Review of the Pulaski Bank Mastercard or Visa



The Pulaski Bank Mastercard or Visa was last reviewed on 20th December 2005.

Summary - The Pulaski Bank MasterCard® or VISA® has perhaps 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
  • gives 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 perhaps 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.

If you have very good credit and are looking for a low apr credit card, then the Pulaski Bank MasterCard® or VISA® should be one of your top choices. Just make sure you weigh the savings you will make on the lower apr versus the 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



Apply for the Pulaski Bank MasterCard or VISA

If you already have this card, we appreciate your feedback and review as it will help our readers make better informed credit card decisions. You can post your review here.


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