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The Verdict: Searching for a basic credit card that comes with an extremely low purchase interest rate? If you’re a member of the State Employees’ Credit Union, you’re in luck. The State Employees’ Credit Union Visa Credit Card comes with a purchase interest rate under 8 percent, depending on the strength of your credit. The only downside? You must qualify for membership in the State Employees’ Credit Union, and this credit union doesn’t accept just anybody.
Overview: To become a member of this credit union, you have to be an employee of the state of North Carolina or an employee of the federal government working in conjunction with North Carolina state departments. You can also qualify if you’re a member of the North Carolina National Guard, if you’re retired from a state of North Carolina job or if you have immediate family members who work for the state. Once you’re a member of the credit union, you can apply for the State Employees’ Credit Union Visa card.
How this Card Works: This card is not a rewards card, so you won’t earn cash back or rewards points when you make purchases. However, it does come with some perks. The card does not charge annual or over-the-limit fees. It also comes with automatic membership in the Visa Auto Rental Collision Damage Waiver Program.
Travel & Shopping Benefits: Because this is not a rewards card, there are no actual shopping benefits. Unless, that is, you count the unusually low purchase interest rate that comes with this card.
Fees: The State Employees’ Credit Union Visa credit card comes with a low purchase interest rate of 7.75 percent, if your credit is strong. The maximum interest rate that this card will charge — no matter how poor your credit is — is 18 percent. There is no annual fee with this card. Cash advances also come with no fee, while late- and returned-payment fees are only $5.
- Low interest rate.
- No annual fee.
- No cash-advance or over-the-limit fees.
- No rewards program.
- Card available only to members of State Employees’ Credit Union.