Boeing Employee Credit Union (BECU) is a not-for-profit financial cooperative with over 925,000 members that was founded in 1935 in Tukwila, Washington. BECU offers a low rate and cash back Visa credit card, in addition to various partner cards and a secured credit card option. The member-owned company does not charge annual fees, foreign transaction fees, cash advance transaction fees, or balance transfer transaction fees.
It is important to note that in order to take advantage of BECU's banking and credit card services, you must be a BECU member.
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The Good
- Variety of Card Options
- No Fees
- Benefits and Features
- 24/7 Online Banking
- Financial Education Services
Variety of Card Options
For a smaller credit union, BECU offers a variety of cards to meet a wider range of consumer needs:
- Low Rate Visa: Variable rates as low as 7.99% APR, $0% into APR for 12 months, and no fees.
- Cash Back Visa: Variable rates as low as 10.99% APR, unlimited 1.5% cash back, and no fees.
- Partner Visa Cards: The partner cards allow you to customize your low rate and/or cash back Visa cards with four different design styles featuring Washington State University (WSU), University of Washington (UW), and Boeing. These cards have no fees and a 0% intro APR for the first 12 months.
- Secured Credit Card: Ideal way for consumers to build or rebuild credit. Variable rates as low as 7.99% APR with no monthly or annual fees.
It is important to note that the interest rate you will receive on your credit card is dependent on your existing credit score, but a BECU credit card has competitive rates and terms nonetheless.
No Fees
BECU credit cards have no fees, including an annual fee, balance transfer fee, cash advance fee, and foreign transaction fee. The fact that none of their credit cards have any fees, including an annual fee, is noteworthy as many credit card issuers will have some fees attached to their cards. However, BECU credit card rewards are not large or overly advantageous, which is often the reason behind a card having an annual fee. If you are looking for a credit card with great rewards, BECU may not be the best option for you.
Benefits and Features
Consumers can earn points for eligible everyday purchases made on the BECU Visa credit card, and there is no cap on the amount of points that may be earned. Points may redeemed for cash, travel perks, gift cards, and merchandise. Other features include zero fraud liability protection, global travel accident insurance, online purchase protection, travel and emergency assistance services, automobile rental collision damage coverage, and extended warranties. Customers can also customize their credit cards with a choice of one of four available designs.
24/7 Online Banking
BECU provides online banking services with a mobile app that gives customers 24/7 account access to view electronic statements, transfer funds, and set up automatic payments. Members can also apply for loans, manage a financial budget, and receive real-time alerts on all account activity. The online debt management services allows the member to view a complete list of all acquired debt balances along with currently charged interest rates. Members can also make online deposits using their own personal computer and scanner. Customers can also bank by telephone anytime day or night.
Financial Education Services
BECU offers several financial literacy programs for its customers. Members can take self paced courses or attend local seminars on a wide range of financial topics. The company offers wealth building strategy tips, estate planning, home buying, and retirement savings information in its program offerings for consumers.
The company's website also features a tax center section that answers commonly asked questions and offers additional resources. The company also provides numerous articles on personal banking and maintaining good financial health.
The Bad
- Annual Percentage Rates (APRs)
- Additional surcharges
- Service limitations
Annual Percentage Rates (APRs)
The financial services company offers its members a zero percent introductory APR on all purchases and balance transfers for the first 12 months after opening a new account. After that, BECU charges a Variable Rate APR between 7.99 percent to 19.99 percent on purchases, balance transfers, and cash advances. A 19.99 percent penalty APR is assessed if a cardholder fails twice in a period of 12 months to make scheduled payments within 29 days of the due date. The rates are a bit higher than the industry norm for those with less than perfect credit, but the company will lower the charged rates if members build up a better credit history over time.
Additional Surcharges
BECU charges up to $25 for late and returned payments. A $25 annual participation fee will be applied if the cardholder enrolls in the optional BECU rewards program. Additional interest charges may be assessed on monthly balances not paid in full. This will be calculated by the average daily balance of a cardholder's account.
Service Limitations
Unused points will expire after five years from the date earned. Cardholders must acquire at least 1,200 points before they can redeem for rewards. Each point only equals one cent towards the purchase price of the reward. Available reward options are limited when compared to competitor offerings, especially for frequent travelers. Customers will have to make large amounts of purchases annually in order to even make the money back on the $25 enrollment fee. Consumers must be Washington state residents in order to be eligible for credit card enrollment acceptance.
The Bottom Line
BECU offers Visa credit card services for its members in Washington. Cardholders can earn unlimited points that can be redeemed for cash, merchandise, travel perks, and more. The card does not charge many of the fees typically charged by many other similar competitors such as annual fees, balance transfer fees, and foreign transaction fees. Members can manage their credit cards through 24/7 online banking services and the company also offers several other financial literacy programs as well.
A BECU credit card may look good upfront for frequent travelers and those seeking debt consolidation because of its lack of fees. However, the company does not offer many of the travel rewards typically offered by competitors and interest fees can be expensive if balances are not paid in full each month. Also, the BECU Rewards Program does not offer much back in earning value of its points to justify the $25 annual fee unless a cardholder makes extensive amounts of purchases on a yearly basis. Consumers must have excellent credit and be able to pay balances in full each month in order to avoid high APRs and other additional fees.
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