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.
FAQs
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. A Visa® Signature card offers low rates, but not as low as the Platinum card. Visa Signature rates are as low as 9.90%.
Is Visa Platinum or Signature better? ›
Visa Signature is better than Visa Platinum because Signature cards often come with more benefits, such as a minimum credit limit of $5,000, special perks at luxury hotels, travel insurance and purchase protection.
Is Visa Platinum worth it? ›
The U.S. Bank Visa® Platinum Card could be worth getting if you're looking to pay down existing credit card debt or if you have a large purchase planned. The U.S. Bank Visa Platinum is not worth getting if you're looking for a card with ongoing rewards, a welcome bonus or no foreign transaction fees.
What is the benefit of Visa Platinum card? ›
VISA Platinum Debit Card Benefits
In case of loss or theft, a cardholder may always reach out to global customer assistance to extend help with regard to blocking the account, sending a replacement card, or providing emergency cash. Additionally, it is packed with exclusive discounts, deals, and privileges.
Is a Visa signature card better than a Visa? ›
In addition to the benefits of “Visa Traditional”, Visa Signature credit cards provide extended warranties, a detailed year-end summary, and travel assistance services. Visa Signature cards offer more benefits than standard Visa cards because they are intended for customers with better credit and higher income.
What is the benefit of Visa signature? ›
The Visa Signature benefits can vary based on the financial institution issuing the card, but the core benefits include travel and emergency assistance, roadside dispatch, emergency cash disbursem*nt and concierge service.
Does Visa Platinum have lounge access? ›
By presenting your card, you can visit any of the more than 1000 business lounges around the world twice a year with Visa Platinum, 4 times per year with Visa Signature and 6 times per year with Visa Infinite.
Is a Visa Signature hard to get? ›
Visa Signature cards come with a minimum credit limit of $5,000, so that's one barrier of entry for new cardholders who apply. If you cannot qualify for a credit limit of at least that amount, you'll likely receive a traditional Visa card in situations where different tiers of the same card are offered.
Is it hard to get approved for the Platinum Card? ›
To be eligible for the Amex Platinum Card® you'll typically need a good to excellent credit score. This makes it one of the more difficult cards to be approved for.
Is platinum card worth keeping? ›
The Amex Platinum has an annual fee of $695, but for many travelers, the card's benefits will more than offset that charge. If you can maximize all of its annual statement credits, you're looking at nearly $1,600 in value. Plus, the various other benefits of the card can be worth even more for most frequent travelers.
The Visa Platinum Low Rate card is a convenient option for your expenses. Benefits include: Low monthly payments: Pay as little as $20 or 2%* of your balance each month. Generous credit limits: Spend with a $500 minimum and $50,000 maximum credit allowance.
What is special about a platinum card? ›
Amex Platinum Card®: An Overview
The Platinum Card® is a premium credit card that offers a welcome bonus, luxury perks, and other value-added services. Cardholders benefit from Uber credits, airfare discounts, bonus points, cashback and much more.
Who gets a platinum credit card? ›
You will need a CIBIL score above 750 to be eligible for a platinum credit card. Since these cards have a higher credit limit, banks will thoroughly check your creditworthiness and previous credit behaviour. It is to ensure that you will be able to repay the loan amount on time.
What is better, Visa Platinum or signature? ›
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. A Visa® Signature card offers low rates, but not as low as the Platinum card. Visa Signature rates are as low as 9.90%.
Can I access the airport lounge with a Visa signature? ›
As a Visa Signature or Infinite cardholder, you are eligible to receive 6 complimentary visits per year and 1 free guest per visit through LoungeKey. There is no need to register prior to visiting the lounge; simply present your Visa card to the lounge staff for the lounge staff to process your visit.
Which Visa card is best? ›
+ Show Summary
- Chase Sapphire Preferred® Card: Best overall.
- Chase Sapphire Reserve®: Luxury travel perks.
- Upgrade Cash Rewards Visa®: Best for low-cost and low-interest spending.
- Credit One Bank® Platinum X5 Visa®: Best for fair credit scores.
The highest level of credit card in the Visa network, Visa Infinite cards offer more benefits than Visa Signature and Visa Traditional cards.
What is higher than a platinum credit card? ›
A platinum credit card is usually a bank's most expensive or the top-tier card, second only to a titanium, black or diamond card if offered by the bank. It is often in the form of a rewards credit card.
Is a Visa signature hard to get? ›
Visa Signature cards come with a minimum credit limit of $5,000, so that's one barrier of entry for new cardholders who apply. If you cannot qualify for a credit limit of at least that amount, you'll likely receive a traditional Visa card in situations where different tiers of the same card are offered.
