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The Pulaski Bank Mastercard or Visa was last reviewed on 5th September 2006
Summary - The Pulaski Bank MasterCard® or VISA® has one of the lowest apr among all credit cards at a fixed rate of 7.99%. This card will appeal to those looking for a low apr credit card. Aside from it's low apr, it has a 25 days of grace period versus the standard 20 days given by most credit cards it uses the "monthly periodic rate rather than the "daily periodic rate" used by most credit cards these days has a 0% arp on balance transfers for 6 billing cylces has no fees for either balance transfers or cash advance
Fees and APR - The Pulaski Bank Mastercard or Visa has annual fee of $35.00 if you get the standard card or $50.00 if you get the gold card. You get a 0% introductory apr offer on balance transfers for 6 billing cylces. Unlike most credit cards where the 0% apr starts from account opening, this offer starts from the date of the transfer. The apr is a fixed rate which is presently at 7.99%. The average daily balance method (including new purchases) is used to calculate monthly balances. The cash advance apr is also the same as the purchase apr at 7.99%. Unlike most credit cards that give cardholders 20 days grace period before a finance charge is imposed, the Pulaski Bank gives 25 days of grace period. Furthermore, this card uses the "monthly periodic rate" to calculate your finance charges, rather than the increasingly common "daily periodic rate". The Pulaski Bank credit card does not charge any balance transfer or cash advance fee.
Difference between the standard and gold card - If you want to get a gold card, the annual fee will be $50.00 rather than $35.00. You get the extra benefits :
Purchase Assurance Items that are purchased with your MasterCard® are insured for 90 days if lost or stolen MasterAssist Travel Assistance Collision Damage Waiver
Can you save money even with an annual fee?
The answer is yes and Pulaski Bank has illustrated this with example from their website (which I have copied here).
The chart below shows yearly savings in interest with a 7.99% APR Pulaski Bank Visa® or MasterCard®, including the low annual fee of $35.00.
Annual Interest 7.99%
Based on a $5,000 Balance | | Your Current Interest Rate | Your Card's Annual Interest With No Annual Fee | Pulaski's 7.99% APR Visa® or MasterCard® including Annual Fee of $35.00 | Yearly Savings | | 18% | $900 | $434.5 | $465.5 | | 16% | $800 | $434.5 | $365.5 | | 15% | $750 | $434.5 | $315.5 | | 14% | $700 | $434.5 | $265.5 | | 13% | $650 | $434.5 | $215.5 | | 12% | $600 | $434.5 | $165.5 |
Verdict - The Pulaski Bank MasterCard® or VISA® has one of the lowest apr (or at least one of the lowest apr). Furthermore, you get a good balance transfer deal, 25 days of grace period, finance charges calculated using the "monthly periodic rate" and also no cash advance fee. The only drawback is that there is an annual fee you have to pay.
Positives
Low fixed apr No annual fee 0% apr on balance transfer for 6 billing cycles 0% offer starts from date of transfer, not account opening 25 days of grace period Use the "monthly periodic rate" rather than the more common "daily periodic rate" No balance transfer or cash advance fee
| Pulaski Bank Mastercard or Visa | | Cost/Fees/Interest rates | | Introductory rate | 0% APR on balance transfers for 6 billing cycles (from date of transfer) | | Annual Fees | $35.00 for standard card
$50.00 for gold card | | Purchase APR | Fixed 7.99% | | Balance Transfer APR | Fixed 7.99% | | Cash Advance APR | Fixed 7.99% | | Penalty/Default Rate | 18.00% | | Min Finance Charge | $1.00 | | Grace Period | 25 days | | Balance Calculation Method | Average Daily Balance (including new purchases) | | Balance Transfer Fee | None | | Cash Advance fee | None | | Over-the-credit-limit fee | $29.00 | | Late Payment fee | $15.00 - less than $100
$29.00 - $100 to $1000
$35.00 - $1000 and above |
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