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Verdict: The M&T Bank Visa Standard credit card comes with the lowest purchase interest rate of any credit card offered by this bank. It also comes with the fewest perks. But if you’re looking for a no-frills card with a reasonable purchase interest rate, the M&T Visa might fit your rates. It’s also free to own this card; it comes with no annual fee. Just don’t expect any rewards or cash-back programs.
Overview: Like most standard credit cards, this one comes with a purchase interest rate that is tied into your credit score. If your score is high, your purchase rate with this card can be quite low relative to industry standards. That makes this a solid card if you plan on carrying a balance from month to month.
How This Card Works: You do have to be careful about missing a payment with this card. You’ll be hit with a penalty interest rate of 24.99 percent if you fail to pay your minimum monthly payment within 60 days of its due date. You’ll need to pay your bill on time for six consecutive billing cycles to get your purchase interest rate back to its normal level.
Travel and Shopping Benefits: The card comes with an introductory interest rate of 0 percent on balance transfers for the first six months after you open your account. You can also tap into the card’s debt cancellation program, which will provide you with financial protection should you lose your job or be unable to work because of a temporary injury or illness. The M&T Visa comes, too, with protection against fraudulent purchases made when your card is lost or stolen.
Fees: The purchase interest rate with this card can come in anywhere from 9.24 percent to 16.24 percent, depending upon your credit score. The higher your score, the more likely you are to qualify for the lowest purchase interest rate. Cash advances cost you $10 or 3 percent of the advance amount, whichever is higher. The card’s returned-check charge is $20, while the late-payment charge is $25. The card charges no annual fee.
- No annual fee.
- Low purchase interest rate for cardholders with strong credit.
- Introductory interest rate of 0 percent on balance transfers.
- No rewards or cash-back programs.
- Penalty interest rate of 24.99 percent.