Apple Federal Credit Union

Apple Federal Credit Union was founded in 1956 by a group of employees of the Fairfax County Public School system who came together to help their colleague purchase a set of car tires. Since that time, the credit union has grown to serve individuals of Northern Virginia. Apple Federal offers a variety of credit cards, including the Platinum, Signature Rewards, MyRewards, Educator, Student, Mason Alum, and Credit Builder cards.

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The Good

• Rewards
• No annual fees
• No foreign transaction fees
• Fraud safeguards
• Customer support
• No cash advance fees
• No credit balance transfer fees

Rewards

Apple Federal offers reward points for every purchase made using one of its credit cards. Three points are rewarded for every dollar spent on gas, two points rewarded for every dollar spent on groceries, and one point is rewarded for every dollar spent on all other purchases. Points can be redeemed for cash back, gift cards, travel, merchandise, or can be contributed to charity.

No Annual Fees

Credit card providers often charge annual or startup fees, which can cost cardholders hundreds of dollars. However, Apple Federal Credit Union does not charge any such fees to open or hold one of its credit cards.

No Foreign Transaction Fees

Foreign transaction fees are typically charged as a percentage of the total purchase amount for international charges. Apple Federal Credit Union does not charge any foreign transaction fees, making its cards good options for frequent travelers.

Fraud Safeguards

Apple Federal offers fraud safeguards, including a zero liability guarantee, emergency card replacement, account freezes, a 24-hour emergency call center, suspicious activity scans, and fraudulent activity notifications.

Customer Support

Apple Federal provides its customers with a 24/7 emergency call center. The company also offers a messaging service in addition to email, phone, and branch services.

No Cash Advance Fees

Credit card customers who need cash from a credit card account generally seek a cash advance. Cash advances sometimes incur a fee from the credit card provider in the form of either a percentage of the amount or a fixed rate fee. Apple Federal Credit Union does not charge any fees for cash advances.

No Credit Balance Transfer Fees

Oftentimes, consumers will transfer their credit card balance from an account with a higher APR to an account with a lower APR in an effort to pay off debts at a lower rate. While many companies in the industry charge a fee for this service, Apple Federal does not. Further, the credit union has no time limitations on free balance transfers.

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The Bad

• No free credit scores
• Late payment penalties
• No introductory APRs

No Free Credit Scores

Credit card companies often partner with one of the three major credit bureaus (Experian, Equifax, or TransUnion) to provide credit monitoring services or monthly credit reporting and tracking to help customers stay on top of their credit and look for areas where they can improve. Unfortunately, Apple Federal Credit Union does not offer this service.

Late Payment Penalties

With Apple Federal, late payments accrue a $25 fee, which is added to the next month's bill. Some other credit card providers have lower late payment penalties or offer a grace period.

No Introductory APRs

Credit card providers typically offers a low introductory APR on new purchases and balance transfers for a certain term. This is especially helpful for individuals who want to transfer their debts and pay them off during the introductory period. Sadly, Apple Federal Credit Union does not offer introductory APRs. Instead, the credit union charges APRs ranging from 5.99 to 18 percent right off the bat.

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The Bottom Line

Apple Federal Credit Union offers a rewards program, fraud safeguards, and around-the-clock customer support. Additionally, the credit union's fees are limited; Apple Federal does not charge annual fees, foreign transaction fees, cash advance fees, or balance transfer fees. However, Apple Federal Credit Union does charge late payment fees and does not offer a low introductory APR. Further, the credit union does not provide free credit tracking.