By : Mr Credit Card

Pulaski Bank Mastercard or Visa Review

Summary - The Pulaski Bank MasterCard or VISA has one of the lowest APR among all credit cards at a fixed rate of 6.50%. This card will appeal to those looking for a low APR credit card. But you need excellent credit to get this card because Pulaski Bank requires proof of income via a W2 after your application (approval is 30 days). Aside from it's low APR, it

• has a 25 days of grace period versus the standard 20 days given by most credit cards
• it uses the "monthly periodic rate rather than the "daily periodic rate" used by most credit cards these days
• has a 0% APR on balance transfers for 6 billing cycles
• has no fees for either balance transfers or cash advance


Fees and APR - The Pulaski Bank MasterCard or Visa has annual fee of $35.00 if you get the standard card or $50.00 if you get the gold card. You get a 0% introductory APR offer on balance transfers for 6 billing cycles. Unlike most credit cards where the 0% APR starts from account opening, this offer starts from the date of the transfer. The APR is a fixed rate which is presently at 6.50%. The average daily balance method (including new purchases) is used to calculate monthly balances. The cash advance APR is also the same as the purchase APR at 6.50%. Unlike most credit cards that give cardholders 20 days grace period before a finance charge is imposed, the Pulaski Bank gives 25 days of grace period. Furthermore, this card uses the "monthly periodic rate" to calculate your finance charges, rather than the increasingly common "daily periodic rate". The Pulaski Bank credit card does not charge any balance transfer or cash advance fee.

Difference between the standard and gold card - If you want to get a gold card, the annual fee will be $50.00 rather than $35.00. You get the extra benefits :

• Purchase Assurance
• Items that are purchased with your MasterCard are insured for 90 days if lost or stolen
• MasterAssist Travel Assistance
• Collision Damage Waiver


Can you save money even with an annual fee?

The answer is yes and Pulaski Bank has illustrated this with example from their website (which I have copied here).

The chart below shows yearly savings in interest with a 7.99% APR Pulaski Bank Visa or MasterCard, including the low annual fee of $35.00.

Verdict - The Pulaski Bank MasterCard or VISA has one of the lowest APR (or at least one of the lowest APR). Furthermore, you get a good balance transfer deal, 25 days of grace period, finance charges calculated using the "monthly periodic rate" and also no cash advance fee. The only drawback is that there is an annual fee you have to pay. Pulaski Bank is also very picky about its approval process. You need to submit proof of income after the online application and approval takes about 30 days. Hence, do not apply for this card unless you have excellent credit.

Positives

• Low fixed APR
• No annual fee
• 0% APR on balance transfer for 6 billing cycles
• 0% offer starts from date of transfer, not account opening
• 25 days of grace period
• Use the "monthly periodic rate" rather than the more common "daily periodic rate"
• No balance transfer or cash advance fee