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M&T Visa credit card review

M&T Visa credit card review

Published: December 1, 2017
Ratings Policy
Low Interest Rating:
3.7 rating
3.7 rating
3.7 / 5
Rates, Fees, Penalties: 4.0
Rewards: 0.0
Features: 1.0

In a nutshell:

The M&T Visa credit card makes a great value for consumers seeking to transfer a balance due to its lack of a balance transfer fee.

Regular APR
11.24-18.24% (variable)

Introductory Purchase APR
0% for 12 months

Introductory Balance Transfer APR
0% for 12 months

Fees

  • No annual fee
  • No balance transfer fee for 3 months; 4% thereafter
  • 3% foreign transaction fee
  • 3% cash advance fee

Penalties

  • $35 late-payment fee
  • 24.99% penalty APR
  • $25 returned-payment fee

Other Notable Features: Overdraft protection, EMV chip with PIN, M&T Assurance program

As a low interest rate card, offers some pretty decent rates. The regular APR on the card is roughly 30 percent below the industry average. And, it offers one great feature: Its introductory zero percent balance transfer APR also comes with no balance transfer fee. This is a rare credit card benefit. It also has no annual fee, although other fees are rather lofty.

No-fee balance transfer offer

Similar to many of its peers, the M&T Visa credit card offers a zero percent balance transfer APR for 12 months. That would be average at best if M&T didn’t also waive a 4 percent transfer balance fee. It won’t cost you a single penny to transfer money from a high interest rate credit card account. This no-fee offer is available for approximately three months.

Other fees and penalties are a mixed bag

While the M&T Visa is a no-fee card that can save you money on a balance transfer, it can cost you in fees and penalties. On top of a $35 fee for late payments, the card may raise your APR as high as 24.99 percent for missing a single payment. It also charges a hefty $35 fee for returned payments. While there are other cards with higher penalties, there are also many cards that come with no penalty APR or returned-payment fee. If fees are big concern for you, a little shopping can uncover a much better deal.

Low APR

The APR on this card, which ranges between 11.24 and 18.24 percent, is lower than the industry average. The card also features a 0 percent introductory APR on new purchases, potentially saving hundreds of dollars on interest in the first 12 months if you plan to finance a large purchase.

Chip and PIN technology

The M&T Visa card is the rare U.S. card to come with both an EMV chip and a PIN number. Chip and PIN is the de facto standard in Europe and most of the world due to the higher level of security that it offers. A PIN is convenient for traveling abroad. It makes it easier to pay at an unmanned machine, be it at a train station or a toll booth. Remember, though, that the M&T Visa Credit Card will charge you a 3 percent foreign transaction fee.

No cash back, no rewards

Like many other low APR cards, the M&T Visa credit card doesn’t have a rewards program.

Why get the M&T Visa credit card?

  • You tend to carry a balance want a low interest rate.
  • You’re carrying a large balance on another card and would like to save money on a balance transfer.
  • You are not interested in cash back or rewards.

How to use the M&T Visa credit card:

  • If you use the card to transfer a balance, remember to transfer it within the first two months and pay it off (or as much as possible) during the first 12 months.
  • If you transfer a balance, don’t use the card for purchases and vice versa.
  • Try not to use the M&T Visa credit card abroad – due to the high foreign transaction fee – unless you need to use it in an unmanned machine.

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