Skyla Visa Platinum Card review: A rare balance transfer find

To save money with the Skyla Platinum, you’ll want to transfer any balances as soon as you open the account because that’s when the clock starts ticking on the intro APR offer. Once you’ve submitted the balance transfer, follow Bankrate’s balance transfer steps to stay on track.

To demonstrate how much you could save with this card compared to keeping your current card, let’s say you’re planning to transfer the average U.S. credit card balance of $6,730 with the current average credit card interest rate of 20.12 percent. You’re planning to pay off the balance within 12 months, so you’re paying more than the minimum payment in both scenarios to reach your goal.

Compared to making large payments on a card without a balance transfer offer over 12 months, someone with an average amount of debt could save about $755 with the Skyla Visa Platinum. Typically, other balance transfer cards charge a balance transfer fee of 3 to 5 percent. With a 3 percent balance transfer fee, you’d add $202 to your balance while a 5 percent balance transfer fee would add $336 to the original balance in this scenario.

The primary draw of the Skyla Visa Platinum are the low fees and reasonable rates that are uncommon at major banks. The trade off for these is not earning rewards on purchases which might not be your priority if you’re paying off debt.

Intro APR offer: Low-cost, but shorter than expected

Balance transfers can be expensive with fees typically ranging from 3 to 5 percent of the balance you’re transferring. But the Skyla Visa Platinum is one of the few cards without a balance transfer fee. There’s also no annual fee which makes this one of the most cost-effective cards available for balance transfers.

However, what you save in fees you lose in time; the balance transfer period only lasts for 12 months which is short for a pure balance transfer card with no rewards. In comparison, the U.S. Bank Shield card has a balance transfer period that’s twice as long, has cash back rewards and no annual fee. But it does charge a balance transfer fee of 5 percent.

Rates and fees: Low interest and favorable fees

Compared to major banks, credit unions often charge fewer fees and have lower interest rates which is helpful when transferring your balance. Skyla Credit Union is no exception to that. 

Even if you pass the end of the introductory period with a remaining balance, the ongoing interest rate for the Skyla Platinum is lower compared to larger banks. Skyla’s current variable APR is well below the average credit card interest rate which could still give you a break if you transferred your balance from a high-interest card. Even the penalty rate that takes effect if you make a late payment is lower than the standard APR for many major banks. 

When you want to save money on balance transfers, the Skyla Visa Platinum is a solid choice. However, it lacks the rewards and benefits that would make it useful beyond paying off debt.

Perks: Nothing to write home about 

The only benefits this card offers are cellphone protection and rental auto collision protection which are easy to find in a different balance transfer card that also offers rewards.

If this card had a longer intro APR offer on balance transfers or even extended the offer to purchases, it might be a better competitor in the balance transfer market. However, even its cellphone protection falls a bit short. Where other cards offer up to $300 per claim twice in a 12-month period, the Skyla Visa Platinum only offers $250.

Rewards: Surprisingly absent

It’s unusual for a credit card with a shorter balance transfer period to have no rewards. That gives the Skyla Visa Platinum card limited usefulness just one year after you get the card. Typically when a card has such a short balance transfer period, there are purchase rewards that help it earn its place in your wallet.

Unfortunately, you won’t be able to switch credit cards after you’re done with the Skyla Platinum to save yourself the hard inquiry. If you want a different Skyla Credit Union card with more rewards, you’d have to submit a new credit card application. 

In the realm of balance transfer cards it’s unusual to find a card offering no balance transfer fees which makes the Skyla Platinum stand out. Compared to other balance transfer cards, this one may fall short on long-term value since it lacks the typical rewards and benefits you might expect from a balance transfer card. Here’s how it compares to other balance transfer cards: 

The Skyla Visa Platinum is laser-focused on helping you pay off debt. It’s designed to save you money on fees and interest which might make it the right choice if you:

• Have a low-to-moderate balance to transfer.
• Already have other cards that earn rewards.
• Have a plan to pay off your balance as quickly as possible.

If the Skyla Visa Platinum isn’t the right card for you, there are other options that could serve you well with longer introductory periods, more rewards and better perks.

Citi Double Cash® Card

Best for encouraging payments

Blue Cash Everyday® Card from American Express

Best for everyday rewards

Our proprietary card rating system takes into account a mix of factors when scoring balance transfer and low-interest cards, including each card’s introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more.

While balance transfer and low-interest cards share a similar ratings rubric, we weigh features differently based on how a card is categorized. We categorize cards that carry an especially long intro APR offer on balance transfers as dedicated balance transfer cards, while cards that offer an especially low ongoing APR are considered general low-interest cards. 

Based on its features, we assigned this card a primary category of balance transfer and tailored our ratings accordingly. 

We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on how its key features stacked up against those of other cards in its category. 

Here’s a breakdown of what gave this card its score: