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The Verdict: Looking for a standard credit card that comes with a low purchase interest rate? If you’re a member of Municipal Credit Union, open to employees of the city of New York, you can apply for the MCU Visa Gold credit card. This card is ideal for those consumers who routinely carry a balance on their credit cards; the low purchase interest rate means that your balance won’t grow quite as quickly as it would if your rate was higher.
Overview: Most credit union credit cards come with low purchase interest rates. The MCU Visa Gold card is no exception, coming with a purchase interest rate that is far below what you could expect to receive with a traditional consumer credit card.
How This Card Works: The MCU Visa Gold credit card is not a rewards card. This means that you won’t receive any cash back or points when you use this card to purchase items.
Travel & Shopping Benefits: The main benefit attached to this card is its low purchase interest rate. The MCU Visa Gold card, though, also comes with a unique penalty payment feature. You will have to pay a late fee if you send your bill in late. However, this late payment won’t trigger an increase in your purchase interest rate. This unusual; most traditional credit cards will boost your interest rate to as high as 29.9 percent if you make a late payment.
Fees: The MCU Visa Gold card comes with a low purchase interest rate of 10.15 percent. It also comes with no annual fee. The card’s late payment fee is either $25 or the amount of the required minimum payment, whichever is lower. The card’s returned-item fee is $20.
- No annual fee.
- Low purchase interest rate.
- Interest rate won’t rise if you pay your bill late.
- No rewards program.
- Must be member of MCU Credit Union.