SREC OFFERS NEW CO-OP POWER PLUS VISA CARD
By Meg Donahue
What interest rate are you paying on your credit cards?
Higher than 10 percent?
Higher than 15 percent?
With the new Co-op Power Plus Visa card at Salmon River Electric Cooperative (SREC), you can get a credit card with an introductory 3.9 percent annual percentage rate (APR) for five months, with a 9.99 percent APR on purchases and balances transfers thereafter.
That’s one of the lowest APR’s offered in the industry.
In addition to the low interest rate, the card offers the following benefits:
"We’re pleased to extend our current offering of products and services to include this credit card, which is one of the best values available in the marketplace today," said Clyde Rigby, president of the SREC board. "We believe we are in the business of servicing our members in any way we can. Our ability to take part in this national program with other cooperative utilities allows us to bring a high-value product to our members and customers."
The Co-op Power Plus Visa card will be offered by several cooperative utilities as part of a program organized by the co-ops’ national finance partner, CFC, and First USA Bank, a leading credit card issuer.
This card is available in platinum and classic.
One of the major benefits of the card is convenience. More than 14 million merchants worldwide accept Visa cards, including a growing number locally.
In addition to most supermarkets, gas stations, hotels, retailers and restaurants, other service providers have begun accepting Visa cards, including the U.S. Postal Service, many government entities and possibly even your doctor’s office
"This product can really help consumers take charge of their finances and save money by simply switching from another to the SREC Co-op Power Plus Visa," said Rigby.
For example, a consumer who carries a $1,000 balance on a card with an 18.9 percent APR could save $90 a year by transferring that balance to Power Plus-even after the introductory rate has expired.
Did you know the average American carries a charge card balance of $3,000? Just imagine the possible savings if everyone had this opportunity.
SREC also offers Power Plus Rebate Visa card, the 3 percent rebate applies to the power bill paid by phone or on the Internet, a 2 percent rebate for other purchases at Salmon Country Services and SREC, and a 1 percent rebate for all other purchases.
When rebates total $50, the customer receives a check up to maximum of $100 per year. The accumulated rebate amount is shown on credit card statements, so customers can track how close they are to receiving the rebate check.
Anyone wishing to obtain the SREC Power Plus Rebate or low-interest Visa cards may call First USA Bank, N.A. at (800) 347-7887. Be sure to specify the Salmon River Electric Cooperative Power Plus Rebate or low-interest Visa card.
As a consumer, you will not only be helping yourself by applying for the card; you will be helping SREC generate funds to pass to its members:
The card features a bold design with a background photograph of a dark blue sky with lightning, symbolizing its link to power. The SREC and Power Plus logos are featured prominently, along with the Visa brand mark, which ensures acceptance among millions of merchants.
SREC began promoting the new credit card through direct mail and telephone calls from First USA in September. If you did not receive this information or have misplaced it, you can still take advantage of this opportunity by calling First USA Bank toll-free at 1 (888) 201-4565.
You don’t have to be a member-or even a customer-of SREC to get the card.
First USA (www.firstusa.com) – a subsidiary of Bank One Corporation-is a financial services company specializing in the credit card business. It is among the largest providers of Visa and MasterCard credit cards in the nation. First USA has issued approximately 43 million credit cards, and has $41.6 billion in total loans outstanding.