7 reasons to keep an Arsenal credit card at the top of your wallet
Do you associate all credit cards with high interest rates and astronomical fees? We want to change your mind with our Arsenal Visa® Platinum credit card options.
1. Our cards have some of the lowest rates
Like all card issuers, our rates are based on the creditworthiness of the borrower, but we price ours lower than for-profit competitors because or not-for-profit structure. The best rate that members can get with a fixed-rate card from us is 9.90% APR*. Our variable rate card starts even lower at 8.75% APR. We also offer great rates on secured cards that help establish a credit history, as well as credit cards for our small business members.
By contrast, the starting rates on similar rewards cards offered by banking giants headquartered in other parts of the United States with a strong presence in the St. Louis market are considerably higher:
- Bank of America Premium Rewards card: 17.99% APR on purchases
- U.S Bank Visa Platinum card (no rewards): 14.49% APR on purchases
- Regions Bank Prestige Visa Signature card: 14.99% APR on purchases
- PNC Bank Points Visa card: 13.99% APR on purchases
2. We charge the same low rate for balance transfers and cash advances
Switching your high-interest balance on a store or bank credit card to a lower-rate card is a smart financial move. At Arsenal, we never charge you a fee for this. Big banks like U.S. Bank and Bank of America charge a 3 percent balance transfer fee, while PNC and Regions charge 4 percent of the amount you are putting on the card.
The initial APRs for the big banks listed above are just for purchases. What happens when you need cash in a pinch? At Arsenal, you can come into a branch and get a cash advance, or, if you have a PIN associated to your credit card, you can use the ATM. You’ll be charged the same low rate you get for all of your other purchases.
Want a cash advance from a big bank credit card? You’re going to pay extra for that…
- Bank of America Premium Rewards Card: 17.99% APR for purchases jumps to 26.99% APR on cash advances
- U.S. Bank Visa Platinum card: 14.49% APR on purchases jumps to 25.99% APR on cash advances
- Regions Bank Prestige Visa Signature card: 14.99% APR jumps to 26.99% APR on cash advances
- PNC Points Visa card: 13.99% APR jumps to 24.99% APR on cash advances
3. Your interest rate won’t soar for simply being late with one payment
What happens if you miss a payment?
Regions will charge a 29.99% penalty APR for at least six consecutive billing cycles with no late payment, while PNC Bank will charge you 30.99% for the same length of time. Miss a payment on the Bank of America Card and they’ll charge you a penalty 29.99% APR for six consecutive billing cycles indefinitely!
Our mission is to help you, not hurt you. Jacking your APR up to an astronomical rate for a few months or indefinitely is not how we do things around here. There’s no penalty rate on any Arsenal credit card.
4. No annual fee
Many cards that earn rewards points charge you an annual fee to use them. The U.S. Bank FlexPerks Travel Rewards costs $49 every year after the first year, the Bank of America Premium Rewards card comes with a $95 annual fee, and Regions charges a whopping $125 annual fee on their Premium Visa Signature card.
At Arsenal, you’ll earn rewards points, but there are never any monthly or annual fees. You can even use your rewards points to earn cash back toward a statement credit.
5. No minimum finance charge
A minimum finance charge is the least amount of interest a borrower will have to pay their credit card company in a particular billing cycle if a balance has accrued, states Investopedia. Most issuers usually charge a dollar, some more. You won’t find this extra charge on Arsenal credit cards.
6. Longer grace period
According to NerdWallet, timing your billing cycle helps you time your purchases and avoid interest when you pay in full every month. The grace period is the gap between the end of your credit card’s billing cycle and when the payment is due. Most issuers give you a 21-day grace period, but Arsenal gives you 25, giving you more time to get money to pay in full and avoid interest charges.
7. We’re local. They’re not.
Whether you get a credit card from U.S. Bank (Minnesota), Bank of America (North Carolina), Regions (Alabama) or PNC (Pennsylvania), you’re not dealing locally. At Arsenal, we understand your unique needs. We’ll make it easy to dispute fraud charges and be able to understand your situation if you’re not able to make a monthly minimum payment on time.
Ready to chop up your bank credit cards and make the switch? Apply for an Arsenal credit card today!
Now that you know the difference, it’s time to make the switch. Apply for an Arsenal credit card online today. If you’re already an Arsenal member, login to your online banking account and select the Online Applications tab in the main navigation.
Need more help? Start a live chat with an Arsenal representative or stop by a branch. We’ll help answer any questions you have or help you transfer a balance from a high-interest card over to one of ours – for free.
Interested in a credit card for your small business? Here are six ways one can work for you.
*APR=Annual Percentage Rate, subject to change and based on creditworthiness. Rates as of 10-1-2019.