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SEIU’s New Rewards Visa® Card for Members

Part of the SEIU Financial Services Program

Q: Why is SEIU offering a new credit card to its members?

Many—if not most SEIU members—have credit cards in their wallets. Given the high fees and confusing terms associated with many credit products on the market today, SEIU wanted to design a straightforward credit card that provided a better service for SEIU members and their families.

The SEIU Rewards Visa® Card is a member-friendly rewards card uniquely designed to meet members’ needs and help them save money. It’s part of SEIU’s new Financial Services Program, which is a group of products and services—not just a credit card—to meet a broad variety of financial needs: credit, payment, money transfers, and financial education.

Q: What makes this credit card stand out from others on the market?

From top to bottom, this card has been designed to offer simple, easy to understand terms and features that help members manage their money, protect members from credit abuses and save money with great rewards. The features include:

The SEIU Rewards Visa® Card has no fees—no late, over-limit or cash advance fees.   

No late-fees. Most cards charge customers fees for late payments as high as $39 for a payment that is one day late. With banks looking for new sources of revenue, many have changed payment dates or other terms in an effort to drive up fees. The SEIU card protects members from this kind of trap.

No over-limit fees. In the current financial crisis, many card companies have reduced people’s credit limits without notice, leading some to go over their limits and incur fees. Congress recently made it illegal to charge over limit fees without customer approval. The SEIU card eliminated this practice before it was banned.   

The SEIU Rewards Visa® allows members to opt out of mandatory arbitration during the first 30 days. SEIU strongly encourages all members to choose to opt out, which can be done easily by checking a box on the application. Be sure to communicate this feature to your members, since it will give our members more rights if they run into credit problems down the road.

The SEIU Rewards Visa® has a full 1% cash back rewards option on all purchases regardless of spending level, starting with the first dollar spent. There are no limits or levels that need to be reached before the rewards program starts, which means if you spend $1,000 on your credit card, you will receive $10.00 in rewards. You can choose to redeem the cash-back rewards as savings off of your credit card bill by calling the card company, or you can use the cash-back on rewards for travel or merchandise.  

Q: What is credit card’s interest rate?

The SEIU Rewards Visa® has a fixed APR of 14.99-19.99%. The rate is fixed, so it won’t go up if interest rates rise.    

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