hard-earned money.

No Fees with Interior Federal

Interior Federal members enjoy the benefits of having a credit card but without the fees. Our credit cards have no Annual Fee, no Balance Transfer Fee, no Cash Advance Fee, and no Foreign Transaction Fees!

If you have a balance on other credit cards, transfer your balances to your Interior Federal credit card and enjoy a 2.90% intro APR for 6 months on transferred balances. (Then, a rate as low as 13.10% APR for VisaⓇ Platinum and as low as 15.10% APR for Visa Platinum Rewards.)

Low Interest Rates 

The credit card interest rate is a major factor when choosing a credit card. High-interest rates can cost you more money in the long run, so it’s worth finding one that offers low-interest rates. But where do you start? 

Finding Low Interest Rates 

The first step is to research the best low-interest credit cards that are available both online and offline so you can compare them side by side. Be sure to look at each provider’s terms and conditions carefully before committing to any agreement as well as their customer service rating—this will give you an idea of their commitment level towards providing customer satisfaction.  

In addition to researching online, don’t forget about asking friends and family for recommendations; sometimes word-of-mouth can lead you in the right direction! Lastly, don’t forget about consulting with a wealth advisor if necessary; they have a wealth of knowledge about different types of financial products to help you make an informed decision based on your individual needs.        

Contact an Interior Federal wealth advisor

High Rewards

Credit unions offer a variety of rewards cards that can help you maximize your spending power. Let’s take a look at some of the types of rewards and how to get the most out of them. 

Types of Rewards Programs

There are three primary types of credit card rewards programs – cash back, travel, and points. Cashback rewards allow customers to receive a certain percentage of their purchases in cash back bonuses. Travel rewards offer discounts on plane tickets or hotel stays, while points reward programs give customers redeemable points for every dollar spent on their card. Depending on your lifestyle, any one of these reward types could be beneficial for you. 

At Interior Federal, members can earn cash back through our Member Rewards Program. It’s a simple, easy to use program that rewards you with points each time you use your Interior Federal Platinum Rewards credit card. 

Our members can’t get enough of the fuel rewards! The program offers instant redemption, right at the pump. Save fifty cents per gallon at participating gas stations.

Platinum Rewards Cardholders will earn 1 point for every $1 spent.

Check out the Interior Federal Visa® Platinum Credit Card

Get the most out of your credit card by maximizing your rewards points. One way to do this is to use your credit card for everyday purchases. Additionally, using the same credit card across multiple categories, such as groceries and entertainment will help you earn more rewards more quickly than if you were using multiple cards across different categories.  (Use your debit card, too, to rack up even more rewards.) From fuel to groceries to meals out, your points will add up fast!

Understanding Credit Card Terms 

When you apply for a credit card, it’s important to understand the terms and conditions associated with it. Knowing the ins and outs of common terms like balance transfer fees, credit card debt, foreign transaction fees, and 0% Intro APR can help you make an informed decision about which card is best for your needs. Let’s take a closer look at each one. 

Balance Transfer Fees 

A balance transfer fee is charged when you transfer your existing credit card balance from one card to another. This fee typically ranges from 3% – 5%. There are NO balance transfer fees with an Interior Federal credit card. 

Credit Card Debt 

Credit card debt refers to the amount of money owed on your credit card. It’s important to stay on top of this by making regular payments as required by the card issuers. Failing to do so could result in late fees, higher interest rates, and lower credit scores.

Foreign Transaction Fees 

A foreign transaction fee is applied when you use your credit card abroad or purchase something in a foreign currency. These fees tend to range from 1–3%, so if you plan on traveling internationally with your card it pays (literally) to find out what kind of foreign transaction fees apply before taking off! There are NO foreign transaction fees with an Interior Federal credit card.

0% Intro APR 

Having an introductory 0% APR means that for an introductory period —you won’t have to pay any interest on purchases made with that particular card during that time frame. This can be incredibly helpful if you need some time to pay off a large purchase without having any additional interest added to it.  

Interior Federal offers a zero percent introductory APR to all NEW members. Young Adult members can redeem this offer whether they are a new member or an established member when applying for a credit card.

Credit History 

Your credit history refers to the information that lenders use when evaluating your creditworthiness, that is whether or not you are likely to pay back any money that you borrow. It includes things like your payment history (are you paying on time?), how much debt you have (do you owe more than what you can afford?), and how long you’ve had open accounts (how long have you had access to revolving debt?). All of these factors are taken into consideration when lenders decide if they want to approve your loan or line of credit application.  

Check your credit score each time you log in to digital banking!

Purchases and Balance Transfers 

Purchases are items that are bought with your credit card (like groceries or furniture); balance transfers involve transferring existing debts from other lenders onto your new card, usually at a lower interest rate than what was originally offered.  Most banks charge a balance transfer fee. At Interior Federal, there is NO balance transfer fee and the interest rate is 2.90% APR for the first six months. Then, the rate reverts to 12.35% APR for Visa Platinum and 14.35% APR for Visa Platinum Rewards. 

Cash Advance Fee

Most banks and other credit card companies charge a flat fee or percentage of the transaction – whichever is greater – for cash advance transactions. Some fees vary depending on how you access the cash. Additionally, the interest rate on cash advances tends to be higher, sometimes near 30%. At Interior Federal, there is NO fee for cash advances and the interest rate doesn’t vary. It is the same as your purchase interest rate.

Annual Fee 

An annual fee is an amount charged each year by the lender for having an active account with them; this fee is automatically added to the account balance at certain intervals during the year, such as once per quarter or annually. This fee can range anywhere from $0-$500 depending on the type of card and card issuer, so it’s important to understand what kind of fee will be charged before signing up. There is NO annual fee with any Interior Federal credit cards.

If you are looking for a new way to manage your finances or just want to get some extra rewards from your spending, then exploring the options offered by Interior Federal is a great way to do it.