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First Tech Federal Credit Union

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LAST UPDATED: March 19th, 2021

For more than fifty years, First Tech Federal Credit Union has been working closely with major influencers in the technology industry. This bank offers solutions that meet specific technology company needs, anything from all types of bank accounts, credit cards, loans, insurance options, and investment opportunities. While First Tech works to help the technology industry, all of the services can be utilized by anyone in need of a bank that is continually innovating. Beyond focusing on innovation, First Tech is different than other banks because the Board of Directors is comprised of volunteers from the members. These unique business practices set First Tech Federal Credit Union apart from the rest of the banking industry and provide customers with a different option.

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The Good

  • Card options
  • Continuous rewards

Card Options

Every customer has different needs when it comes to a credit card, to some the type of rewards are the most important while others just want the lowest interest rate. First Tech Federal Credit Union offers its customers a wide array of card options so that they can pick the one that will work best for their wants and needs. Each of the four cards has a variety of features that are different from the others to target those customers with specific options. For example, the Choice Rewards World MasterCard is a great option for those customers who do not spend an exceptionally high amount of money each month but want to still earn reward points on the purchases they do make. Customers of First Tech should be able to find a credit card option that will work for their situation from these choices.

Continuous Rewards

A large benefit to any credit card is the rewards points that customers can earn as they use their cards to make purchases, both large and small. The more the customer spends the more rewards they earn (like cash back or travel miles). Sometimes companies will set time limits on when the customers can use the earned rewards and even have them expire. First Tech does not have any of these limitations on the rewards through the credit cards offered. Instead, customers are free to use the rewards they have earned whenever they please without any expiration dates. This freedom can really help customers to enjoy the card.

The Bad

  • High annual fee
  • APR rates
  • Security measures

High Annual Fee

Occasionally, banking institutions will charge customers an annual fee to be a card holder. This fee covers maintenance on the account and the membership. First Tech Federal Credit Union has a $75 annual fee for Odyssey Rewards card holders (after the first year, which has no additional fees). Many companies do not require customers to pay this type of a fee or the fees are much lower. As this is a higher fee, customers will have to decide whether this high fee is worth the price or not.

APR Rates

One very important aspect to all credit cards, regardless of the company being used, is the APR. This is the rate of the annual interest charged to the customer for the credit card and varies by card type and banking institution used. The rates posted for First Tech Federal Credit Union are much higher than many of the competitors in the industry. It is important to note that most customers are given an APR rate based on their individual credit score and history. But what is a possibility for a rate is an important piece of information for the customer to be able to make an informed decision.

Security Measures

Credit cards and bank accounts are very vulnerable to attacks from hackers or thieves by nature. When a problem occurs with this type of account, it can be devastating to the customer because of the importance of the funds in those accounts. It is important for the companies who offer these types of services to also provide as many security measures as possible to protect this sensitive information and money. First Tech Federal Credit Union only offers basic protection services, like PIN or Chip transaction authorization. Customers can also choose to use Master Pass or Apple Pay, which are safer options. But additional fraud protection and recovery services provided by First Tech are very limited.

The Bottom Line

The credit card options provided by First Tech Federal Credit Union cover most of the common rewards, features, and services offered by many financial companies in the industry. Those who are already customers of First Tech for other banking needs, like checking/savings accounts or investments, will have more reason to choose these credit cards than those who are not current customers. The rates and fees attached to these cards are much consistently higher than those advertised by competitors. Security options are also much slimmer than competitors. But First Tech does offer a wide variety of card options with varied features to cover as many needs and wants as possible.
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