Credit unions are often known for offering competitive products and dependable service, and this credit card from Skyla Credit Union is no exception. The Skyla Visa Signature credit card combines an impressive credit limit of up to $50,000 with robust rewards potential and a wide array of perks.
Because Skyla is a credit union, you’ll have to meet certain criteria to join. To qualify for membership, you’ll need to meet at least one of these requirements:
— Have an immediate family member with a Skyla account
— Live in a city in North or South Carolina where there is a Skyla Credit Union branch
— Work for a select employer group that partners with Skyla
— Join Skyla’s partner association, the American Consumer Council
[Read: Best Credit Cards with High Credit Limits.]
Benefits of the Skyla Visa Signature Credit Card
The Skyla Visa Signature card has attractive perks besides its high credit limit. Cardholders can earn rewards and receive upscale perks — all with no annual fee. Notable card features include:
— Potentially high credit limit. Qualified applicants can access credit limits up to $50,000. Compared with most credit cards, that credit limit is rare. You can usually expect a credit limit on a single card to be anywhere from $500 to $10,000, depending on several factors, such as the type of card, your credit score and more.
— Two points on all purchases. Earn unlimited two rewards points per dollar spent — a fairly common rate for a flat-rate rewards card. With this structure, there’s no need to worry about category restrictions, making it simple to maximize rewards on all spending.
— Easy-to-achieve welcome bonus. New cardholders receive 25,000 bonus points after spending $1,000 within the first 90 days. This is a fairly low spending threshold compared with many other rewards cards.
— Intro APR offer. New cardholders can benefit from 0% interest on purchases made in the first 12 months. After that, the annual percentage rate is 17.65% variable.
— Visa Signature premium benefits. Get access to hotel room upgrades and late checkout, roadside dispatch, and 24/7 concierge service for travel assistance, dining reservations and more.
— No annual fee. Many cards that offer similar benefits come with annual fees of about $100 or more, but the Skyla Visa Signature card charges no annual fee.
[Read: Best Rewards Credit Cards.]
How to Redeem Rewards
Skyla Visa Signature cardholders earn two points per dollar on qualifying purchases. Those rewards can be redeemed in multiple ways, including:
— Cash back. Convert points to cash back, then apply it as a statement credit to reduce your card balance or deposit it directly into your Skyla Credit Union account.
— Travel. Use points to book flights, hotels and vacation packages through the card’s travel portal at Skyla Credit Union’s Rewards Hub. You can also book smaller getaways, such as a dinner cruise or a spa day.
— Experiences. You can choose from a variety of experiences, like skydiving, whitewater rafting or stock car driving. You can also redeem points for tickets to select amusement parks and zoos.
— Live events. Cardholders can redeem their points for select sporting and live music events.
— Gift cards. You can redeem points for gift cards from popular retailers, restaurants and online merchants.
— Merchandise. Cardholders can use their points to purchase items such as electronics, home goods and lifestyle products.
— Charitable donations. You can redeem your points to make donations to qualifying charitable organizations.
— Real-time rewards. Your points can also be used for instant redemption to cover the costs of transactions.
[Read: Best Credit Cards.]
Is the High Credit Limit Worth It?
If you need a large amount of credit, there may be better options than credit cards, such as a personal loan or a line of credit.
“High interest rates and cash advance fees can make (credit cards) an expensive fallback,” says Melissa Caro, a certified financial planner and certified financial education instructor.
“For planned borrowing, personal lines of credit or even securities-backed lines can offer more flexibility and much lower rates. The catch is you have to plan ahead; once you’re in a bind, most of those better options are off the table,” says Caro.
Who Should Consider the Skyla Visa Signature Credit Card?
The Skyla Visa Signature credit card may be a compelling option for those seeking its benefits without the annual fee often associated with such perks. The combination of a substantial credit limit, flat-rate rewards and comprehensive Visa Signature benefits creates a package that can be difficult to beat.
But if you’re thinking of getting this card because you need access to a high amount of credit, it may be more cost-effective to consider alternatives, such as a personal line of credit, to avoid the card’s higher interest rate.
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Swipe Big or Go Home: This Credit Union?s Card Boasts a $50,000 Credit Limit originally appeared on usnews.com
