The MasterCard issued by Union Plus is advertised as the ideal credit card for working families. The card is the only one endorsed by the AFL-CIO and is targeted to union members, retirees and their families. This credit lender focuses on offering discounts for merchants and services that employ union members.
A sample of savings for card holders includes:
- A/C and Heating systems
- Automobiles
- Books
- Car rentals
- Check printing
- Clothing
- Condo rentals
- Cruise discounts
- Deals on entertainment
- Flights
- Hotels
- Theme park tickets
- Tires
- Vacation tours
The MasterCard issued by Union Plus promotes the importance of labor unions. The goal is to encourage union members to shop only from merchants that utilize union employees.
Forthright About Terms
This issuer is forthright about terms and provides a full page of explanation of changes made to the credit card terms and accounts in response to the new credit lending policies. The changes include:
- Consistent payment due dates
- Disclosures including how long it will take to pay off your bill making minimum payments
- What payments are required to pay off account in 36 months
- Payments will be applied to higher interest balances first
- No fees for automated payment
- Option to opt out of charging over the credit card spending limit
- Limits clearly explains on interest rate increases for credit accounts
All lenders must now follow these new regulations but it is rare for a credit lender to explain the changes to its account holders in simple language. This is definite plus as the terms and APR are in line with other credit lenders today.
- APR of 14.99%, 16.99%, 20.24% or 23.24% based on creditworthiness of applicant
- 0% Introductory interest rate for first 6 months
- 0% Introductory rate on balance transfers for first 6 months
- 23.99% Cash advance APR
- 3-4% Balance transfer fee
- 1% Foreign transaction fee
- Cash advance fee
- Late payment fee from $15-$39
- Over limit fee of $39
Advantages
The interest rate and fee schedule for the card is no better or worse than for other major credit lenders. In fact, you may find longer 0% introductory rewards and lower transfer fees with the MasterCard from another bank.
The value of this credit card is two-fold. Employee Unions have been under attack in the current economic downturn. Union workers often command higher salaries and more benefits than non-union employees can receive.
This is due to the bargaining power of a large group of employees who pay due to their union for representation.
When employment unions were first initiated they were sorely needed. Working hours and condition were poor and manufacturers had no incentive to improve the lot of hard working people.
The power of unions grew quickly and in many manufacturing industries such as the automotive sector all workers are unionized for many years.
Recently, foreign automakers have built plants in the U.S. that are not using union workers. The profitability and efficiency of these plants have led many to question when large trade unions have outgrown their usefulness.
This MasterCard offers high discounts on many products people buy in their daily lives. All offers are through companies who employ union workers. In addition to the discounts, the Union Plus website also features various product brands where union labor manufactures the product.
Disadvantages
This credit card is not available to the general public. Applications for the card are valid for current or retired union members in good standing, family members of a current union member or current members of Working America residing in the U.S. or a U.S. territory.
Summary
If you are a member of a workers’ union in the U.S. you can support union labor by using the MasterCard issued by Union Plus. The card was designed for union support and to encourage card holders to shop only where union made products are sold.
