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The Verdict: If you’re a student, and a member of New York’s Municipal Credit Union, you can build your credit with the MCU Student Visa card. This is an excellent card for students because of its low purchase interest rate, introductory interest rate offer and reasonable credit limit. Students can use this card to learn how to use credit responsibility. Then, after they’ve built up a good credit record, they can apply for other credit cards that come with rewards programs or cash-back bonuses.
Overview: The MCU Student Visa credit card comes with a credit limit ranging from $500 to $3,000. This limit will vary depending on your creditworthiness. It also comes with an introductory purchase interest rate of 0 percent for six months.
How This Card Works: The MCU Student Visa credit card is not a rewards or cash-back card. You won’t receive any rewards point or cash back, then, when you use this card to make purchases.
Travel & Shopping Benefits: The main benefit with this card is its low purchase interest rate. If you don’t pay off your credit-card bill each month, your debt won’t grow as quickly as if you owned a traditional consumer credit card with higher interest rates.
Fees: The MCU Student Visa card comes with a purchase interest rate of 10.15 percent. It also boasts no annual fee. The card’s late-payment fee can hit $25, while its returned-payment fee can run to $20.
- No annual fee.
- Low purchase interest rate.
- 0 percent introductory interest rate for six months.
- No rewards program.
- Must be member of MCU Credit Union to apply for this card.