Skyla Credit Union’s Visa Platinum Rewards Card comes with a rare feature — free balance transfers. Plus, the card normally earns one point for every dollar you spend, but you can earn double the points now through the end of June. Keep reading to learn more about the Skyla Visa Platinum Rewards Card, including its benefits, how to redeem your rewards and alternative options.
[Read: Best Rewards Credit Cards.]
Benefits of the Skyla Visa Platinum Rewards Card
The Skyla Visa Platinum Rewards Card offers a sign-up bonus for new cardholders and ongoing benefits, as well as no annual fee and no cash advance fees. In addition, the card features:
— Low APR. Your annual percentage rate will range from 12.9% up to 17.95%, depending on creditworthiness. This is lower than most cards on the market.
— 0% APR promotion period. As a new cardholder, you can pay 0% interest on balance transfers and purchases within the first 12 months. Once the promotional period expires, you’ll need to pay interest at the card’s standard rate.
— Welcome bonus. You can earn 10,000 bonus points after spending $1,000 in the first three months with the card.
— Free balance transfers. Unlike many other cards, the Skyla Visa Platinum Rewards Card allows you to transfer a balance from another card for free.
— Cellphone protection. Paying your cellphone bill with the card allows you to access up to $250 per claim in supplemental coverage.
— Auto rental collision coverage. When you pay for a rental with the Skyla Visa Platinum Rewards Card, you can be reimbursed for any costs from physical damage to or theft of the rental car, along with other possible charges.
[Read: Best 0% APR Credit Cards.]
How to Redeem Rewards
To redeem your rewards, log into your Skyla Visa Platinum Rewards account. You can choose from several redemption options, such as:
— Cash. Convert your rewards into cash and transfer them into your Skyla account.
— Travel. Redeem reward points to cover travel expenses, such as hotels, flights and car rentals, through the card’s website or by phone.
— Gift cards. Use your points to buy gift cards from several major retailers.
— Experiences. Use your points for experiences, such as sporting events, theme parks or spa services.
[See: Best Credit Unions]
Alternative Reward Cards to Consider
The PenFed Platinum Rewards Visa Signature Card has a variable purchase APR of 17.99% and earns five points per dollar on gas purchased at the pump and EV charging stations; three points per dollar at supermarkets (including most Target and Walmart locations), at restaurants and with select streaming services; and one point per dollar on other purchases. Unlike the Skyla Visa Platinum Rewards Card, it has no foreign transaction fee. New cardholders also get a 0% APR for 12 months on balance transfers, but you must pay a 3% transfer fee. Spend $1,500 in the first 90 days and you can earn 15,000 bonus points.
If you’re looking for a card with a higher flat redemption rate, the Alliant Cashback Visa® Signature Card — also a no-annual-fee card — earns 2.5% cash back on the first $10,000 you spend each billing cycle and 1.5% on purchases over that amount. Its variable rate ranges from 17.49% to 27.49%. However, it doesn’t have a 0% APR promotional period, there is no sign-up bonus and you must pay a 3% fee on balance transfers.
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You Could Get an Ultra-Low APR With This Credit Union’s Credit Card originally appeared on usnews.com
