VISA Change in TermsEffective October 1, 2023, our VISA credit card program will be switching to a fixed rate card. This is a result of the multiple prime rate changes by the Fed that have occurred in the last 15 months.
Our current VISA card is a variable rate card. This is based upon the prime rate. Since March of 2022 the prime rate has increased 11 times. In keeping with the Fed changes all PFCU Visa cards would see a rate increase of 5.25%. That is a dramatic increase. A card currently at 7.99% would go to 13.24% and a card at 14.90% to 20.15% etc.
To help minimize this impact to our members we have decided to switch to a fixed rate card plan. The new change in terms will allow us to keep the rate change minimal, at less than half the increase of the variable rate card. Please note that this will not affect purchases made before October 1, 2023 as they will remain at the current rate. It will however affect any new purchases made after this date.
The new rates will be as follows: 10.49%, 12.49%, 13.40% and 17.40%.
If you should choose to opt out of this change in terms simply stop using or cancel your card. You will still be responsible for any balance incurred. Use of the card after this date constitutes as agreement to the change in terms.
Also please note that the New Late Fee Amount of $25.00 will also be effective October 1, 2023.
See your VISA statement to see how the changes will affect you.