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The Verdict: Consumers with little credit history can help build one with the Municipal Credit Union Classic Visa credit card. This card comes with a solid purchase interest rate and a credit line of up to $5,000. The only catch? You’ll have to be a member of the Municipal Credit Union to apply for the card, and to join this financial organization you’ll have to work for the state of New York or be a federal worker employed in the state.
Overview: Like most credit cards associated with credit unions, the MCU Classic Visa card comes with a solid purchase interest rate. This rate makes it an ideal first card for consumers who don’t have much credit history behind them. By using this card wisely — paying their bills on time — cardholders can build up enough credit to apply for credit cards that come with valuable rewards and cash-back programs.
How This Card Works: This is a standard credit card. This means that you won’t earn any cash back or rewards points when you use the MCU Classic Visa credit card to make purchases.
Travel & Shopping Benefits: Because this card comes with a relatively low credit line — up to $5,000 — it’s a good one for inexperienced cardholders. The lower credit level will prevent you from overspending too badly, while the low purchase interest rate will keep your debt more manageable if you fail to pay your credit-card bill off each month.
Fees: The MCU Classic Visa credit card comes with a purchase interest rate that could be as low as 11.15 percent. That’s not quite as low as are the purchase interest rates of some of the credit union’s other cards, but it’s still better than the interest rates that come with many traditional consumer credit cards. The card’s late-payment fee can run as high as $25, while its returned-payment fee can can reach as high as $20. The card does not come with an annual fee.
- Reasonable purchase interest rate.
- No annual fee.
- Good card for new cardholders.
- No rewards program.
- Must be member of Municipal Credit Union to apply for this card.