News & Tips
Benefits of a Visa Signature® Credit Card at SCCU
Visa Signature® is the best rewards43 credit card at Space Coast Credit Union (SCCU). Plus, this credit card offers travel perks, low variable rates, security features, and more. We’ll give you the 360-degree view of why this points-earning card is worth having in your pocket.
More about Visa Signature Credit Card Benefits
If you’re looking for a credit card that gives back, the Visa Signature has your name on it. You can redeem points that you earn for cash back, exclusive experiences, merchandise, theme park tickets, entertainment, gift cards, travel, special offers, and more. See all of the potential rewards you can earn here.
For every dollar you spend, you’ll earn points based on this system:
- 3 points for groceries & entertainment
- 2 points at restaurants
- 1 point on other purchases
Although Visa Signature rewards are a key reason why people fall in love with this card, it’s not the only reason. So, here’s more about our Visa Signature card benefits.
Special Credit Card Introductory Rate
As a new Visa Signature cardholder, you’ll have a special introductory rate of 0% for the first six months45 . Zip. Zero. Nada. So if you’ve got a special purchase in mind, buying it when you don’t have to worry about interest charges makes good sense. This gives you time to pay it down or off during the introductory period.
Plus, because you won’t have to worry about balance transfer fees with this credit card, you can transfer balances from other credit cards and then pay down the balance during your introductory period. Best of all, we offer low variable rates after the introductory period ends.
Starting Credit Limit
The minimum starting credit limit with an SCCU Visa Signature is $5,000, so you’ll have plenty of breathing room for any upcoming trips, emergencies, and other big purchases.
Complimentary Concierge Services
Enjoy a personal touch when you’re making travel plans. With the concierge service as one of your Visa Signature benefits, you can reach out for help with travel needs (current and future), when you want to send a special gift, and more. Enjoy the VIP experience!
Three Fees You Don’t Have to Pay!
With the Visa Signature credit card, you’ll have:
- No annual fee
- No cash advance fee
- No balance transfer fee
Did you know that annual fees for credit cards can range from $95 to $500? Cash advance fees, on average, are 3% to 5% per cash advance, and balance transfer fees are typically 3% to 5% per transfer, with a $5 to $10 minimum fee. So, you’d be saving quite a bit with a Visa Signature!
Visa Zero Liability Policy
Thanks to Visa Zero Liability Policy14 , you can shop with confidence and have peace of mind, knowing that you won’t be held responsible if any unauthorized charges are made on your account.
According to the Fair Credit Billing Act (FCBA), your liability is limited to $50 for an unauthorized charge, but this policy takes your liability all the way down to zero.
Roadside Assistance
This is just another one of the in-demand Visa Signature benefits. If you get stranded, you can reach out for help on a pay-per-use basis. For one set price, you can get up to five miles of standard towing, tire changing (must have good, inflated spare), jump starting, lockout service, up to five gallons of fuel (plus cost of fuel), and standard winching. Dependable roadside service is available 24/7 at a toll-free number.
Travel and Emergency Assistance
As a cardholder, you, your spouse, and anyone under the age of 22 can use these referral/assistance services. You cover the costs but will receive experienced assistance when you really need it. This is yet another way that your Visa Signature card can provide peace of mind.
Benefits include an emergency message service, medical referral assistance, legal referral assistance, emergency transportation assistance, emergency ticket replacement, lost luggage locator services, emergency translation services, prescription assistance, valuable document delivery arrangements, and pre-trip assistance.
Free 2Way Text Fraud Alerts
As a courtesy, we enroll all SCCU members in our free 2Way Text Fraud Alerts program, where we’ll send you a text if we suspect any fraudulent activity, such as a credit card purchase or Online & Mobile Banking log in that occurs out of state.
You can then text “YES” to verify the transaction. Or, if it’s fraudulent behavior, text “NO.” This rapid, real-time communication allows us to respond more quickly to protect you by preventing further fraudulent activity from taking place. Note that this is in addition to our regular fraud alerts program, which means that you will receive alerts in real time by email, phone, and text.
Online & Mobile Banking
In Online and Mobile Banking, you can view and redeem your Visa Signature rewards points. Plus, you’ll be able to manage your finances, transfer funds, pay SCCU loans, manage your cards, pay other people through Bill Pay, set up alerts, view eStatements, and more—around the clock from the comforts of home or palm of your hand.
Through the SCCU Mobile app, you can download the Card Control companion app, which allows you to turn cards “on” or “off,” manage merchants, track transactions, and more to make sure you’re the boss of your cards’ activities.
Free FICO® Score
At SCCU, we care about the financial wellness of all of our members. To help you effectively manage your finances, you’ll have access to a Free FICO Score (a standard credit scoring system), which updates monthly in your Online or Mobile Banking account. Here’s more credit score information.
To check to see if any errors exist on your credit reports, go to AnnualCreditReport.com where you can get free copies of your credit reports from each of the three major credit reporting bureaus. Be sure to dispute errors or any wrong information you see on the report with the appropriate credit bureau(s).
Digital Wallet Payment Options
You can also add your Visa Signature to your digital wallet (GPay, Apple Wallet, Samsung Pay) and make secure purchases in stores or online anywhere you see these symbols:
Learn how to get the most out of digital wallets here.
More About a Points Credit Card
With a points-based credit card, you’ll earn a certain number of points for qualifying purchases. Each credit card issuer can create a unique program, including the number of points the provider will award in certain purchase categories. Credit card issuers can also customize how many points you need to obtain rewards and what you can receive in exchange for those numbers of points. There may be special days or times of year when you can earn more points—perhaps during the holidays and/or on your anniversary of opening your account.
Benefits of Credit Card Points
The main reason people choose point-based cards is that earning points may provide them with more benefits than cash-back cards. If, for example, someone travels for pleasure or business (or both), travel rewards points can save them more money in the long term.
Plus, points cards may come with additional benefits, such as concierge services, roadside, travel, and emergency assistance, and more (see Visa Signature rewards guidelines).
Challenges of Credit Card Points
With some credit cards, the points are available to earn in categories where you’re unlikely to spend. When that’s the case, you aren’t really earning much at all. That’s why, with Visa Signature, we offer points where people typically spend money, such as in grocery stores and in restaurants. Plus, you’ll have opportunities to earn points everywhere else.
When comparing points cards, make sure that the credit card doesn’t come with rapidly expiring usage dates or significant restrictions. With SCCU’s Visa Signature, your points never expire!
Be sure to review the points program and ask the provider any questions so that you can maximize your benefits and savings. Plus, make sure that fees involved (such as annual fees, cash advance fees, and balance transfer fees) aren’t so high that they negate the benefits of having the card. With the Visa Signature credit card, SCCU doesn’t charge those three fees.
Points Credit Card Card Versus Cash Back Credit Card
If you compare the two credit card structures, you may well decide that a points card has the most potential for earning rewards based on your spending habits, lifestyle, interests, and goals. If you find that a cash back card works better for you, then consider SCCU’s Visa® Platinum credit card. You can have both a Visa Signature credit card and a Visa Platinum as long as you meet all of the qualifications.
Qualifying for a Visa Signature Credit Card
The first step is to apply for a credit card that best fits your needs. Here are credit card options at SCCU. Once submitted, the application goes to an underwriter who reviews the person’s financial picture and credit scores and whose goal to determine how much of a financial risk that the lender would take if they approve the application.
As noted by Experian, a person’s credit plays a key role in an underwriting decision. People with high scores are more likely to get approved and may receive a better interest rate. When credit scores are mediocre, the credit card applicant may get approved but at a higher interest rate and/or with a lower credit limit. If the scores are subpar, this can lead to denial.
Although credit scores play a key role in an underwriter’s decision, other factors exist. The lender will want to see that you have sufficient income to meet your current debt load, including the new credit card.
At this point, the underwriter may approve the application, providing the applicant with a beginning interest rate and credit limit. Or they may deny the application. If this happens, then the lender must provide you with a reason or tell you how to get that information. Common reasons for credit card denial, according to credit agency Experian, include a poor credit score or limited credit history; insufficient income or high debt; or a history of late payments, among other reasons.
It’s also possible that the lender will ask you for more information to make the right underwriting decision.
If you need to build or rebuild your credit, here are some ideas on how to get started:
- Ask us about our Visa® Secured credit card. Your SCCU savings account serves as collateral with a minimum required deposit of $300. The maximum credit line is $3,500. After a year of good payment history with a secured card, you may be eligible to apply for our Visa Platinum.
- Other steps to take to rebuild your credit include catching up on any past due amounts and making all payments on time in the future. Setting up automatic payment transfers can help. That way, you won’t miss an important due date.
- Something called “credit utilization” also matters. To calculate yours, add up the limits of all of your credit cards. Then add up the current balances. Ideally, yours are under 30 percent. So, if your credit limits total $3,000, your current balances should be less than $900. If that’s not the case, work on lowering the balances and then stay below this benchmark.
- Another route to consider is to get a cosigner with a good credit score. A cosigner is someone who agrees to make payments on time if you don’t.
Learn more about credit scores with this helpful guide here.
Choosing the Right Credit Card for You
In general, you’ll want to apply for one that comes with a lower interest rate and a credit limit that fits your financial needs. You’ll also want to select one with benefits that meshes with your lifestyle and spending habits.
After reading about all of the Visa Signature card benefits, with rewards as the headliner, you may decide that it’s the right card for you. If so, and if you live or work in one of these 34 counties in Florida that SCCU serves, it’s easy to become a member by opening a savings account with a $5 deposit.
