General FAQs

Credit Card Change in Terms

Frequently Asked Questions

Thank you for being a GTE Financial member and credit card holder!

Below are frequently asked questions regarding the recent change in terms to your GTE Mastercard Credit Card. Please contact Member Care at 1.888.871.2690 with any questions or connect with us through Live Chat. 


ItemChangeWhat This Means To You
Minimum Annual Percentage Rate6.49% minimum APR removed
***Variable Rates: The Annual Percentage Rate may increase or decrease if the highest rate of interest identified as the ‘Prime Rate’ in the ‘Money Rates’ column of the Wall Street Journal increases or decreases. The Annual Percentage Rate will be equal to the Prime Rate plus a margin of: __________%. The interest rate can change monthly following a change in the Prime Rate. The Annual Percentage Rate will never be more than 17.99%. Any increase will take the form of higher monthly payments.
No more floor rate - Variable credit cards can now go under 6.49% APR if the Prime Rate permits. This impacts Go Premier and Go To Credit Cards.
Transaction Fees - Cash Advance5% of the amount of each cash advanceCash Advance Transaction Fees are changing from 3% to 5%. (Members with open dates of 6/17/20 or later already reflect the higher fee on their loan closing disclosure.) This impacts all Consumer Credit Card products.
Penalty Fees - Late PaymentUp to $29.00 for the first offense, $40.00 for each additional offense until 6-consecutive, on-time payments are receivedLate Fee payment changed from $28 to $29 for first offense and from $37 to $40 for following offenses. (Members with open dates of 6/17/20 or later already reflect the higher fees on their loan closing dislcosure.) This impacts all Consumer Credit Card products.
Variable Rate InformationUpdated: Your standard variable Annual Percentage Rate (APR) for purchases, balance transfers and cash advances may increase or decrease monthly. We calculate variable APRs by adding a margin to the highest U.S. Prime Rate published in the Money Rates section of The Wall Street Journal (not including weekends or federal holidays) after the U.S. Prime Rate change. The APR may increase or decrease each month if the Prime Rate changes. Any new rate will be applied as of the first day of your current billing cycle during which the Prime Rate has changed. If the APR increases, you will pay a higher interest charge and may pay a higher minimum payment. The Prime Rate is simply a reference index and is not the lowest interest rate available. If The Wall Street Journal stops publishing the Prime Rate, we will select a similar reference rate. If we determine that a change in your credit standing results in an increase in the margin rate you will receive 45 days advance written notice and the new rate will apply to new transactions only.Updated verbiage to clarify what happens when the Prime Rate is changed. The Prime Rate fluctuateswhen the Federal Reserve changes the federal funds rate. As a result, a variable credit card's APR will fluctuateeither up or down as the prime rate changes. This impacts Go Premier and Go To Credit Card products.

 This Change in Terms letter is not a notification of rate change. Go To and Go Premier credit cards are variable rate products, which can change without notice and are based on the Prime Rate. To find out more about how these variable rate cards work, please review the Change in Terms example included in the mailing. 

The margin remained the same. Margin information can be found in the original terms you qualified under. 

The previous floor rate of 6.49% was removed. 

Yes, you may opt-out of these changes until 5/21/2023. 

If you decide to opt-out of these changes, your card will be closed, and you will still owe the remainder of your credit card balance. The current terms will be honored, and you can continue to make payments until the card is paid in full. 

The Truth-in-Lending disclosures were provided as a point of reference, so you may compare to the original terms. 

Please contact Member Care at 1.888.871.2690 or connect with us through Live Chat. 

Your “Credit Card Account Number” is located on your credit card statement as “Billing Account Number”. The “Billing Account Number” is also located in Online Banking under Current Balance and on the Account Details section under the last 4 of the card number.