Mastercard-FAQ

General

Is Mastercard accepted everywhere Visa is accepted?
Most merchants who accept cards will accept both Mastercard and Visa.

Why change from Visa to Mastercard?
After expanded due diligence and extensive research, Founders made the decision to change our product offering to the Mastercard Debit and Credit Card payment network. Mastercard offers Founders a heightened level of service we are able to pass along to our members as well as many more benefits including a more detailed level of security for our members. Even though we are changing our payment network to Mastercard, your financial relationship is still with Founders. Founders has not and will not waiver our dedication to our members. We will continue to offer the same competitive rates, rewards and benefits we always have.

When should I receive my new Mastercard?
All debit cards and credit cards will be mailed out in small waves over the next several months. Debit cards will be mailed out beginning March 28, and all debit cards should be received by June 10. Credit cards will be mailed out beginning May 2, and all credit cards should be received by June 21 with the exception of Arrowpointe originated credit cards.

Debit Cards

Can I keep the same debit card PIN?
You will need to establish a new PIN, but your new PIN could be the same as your current PIN. To set the PIN you can call the number on the sticker that is on the new card. It is recommended to call from your home phone number. You may also go to an office to set the PIN.

How long will I be able to use my Visa Debit Card?
Your Visa Debit Card will no longer be valid, and you will not be able to use it for new transactions after July 31, 2022. However, we encourage you to activate your new Mastercard as soon as you receive it and immediately destroy your Visa.

Will there be any interruption of service changing over from Visa to Mastercard?
No, not as long as you activate and select a PIN upon receiving your new card.

What will happen to my recurring charges on my Founders Visa card?
You will need to notify those companies and update your information to your new Founders Mastercard.

What if I have a joint owner on my account and he/she did not receive a card?
You or the joint owner may go to your local office and get a debit card.

What if I made travel reservations with my Visa but the travel has not happened yet?
Please contact the company and provide your new Founders Mastercard number to ensure your reservations are not released as a result of the card change.

I haven't used my debit card in a few months, will I receive a new card in the mail?
If you haven't used your card in the last 120 days, a new Mastercard will not be issued. You can come by an office and get a new Mastercard printed.

Can I still go by the office and get a new or replacement Founders Debit Card?
Yes, you will still be able to get a new or replacement Founders Mastercard at the office.

My friend received their new Mastercard but I have not received mine. What do I do?
The new Mastercards are being mailed over several weeks. If you have not received your new Debit Mastercard by June 10, 2022, please call us at 1-800-845-1614 or stop by any office.

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Credit Cards

Will my rate and rewards change on my Credit Card?
These may change depending on your current annual spending and any additional benefits the cards offer. Please be sure and review the communication we are mailing to you regarding your new Mastercard product.

If I currently have the Visa Signature or Visa Platinum, will my rewards carry over?
Yes, your rewards will carry over to your new Mastercard.

If I currently have a Platinum Secure card, will my rewards carry over?
If you have a Platinum Secured Card, the CU Rewards Program will discontinue at the end of your May 2022 statement closing date. You can locate your statement closing date on your monthly credit card statement. It will be either the 17th or 29th of the month. Points will continue to accrue on applicable transactions but must be redeemed prior to the May 2022 statement date.

What will happen to my recurring charges on my Founders Visa card?
You will need to notify those companies and update your information to your new Founders Mastercard.

Is there an annual fee?
Founders does not charge an annual fee for any credit card products.

Is there a balance transfer fee?
Founders does not charge a balance transfer fee for any credit card products.

What if I made travel reservations with my Visa but the travel has not happened yet?
Please contact the company and provide your new Founders Mastercard number to ensure your reservations are not released as a result of the card change.

How long will I be able to use my Visa Credit Card?
Your Visa Credit Card will no longer be valid, and you will not be able to use it for new transactions after July 31, 2022. However, we encourage you to activate your new Mastercard as soon as you receive it and immediately destroy your Visa.

My friend received their new Mastercard but I have not received mine. What do I do?
The new Founders Credit Mastercards are being mailed starting in mid May. If you have not received your new Founders Credit Mastercard by June 30th, please call us at 1-800-845-1614.

Will my credit report be pulled during the change to Mastercard?
No, a new credit inquiry will not be made for the change to Mastercard.

If I have a Visa credit card, will this affect the information on my credit report?
The current information will continue to report. Your Opened Date, payment history, months reviewed data will report the same. The account number will be updated to reflect your new Mastercard account number.