A Visa credit card with multiple rewards

Technically, yes, if your credit limit can cover the cost of the car. However, car dealerships may have a limit on the dollar amount that can be charged on a car purchase and may not allow the entire cost to be charged. If you do charge the entire purchase or even a large down-payment, be sure you can afford to pay your credit card bill the following month. Credit cards charge higher interest rates than car loans, for example 18% interest on credit cars vs. 4% on a car loan. If you cannot pay the bill in full, you will be losing a great deal of money buying a car with a credit card.

All credit card companies charge daily interest on the unpaid debt balance that is carried from month-to-month. A credit card interest rate may also be looked at as an Annual Percentage Rate (APR). If you pay off your balance in full each month you will not be charged interest. Maintaining a balance will always result in interest being owed as part of the next monthly payment. This means that when you make a purchase and don’t pay your next bill in full, you are actually paying more for your purchases.

Credit cards can be used to purchase just about anything, anywhere. How much you can charge on a credit card will depend on your card’s credit limit. Other than that restriction, there’s no limit on what you can buy. Most credit cards can also be used in other countries to make purchases, just as you would within the U.S. However, you’ll likely pay a small “international use fee” for doing so.

All lenders will look at an individual’s credit score to determine if that person is credit-worthy or a credit risk. Credit scores are generated by credit scoring companies, with FICO^® Scores being the most widely used. Your FICO Score takes into consideration a Credit Utilization Ratio. This ratio looks at your total used credit in relation to your total available credit; the higher this ratio is, the more it can negatively affect your score. So, by closing an old or unused card, you are essentially wiping away some of your available credit and thereby increasing your credit utilization ratio. Here are some Tips for Improving Your Credit Score.

Yes, most credit cards can be used to get cash from an ATM or at point-of-purchase, such as at a supermarket checkout. However, using a credit card to get cash is considered a “cash advance.” All credit card companies charge a different interest rate on cash advances (vs. purchases). For example, CU SoCal charges only 2% on cash advances on our Platinum Rewards and Topaz Visa cards. Use your debit card to get money from an ATM or at checkout, so you don’t pay more in interest just to get some cash.

Whether or not you can make a mortgage payment using your credit card will depend on your credit limit and whether your lender allows it. Credit card interest rates are almost always higher than mortgage interest rates, so it doesn’t pay to charge your mortgage payment. Even if you are allowed to do so, you will likely pay a high price to do so. If you are having trouble paying your mortgage, speak to your lender immediately. All lenders have policies in place to help those who are struggling financially.

1 Qualifying transactions of $4,000 or more made within 6 months following the account opening will earn 30,000 bonus points. Offer effective January 1, 2023 for new cardholders and is subject to change without notice. CU SoCal Platinum Rewards and Share-Secured Platinum Rewards Visa Credit Card purchases qualify with the following exceptions: cash advances; balance transfers; convenience checks; quasi-cash (purchases that are directly convertible to cash such as casino gaming chips, money orders, wire transfers, travelers checks); finance charges, fees, and credit insurance, purchase made by or for business, unauthorized/fraudulent transactions, and credit card purchases for less than $.50. Qualified credit purchases will result in one (1) point for every one (1) dollar spent, rounded to the nearest dollar. Bonus points are occasionally awarded for merchant specific and CU SoCal special promotions. All transactions and points are subject to verification. The point balance is the total of points awarded, less points that are deducted for returns and adjustments. If a transaction is subject to a billing dispute, the point value of the transaction may be deducted from the point balance during the dispute period. If the transaction is reinstated, the points will be reinstated. For complete details, visit CUSoCal.org/Dream Points

2 Aggregate maximum unsecured loan limits (credit card and personal loans, not to exceed $50,000.)

Payment Allocation: Payments are allocated to posted balances. If your account has balances with different APRs, we will allocate the amount of your payment equal to the Minimum Payment Due to the owed monthly interest, fees and highest balances first. Payment amounts in excess of your Total Minimum Payment Due will be applied to balances with higher APRs before balances with lower APRs.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S.Government Agency.