Selecting the best card means considering your needs and choosing one worth your investment. Two options available to HFS Federal Credit Union members are the Visa Platinum® and Visa Signature® credit cards. Both offer great features and outstanding terms and conditions, but looking deeper into their rewards programs, interest rates, and associated fees helps determine which is best for your needs.
At HFS FCU, we take pride in helping our members choose the best credit cards for their needs. Consider what the Visa Platinum® vs Visa Signature® credit cards could mean for you.
What are Visa Platinum® and Visa Signature®credit cards?
With their impressive borrowing power, the Visa Platinum® and Visa Signature® credit cards provide a sense of empowerment and control for qualified account holders. If you’re looking for the flexibility of earning rewards for your spending, both cards offer opportunities to suit your needs.
Visa Platinum® credit cards are ideal for those with good credit ratings, while the Visa Signature® credit card is an excellent choice for those with excellent credit who want higher credit limits and exclusive Visa® benefits.
Visa Platinum® Benefits
The Visa Platinum® credit card is an excellent way to build credit while earning rewards. This program gives you a low variable interest rate, no annual or foreign transaction fees, and Contactless Pay Technology. You also get travel insurance coverage as a cardholder – up to $500,000 in travel accident insurance. It also provides Travel and Emergency Assistance Services Roadside Dispatch when you need help on the side of the road. Even better, you can get the Auto Rental Collision Damage Waiver Program.
With the Visa Platinum® credit card, you earn 1 CURewards® point for every dollar you spend. You can redeem those points for cash back, gift cards, merchandise, or travel. Earn rewards you can use your way.
Minimum Credit Line: Credit lines range from $500 to $50,000
Minimum Credit Score: Various factors play a role in the credit score you need to have to qualify for a Visa Platinum® credit card.
Visa Signature® Features
The Visa Signature® credit card offers premium features and exclusive perks for cardholders. These include concierge services, travel upgrades and discount options, and complimentary airport lounge access. If you travel and want a card that helps you earn perks to make trips more enjoyable, this is the card to consider.
The Visa Signature® credit card offers better earning power: 2 CURewards® points for every $1 spent. You can redeem these points for cash back, gift cards, merchandise, or travel.
With the Visa Signature® credit card, you get special access to unforgettable experiences thanks to the concierge service. That includes fine wine and food events, premium car rental services, once-in-a-lifetime sporting events, luxury hotels, and more. You also gain access to the Auto Rental Collision Damage Waiver Program and $500,000 in Travel Accident Insurance. Other key features include Travel and Emergency Assistance Services, Roadside Dispatch, and Extended Warranty Program. It also offers ID Navigator Powered by Norton LifeLock and Porch Piracy Protection when you use your card.
Minimum Credit Line: $5,000 to $50,000
Minimum Credit Score: Various factors affect the credit score needed to qualify for a Visa Signature® credit card.
If either card is lost or stolen, you can quickly freeze your account and request a replacement.
How Does the Rewards Program Differ?
One of the most significant differences between the Visa Signature® and Visa Platinum® cards is the rewards program.
- With the Visa Platinum® credit card, you’ll earn 1 CURewards® point for every $1 spent on your card.
- With the Visa Signature® credit card, you’ll earn 2 CURewards® points for every $1 you spend on your card.
When you consider the Visa Platinum® vs. Visa Signature® in terms of redemption, the same offerings are generally available, with some key differences to consider.
You can still redeem for cash back, travel, and merchandise. However, the Visa Signature® program provides additional features and benefits, including special access to food and wine events, sporting events, shopping opportunities, and luxury hotels. This program can be an excellent choice for frequent travelers or luxury consumers with established credit for its flexibility and earning power.
Comparing Interest Rates and Fees
Knowing what a credit card will cost you is critical when borrowing. The interest rate you’ll pay is dependent on your credit score and other qualifications. You should also consider the annual fees for using a credit card; however, it should be noted that the Visa Platinum® and Visa Signature® credit cards do not have an annual fee.
The Annual Percentage Rate (APR) for both credit cards depends on your creditworthiness, though the Visa Platinum® credit card offers a lower (APR) based on the Prime rate published by the Wall Street Journal. Both APRs may change depending on the prime rate, with a maximum rate of 18%, and are subject to credit approval.
Visa Platinum® and Visa Signature® Fees
- No Annual Fee. No Balance Transfer Fee. No Cash Advance Fee. No Foreign Transaction Fees.
- The Late Payment Fee is 10% of your current required minimum payment if you are 10 or more days late in making a payment. However, the fee will not exceed $25.00.
- The Returned Payment Fee is $25.00 or the amount of your current required minimum payment, whichever is less.
These fees are subject to change without notice.
Choosing the Right Card for You
What can a Visa Signature® credit card do for you? If you’re a luxury buyer looking for top-tier airport and hotel experiences and access to exclusive events, the Visa Signature® credit card could provide these benefits—if you meet the eligibility requirements.
What can the Visa Platinum® credit card do for you? If you are establishing or building your credit and want to earn points you can redeem for cash back or travel savings, this credit card could be the best choice for your needs.
Factors to Consider
As an HFS FCU member, you’ll want to consider several factors before deciding between the Visa Platinum® and Visa Signature® credit cards. Here are some key features to think about before you apply:
- Rewards programs: Both credit cards offer similar rewards, with the Visa Signature® credit card offering higher point earning potential and exclusive features.
- Interest rates: The interest rates for these credit cards depend on your creditworthiness, though the Visa Platinum® credit card has an overall lower interest rate.
Tips for Comparison
Considering the options and the differences between Visa Platinum® and Visa Signature® credit cards helps you compare the features and costs related to your situation. Take a look at your spending patterns over the last few months. Are you likely to carry a balance? If so, a higher interest rate will cost you more, making the Visa Platinum® credit card a suitable choice. If you like to travel, the benefits from the travel rewards program could make the Visa Signature® credit card a better fit for you.
FAQs for Visa Platinum® vs Visa Signature®
What are the main differences between Visa Platinum® and Visa Signature®?
The main differences are the points earned per dollar spent, the interest rate, and the minimum credit line.
How can I maximize the rewards and perks offered by my Visa Platinum® or Visa Signature® credit card?
Make wise financial decisions to get the most out of your credit card. Pay off your balance in full within the grace period so you do not have to pay fees on your borrowed funds but can earn the rewards offered. By making on-time payments and paying off your balance in full, you keep costs as low as possible.
Do Visa Platinum® and Visa Signature® credit cards have different travel insurance coverage?
The travel insurance coverage is the same for both programs, though the Visa Signature® credit card offers added services, including Travel and Emergency Assistance Services.
What factors should I consider before choosing between Visa Platinum® and Visa Signature® credit cards?
Choose a credit card with desired features, such as a low interest rate or higher reward potential. Be sure to consider whether you’ll qualify for the credit requirements.
Choose Your Perfect Card with HFSFCU
If you need help determining which credit card is best for you or want more insight into your options, let the team at HFS FCU offer you the guidance you need. Contact us now to discuss the Visa Platinum® and Visa Signature® credit cards.
