Randolph-Brooks Federal Credit Union

Author: Kaitlyn Short

Randolph-Brooks Federal Credit Union (RBFCU) is a member-owned and not-for-profit cooperative whose chartership began in 1952 in Universal City, Texas. According to its corporate website, the financial services company serves more than 500,000 members and has over $6 billion in total assets. RBFCU is federally insured by the National Credit Union Administration and has over 50 service branches throughout South Central Texas. RBFCU offers two main MasterCard credit card options for its members with various features and rates.

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The Good

• Rewards and benefits
• 24/7 online banking services
• Financial education and resources

Rewards and Benefits

The RBFCU Premier card is designed to offer cardholders lower rates in order to help pay off accrued balances in full at a faster rate. The RBFCU Cash Back card rewards 3 percent on eligible gas purchases, 2 percent for restaurant purchases, and 1 percent for everything else. There are no caps on point earnings and points will never expire. Cash back may be redeemed at any time and any unredeemed cash back rewards will automatically be posted to the account holder's checking or savings account at the end of the cash back year. Cardholders also receive retail merchant and auto dealership discounts. Both credit cards also include MasterCard benefits such as MasterRental insurance, extended warranties, price protection, travel accident insurance, and a 25 day grace period for purchases. The cards also offer zero fraud liability, identity theft services, emergency card replacement, and 24/7 fraud monitoring. RBFCU does not charge penalty APRs, annual fees, or minimum interest fees on balances that are paid in full on a monthly basis.

24/7 Online Banking Services

RBFCU provides its customers with 24/7 account access with its online banking services. Customers are able to view digital statements, pay bills, schedule payments, and upload scanned check deposits. Account holders are also able to receive text and email alerts on all transaction activity. A mobile app is available so customers can keep track of their finances no matter where they are.

Financial Education and Resources

There is a wide variety of financial education material and resources provided on the company's website. Consumers can find informative articles on the subjects of saving, budgeting, home improvement, car loans, and credit. Financial calculators are also available for consumers to figure out estimated monthly payments. The company's website includes sections on mortgage resources, investments, insurance, loans, and protecting online financial information.

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The Bad

• APRs
• Additional fees
• Service limitations

APRs

The financial services company offers a 3.9 percent introductory APR rate on cash advances and balance transfers for the first six months after opening a new account, which is not a great deal when compared to the zero percent introductory offers for a year offered by many other competitors. The purchase APRs range from 8.20 percent to 18 percent depending on card selection and past credit history. APRs may change for cardholders on a quarterly basis.

Additional Fees

A $20 fee will be assessed for any late payments made and $24 will be charged for returned payments. Foreign transaction fees are charged by MasterCard and vary depending on the conversion rate at the time a transaction was made. Foreign transaction fees for charges made with a foreign currency are charged at up to 1.1 percent and a two percent fee is assessed for all balance transfer and cash advance transactions. If balances are not paid in full each month, cardholders will be charged with a minimum finance fee that is determined by calculating the account's average daily balance.

Service Limitations

The financial services company only serves customers located in Texas. RBFCU does not offer 24/7 customer service and no live chat feature is available on the corporate website. No grace periods are given on cash advances. Earned rewards can only be redeemed as cash back and not towards non-cash items typically offered by most other industry competitors such as travel perks, merchandise, and gift cards.

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The Bottom Line

Randolph-Brooks Federal Credit Union provides its members with their choice of two separate MasterCard credit cards. These cards are most suitable for consumers with excellent credit histories that have personal banking accounts with the company. Customers are given the choice between lower rates or cash back on frequent purchases. RBFCU also offers several other financial products and services as well, including 24/7 online banking, lending options, and free financial education resources. APRs and other additional fees can be expensive for some consumers. Frequent travelers will want to consider other marketplace offerings due to the company's foreign transaction fees and lack of travel perks. For debt consolidation purposes, these cards are only beneficial if the cardholder has excellent credit and is able to pay off the entire balance in full within the six month period of the introductory offer.