Coastal Federal Credit Union has announced the launch of its new Student [Cu] Visa. The card is designed for young adults with no or limited credit history and touts the importance of establishing good financial practices when building credit.
Its core function instills the significance of credit management, reinforcing positive financial behavior for the future. As proper credit-usage habits are demonstrated, the credit limit gradually increases from $500 to $2500 over a five year period.
In addition, the card features no interest on balances up to $250 for the first 48 months. Balances over $250 are subject to a non-variable APR of 10.00%. At the end of the five year period, the Student [Cu] Visa will have a credit limit of $2500 and all balances will be charged a standard rate of 10.00% APR.
”We are extremely proud to introduce such an excellent card to young adults who are just entering into the credit marketplace. The basic principle behind the card teaches solid credit management and helps deter the cardholder from falling into credit card debt”, said Chuck Purvis, Coastal’s President and Chief Executive Officer.