MCU Credit Union

The Verdict: If you’re an employee of the city of New York,or a federal employee who works in one of the city’s five boroughs,you can become a member of the Municipal Credit Union,better known as the MCU. This is a good thing; membership allows you to apply for the MCU Visa Platinum Credit Card. This is a basic,standard credit card. But what it lacks in rewards programs or cash-back bonuses,it more than makes up for in a low purchase interest rate. This rate,in fact,makes this an ideal card if you regularly carry a balance on your credit cards.

Overview: The MCU Visa Platinum Credit Card follows the basic trend of credit cards affiliated with credit unions: It offers a purchase interest rate far below those offered by traditional credit cards.

How This Card Works: The MCU Visa Platinum Credit Card is not a rewards card. This means that you won’t receive any rewards points or cash back when you use the card to make purchases.

Travel & Shopping Benefits: The MCU Visa Platinum does come with a credit line of up to $20, 000,depending on your credit. Its main benefit,though,remains a purchase interest rate that is under 10 percent.

Fees: The MCU Visa Platinum Credit Card comes with a purchase interest rate of 9.15 percent. That’s far lower than what you’ll receive with traditional consumer credit cards. Other fees are fairly standard for the industry. The card’s cash-advance fee is 3 percent of the advance amount. This fee can never go lower than $2 and never higher than $30,no matter the size of an advance. The card’s late-payment fee can reach a high of $25,while its returned-item fee can run as high as $20. There is no annual fee with this card.

Pros:

  • No annual fee.
  • Low purchase interest rate.
  • Reasonable fees.

Cons:

  • No rewards program.

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