The Union Plus MasterCard®, issued by HSBC Bank Nevada, N.A., is designed for those with an average or limited credit history who are members of one of the AFL-CIO Unions (non-members are not eligible to apply for the card).
The card, as the name suggests, is designed for members of an AFL-CIO Union. The benefits offered to union members are "Strike Payment Protection" (allows members to skip payments for up to three consecutive months while the union is on a union-sanctioned strike or lockout for 30 days or more) and "Member Advocacy Program" (designed to help members resolve disputes and handle concerns regarding any of the Union Privilege programs).
The interest rate for purchases and balance transfers is reasonable for those who qualify. In addition, there is no annual fee, and a reasonable introductory rate is available for balance transfers, which is valid until the balance is paid in full (although lower introductory rates can be found with other standard credit cards).
It is important to note that there is a minimum cap in effect on the interest rate for purchases and balance transfers. Therefore, no matter how low the Prime Rate falls, the APR will not go below the minimum cap. This rate varies between 9.99% and 18.99% and is based on the applicant's credit history.
In addition to the unique member benefits, this card also provides additional cardholder benefits such as no liability for unauthorized transactions, fraud and security protection services, and up to $100,000 in travel accident insurance.
Therefore, members of one of the AFL-CIO Unions (required to apply) who qualify for the lowest rate offered and plan to pay in full each month (to avoid finance charges) will benefit most from what the Union Plus MasterCard® has to offer.
Those with very good credit will be considered for the gold and platinum credit cards, which both offer additional benefits and may offer a lower APR for purchases and balance transfers. However, those who do not qualify for the standard card may be considered for the secured card, which does vary in terms of benefits and fees.
Updated: June 26, 2006
Most Attractive Feature(s) : Skip Payment Privileges; various union-related services and privileges; no annual fee.
Least Attractive Feature(s) : Minimum APR cap for purchases; higher APR for less qualifying applicants.
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