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The Verdict: If you’re looking for a standard credit card with low interest rates and fees, the GECU Platinum MasterCard should fit your needs. This card comes with an introductory interest rate under 4 percent, and a standard purchase interest rate that, depending on your credit, could be under 8 percent. The only catch? You have to be a member of the GECU credit union to apply for this card. And to be a member of this financial institution, you must live or work in El Paso or Dona Ana County in Texas.
Overview: Like most credit cards affiliated with credit unions, the GECU Platinum MasterCard comes with interest rates and fees that are far lower than what you’d normally get with mainstream consumer credit cards. That makes this card a good choice for consumers who routinely carry a balance on their credit cards each month. The low purchase interest rate means that this balance won’t grow quite as quickly as it would on a card with a higher interest rate.
How This Card Works: This is a standard credit card. Your interest rate will vary depending on the strength of your credit. You’ll also qualify for an even-lower introductory interest rate on both new purchases and balance transfers.
Travel & Shopping Benefits: Because this is a standard credit card, it does not come with any rewards or cash-back programs.
Fees: The GECU Platinum MasterCard comes with an introductory interest rate of 3.9 percent on all new purchases and balance transfers for the first six billing cycles after you open your account. After this period, the interest rate will adjust to 7.90 percent to 17.65 percent depending on your creditworthiness. The card comes with no annual fee and no over-the-limit fee. The card does charge a late-payment and returned-payment fee of up to $25.
- No annual fee.
- Low purchase interest rate.
- Low introductory interest rate on balance transfers and new purchases.
- No rewards program.
- Must be member of GECU credit union to apply for this card.