Maximizing Benefits with Educators Credit Union Credit Cards

Navigating the world of credit cards can be tricky, with offers that seem too good to be true often hiding high interest rates and complicated terms. Educators Credit Union offers a range of credit card options designed to provide value and benefits to its members. This article will explore the features and policies associated with Educators Credit Union credit cards, helping you make informed decisions about your financial tools.

Understanding Credit Card Interest and APR

One of the most important aspects of any credit card is the interest rate, represented as the Annual Percentage Rate (APR). The APR is the annual cost of borrowing money, including interest and fees, expressed as a percentage. Credit card companies often advertise enticing offers, such as "no payments for six months," but it's crucial to read the fine print. During this period, interest may still accrue, potentially at rates as high as 30% APR.

To avoid these "sneaky deals," always check if interest accrues during the promotional period. The best practice is to pay off your credit card balances each month to avoid interest charges altogether.

Business Credit Card Options

Educators Credit Union provides two primary business credit card options: the Business Visa® Platinum and the Business Visa® Cash Back. Both cards are offered and serviced directly by Educators Credit Union.

Business Visa® Platinum Credit Card Policy

The Business Visa® Platinum card comes with a specific set of policies:

Statement Cycles: Statement cycles begin on the first day of each month and end on the last day of each month.
Payment Due Date: Business credit card payments are due on the 26th day of each month.
Minimum Monthly Payment: The minimum monthly payment is 2% of the outstanding balance or $25, whichever is greater.
Late Fee: A late fee of $25 will be assessed when accounts are more than 11 days past due.

Business Visa® Cash Back Credit Card Policy

The Business Visa® Cash Back card shares the same policies as the Platinum card:

Statement Cycles: Statement cycles begin on the first day of each month and end on the last day of each month.
Payment Due Date: Business credit card payments are due on the 26th day of each month.
Minimum Monthly Payment: The minimum monthly payment is 2% of the outstanding balance or $25, whichever is greater.
Late Fee: A late fee of $25 will be assessed when accounts are more than 11 days past due.
Introductory Offer: The Business Visa® Cash Back card offers a 0% introductory APR for purchases for the first 180 days. The 0% APR is eligible for Purchases, Cash Advances, and Balance Transfers.

uChoose Rewards® Program

Educators Credit Union credit cards often come with the uChoose Rewards® program, allowing cardholders to earn points on their purchases.

Earning Points

To register for uChoose Rewards®, visit the Card Management tool in Online and Mobile Banking and click the link to access the uChoose Rewards® platform. You can earn even more points by shopping at participating retailers featured on the uChoose Rewards® site. For online purchases, click the “Shop Now” button on a particular offer, which redirects you to the retailer’s site to shop as usual.

Redeeming Points

Points can be redeemed for various rewards, including in-house specials. Contact Educators Credit Union to redeem points for these specials.

A special offer includes a 0.50% increase on a share certificate’s APY (Annual Percentage Yield). Points must be available and used at the time of opening/purchase, and the exact quantity indicated must be eligible for the reward. A $500 minimum balance is required to open a Share Certificate. Consumer loans are subject to credit approval and include fixed-term loans only. First mortgage home loans, credit cards, and line of credit loans are not eligible. Other restrictions may apply.
It can take up to 60 days after a transaction or travel completion date for points to be credited to your account. Most points will be accumulated and available for redemption at the end of each month.
To redeem your points, you must accumulate a minimum of 1,500 points.

Using Points at Amazon.com

You can use your uChoose Rewards® points at Amazon.com checkout after registering with uChoose Rewards® and enrolling with Amazon Shop with Points. This option is available on eligible transactions. When using points at checkout, each point is worth $0.00915, meaning 100 points equals $0.915 in redemption value. Note that Pay with Rewards may not be available every time you check out online with a merchant and is not currently available for sending money, recurring payments, and in-store transactions.

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Pay with Rewards will be available on eligible cards on eligible purchases or can be donated to support a charitable cause with PayPal Giving Fund. All reward redemptions are subject to your issuer’s reward program terms.

Additional Card Features

Design My Card

Educators Credit Union allows you to customize your credit and debit cards with a unique picture.

Visa® Platinum Rates

Visa® Platinum rates start at 10.90%.

Visa® Signature Rates

Visa® Signature variable rates start at 7% over Prime Rate and are adjusted quarterly.

Required Documentation

When opening an account, you may need to provide certain documentation:

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Income Verification: To verify your income, provide one month's worth of your most recent pay stubs from your current employer.
Proof of Address: Proof of address is needed if it’s different than the address listed on your ID, especially when opening a fiduciary account.

Additional Financial Products

Educators Credit Union offers a variety of other financial products, including:

TurboTax Discount

A discount applies to TurboTax federal products only (no state products). This offer cannot be combined with any other TurboTax offers. Actual prices are determined at the time of print or e-file and are subject to change without notice. Terms, conditions, features, availability, pricing, fees, service, and support options are subject to change without notice.

Auto Loans

Financing is available up to 105% of the approximate retail value. Rates and payments are based on a 36-month term. The loan rate is based on term, credit score, as well as credit tiers. You can qualify for the lowest rate with a credit score of 670 or above. Rates are subject to change.

Mortgage Loans

APR (Annual Percentage Rate) is calculated on a loan amount of $100,000. Rates are subject to change and are not guaranteed until a formal lock is processed. Property insurance is required on all mortgages. Closing costs amount to $1,600. Payments do not include amounts for taxes and insurance premiums. Interest on a home that is greater than the fair market value of the home is not tax-deductible for federal income tax purposes. The actual payment obligation will be greater.

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