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The Verdict: Members of Tennessee’s Redstone Federal Credit Union can apply for the Redstone Federal Credit Union Platinum Visa. And those members who are looking for a standard, non-rewards card should consider the possibility. That’s because this credit card comes with a low purchase interest rate, one that makes this the ideal card for consumers who regularly carry a balance each month on their credit cards.
Overview: Most credit cards offered by credit unions have one big selling point: They come with low purchase interest rates. The Redstone Federal Credit Union Platinum Visa card is no exception. This card comes with a purchase interest rate — depending on the strength of your credit — that is far below the rates offered by mainstream consumer credit cards.
How This Card Works: Because this is not a rewards card, don’t expect any cash back or rewards points when you use the Redstone Federal Credit Union Visa Platinum Card to make purchases.
Travel & Shopping Benefits: The main benefit with this card is its low purchase interest rate. This allows you to carry a balance from month to month with this card without seeing your debt rise as quickly as it would with a traditional consumer credit card that comes with higher interest rates.
Fees: The Redstone Federal Credit Union Platinum Visa card comes with a purchase interest rate of just 8 percent. That’s a lower rate than you’ll find with most traditional credit cards. The card charges no annual fee. Its late-payment and over-the-limit fees can hit $35. The card’s returned-payment fee can also reach as high as $35.
- No annual fee.
- Low purchase interest rate.
- Must be member of Redstone Federal Credit Union to apply for this card.
- No rewards program.