The Verdict:
Washington state residents seeking a basic credit card with low purchase interest rates and fees should consider applying for the BECU Visa card.
This card, affiliated with the BECU credit union, comes with some of the lowest fees and rates in the consumer credit-card industry.
The only negatives? You have to be a resident of Washington state to join the BECU. And you need to be a BECU member to qualify for the BECU credit card.
BECU Visa Overview:
The BECU Visa card is a basic credit card. This means it does not come with any rewards or cash-back program.
However, its low purchase interest rate — for cardholders with strong credit — make it a particularly attractive card.
How This Card Works:
The low interest rate attached to the BECU Visa card makes it a good card for consumers who usually carry a balance from month to month on their credit cards. Thanks to the low rate, these cardholders’ credit-card debt won’t grow by quite as much each month.
Travel & Shopping Benefits:
Because this card is not a rewards card, it does not come with any travel or shopping benefits.
Consumers, though, might want to consider the low purchase interest rates as a very real benefit.
Fees:
The BECU Visa comes with a purchase interest rate that can be as low as 6.9 percent depending on the credit of cardholders. Cardholders might also be offered a purchase interest rate of 8.9 percent, 10.9 percent, 12.9 percent or 18 percent.
Cash avances cost 2 percent of the amount of the advance not to exceed $10.
Late- and returned-payment fees can run up to $25.
The Bottom Line
Pros:
- Low purchase interest rates.
- Low cash-advance fees.
Cons:
- No rewards program.
- Must be member of BECU credit union to apply for this card.
