“7.99% APR FIXED FOR THE LIFE OF THE TRANSACTION MASTERCARD PROMOTION”
FROM AUGUST 1, 2018 – JANUARY 31, 2019
What types of transactions qualify for the “7.99% Fixed for the Life of the Transaction” promotion?
All Purchases, Balance Transfers and Cash Advances will get the 7.99% fixed for life as long as the transaction is completed between August 1, 2018 through January 31, 2019.
What is meant by Life Of The Transaction?
That means any transaction made between August 1, 2018 through January 31, 2019, will be at the 7.99% rate until those transactions are paid off.
Are there any balance transfer fees or cash advance fees?
Absolutely NOT! At University Credit Union these transactions do NOT carry a fee!
Is there an annual fee?
Is there a “Special interest rate” on cash advances?
No. Your cash advance transaction will be fixed at 7.99% APR as long as the transaction is done between August 1st through January 31, 2019.
Will the rate change on the remaining balance after January 31, 2019?
No. As long as the transactions are made between August 1st, 2018 through January 28th, 2019 any balances from those transactions will be fixed at the 7.99% APR until those balances are paid off.
What is the rate for any transactions done prior to August 1, 2018?
The rate for any transactions completed before or after the promotional period will depend on your credit worthiness. Our Traditional Mastercard offers 3 different FIXED interest rates; 8.9%; 10.2%; 13.2%. Our highest interest rate on this card is usually our competitor’s lowest starting point.
What would the rate be for new purchases, balance transfers and/or cash advances completed after January 31, 2019?
Transactions completed after January 31, 2019 will be charged the standard rate based on your credit worthiness. Our Traditional Mastercard offers 3 different FIXED interest rates, 8.9%; 10.2%; 13.2%. So any additional transactions done after January 31, 2019 will be charged the standard rate that you qualified for upon application. Our highest interest rate on this card is usually our competitor’s lowest starting point.
What is the maximum amount that I can withdraw if I opt to make a cash advance?
Unlike other credit card companies that limit you to withdraw a small percentage of your available credit, University Credit Union allows you to withdraw up to 100% of your available credit as a cash advance. The cash advance is charged the same exact rate with NO balance transfer fees and NO cash advance fees. If the cash advance is completed within the promotional period of August 1, 2018 through January 31, 2019, the cash advance rate will be fixed at 7.99%. If the cash advance is done before or after the promotional period it will be fixed at your standard rate, based on creditworthiness, up to a maximum rate of 8.9%; 10.2%; or 13.2%.
What do you mean by this Traditional Mastercard only offers FIXED interest rates?
When you are approved for your Traditional Mastercard, the rate that you receive will be fixed. This means that the rate will not change. Most credit card rates are variable. That means that they are tied to the Federal Reserve’s Prime Rate which can increase. If the rate increases, you will pay more interest on your outstanding balance. This does not occur on the University Credit Union Card.
Who is eligible to become a member of University Credit Union?
We have several partnerships with our local Universities as follows: University of Miami, St. Thomas University, Florida International University, and Barry University. If you are a current student or Alumni or if you are a current employee or vendor of any of these Universities, you are eligible to become one of our members. In addition, our membership is open to anyone that lives or works in Miami Dade County. Our membership is also open to anyone that works for the legal community within Palm Beach, Broward, Miami Dade and Monroe counties.
Who can apply for the Mastercard 7.99% FIXED for the Life of the Transaction promotion?
Anyone who meets the eligibility requirements for membership and is over the age of 18 with proof of income and a credit history is eligible to apply.
Does University Credit Union offer other products and services?
Yes. We offer the same deposit, loan products and services that other financial institutions offer.