Aspire Federal Credit Union Platinum Mastercard Review

Your balance is high and your credit is subpar. You’re looking to get a handle on your existing high-interest credit debt and you have a plan: Get a card with a 0% APR offer so you can save on interest charges. While that can be a solid idea to help whittle away your existing bill, there’s just one problem: There aren’t many credit cards with that sort of money-saving offer for someone without a good credit score.

The Aspire Federal Credit Union Platinum Mastercard could be your wallet’s superhero. This card will accept applicants with just fair credit history and it comes with a 0% APR offer of six months on purchases and balance transfers, followed by the cards regular APR. That could be the break you’re looking for. Because it’s a credit union-issued credit card, it also comes with a lower ongoing variable APR range than what you’d typically find on a traditional bank-issued card, which may also save you money in the long run.

But before applying there are two key things to keep in mind. First, the card comes with a balance transfer fee of 2%. This means if you transfer any existing debt to a newly acquired Aspire Federal Credit Union Platinum Mastercard account, you’ll tack on another 2% to your balance. Make sure you do the math first to make sure that transferring a balance with that fee is cheaper than what you’re currently paying in interest on your balance.

It’s also not as easy as 1-2-3 to apply for the Aspire Federal Credit Union Platinum Mastercard. You’ll have to join the credit union first and membership is limited to employees of select companies or their families and immediate household members. If none of those options apply, it’s possible to join Aspire Federal Credit Union by making a donation to their partner charity, the Marine Mammal Stranding Center.

• $0 annual fee
• 0% introductory APR on purchases and balance transfers for 6 months, followed by a regular APR of 8.15% – 18.00% variable
• Available to those with fair credit
• Balance transfer fee of either $5 or 2% of the amount of each transfer, whichever is greater
• No rewards offered
• Credit union membership required

The main event with the Aspire Federal Credit Union Platinum Mastercard is the introductory 0% APR offer, Although it’s on the shorter side—there are some 0% APR cards aimed at those with excellent credit that offer nearly two years of an interest free period. But, this is one of the only cards available that extends a break on interest to those with fair credit.

Be aware that if you’re using the card to shift debt, there will be a balance transfer fee of 2% of the amount you’re transferring. That could eat away at the amount you’d save by doing the transfer. For example, if you’re approved to transfer $5,000 worth of debt, you’ll add a fee of $100 to that debt. Depending on how long you intend to take to pay your card off, it may not save you money. Before you apply, make sure you’ll actually be saving money with a transfer to the Aspire FCU Platinum Mastercard.

• Free ID theft services: As a Mastercard, you’ll get identity theft alerts and expert assistance if your wallet has been stolen or lost.

Interest Rates

• 8.15% – 18.00% APR on purchases and balance transfers
• Intro APR: 0% Intro APR on purchases for 6 months (followed by a regular APR of 8.15% – 18.00% APR on purchases and balance transfers
• Cash Advance APR: 12.65% to 18.00% when you open your account, based on your creditworthiness

Fees

• Annual Fee: $0
• Cash Advance Fee: Either $10 or 2% of the amount of each transaction, whichever is greater
• Balance Transfer Fee: Either $5 or 2% of the amount of each transfer, whichever is greater
• Foreign Transaction Fee: 1% of each transaction in U.S. dollars, 1.00% of each transaction in U.S. dollars completed in a foreign currency
• Late Penalty: up to $39
• Returned Payment: up to $25

The options are limited if you have fair credit and you’re seeking a credit card that will give you a break on interest fees. Here’s a few other intriguing options to consider.

Aspire FCU Platinum Mastercard® vs. Discover it® Student Cash Back

You do have to be a student to apply for the Discover it® Student Cash Back card. But if you qualify, you can earn 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations and more, up to the quarterly maximum once activated. Plus, automatically earn unlimited 1% cash back on all other purchases.

In lieu of a traditional welcome bonus, the card also comes with Discover’s Cashback Match™ offer, where you’ll get an unlimited dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.

Aspire FCU Platinum Mastercard® vs. Amazon Store Card*

Although it’s a store card, Amazon is known for carrying just about everything under the sun, making an Amazon store card have wider reach than a typical retail store card. Although you can’t use it outside of Amazon.com, you might not need to.

The no-annual-fee card also comes with unique financing offers: You can either choose the Equal Monthly Payment option where the purchase price (including tax and shipping) is divided equally by the duration of the offer period (i.e. pay $25/month for $150 purchase for 6 months; $150/6 months = $25/month). Or choose the Special Financing option where you’ll pay no interest on purchases of $150 or more for 6 months, no interest on purchases of $600 or more for 12 months or no interest on select purchases of $800 or more for 24 months.

Aspire FCU Platinum Mastercard® vs. Lake Michigan Credit Union Prime Platinum Card*

Yes, it’s also a credit union credit card, but anyone can join with a $5 contribution to the Amyotrophic Lateral Sclerosis (ALS) Foundation. In exchange, you’ll get the no-annual-fee Lake Michigan Credit Union Prime card which has one of the lowest ongoing APRs you’ll find anywhere—as low as 11.50% and up variable APR on purchases and balance transfers and no balance transfer fees. If you need a long runway to pay down your debt, a card like this one with a long-term low-interest rate might be the smartest option.

If you have fair credit and you’re eligible to join Aspire Federal Credit Union, the Aspire Federal Credit Union Platinum Mastercard could be a worthy option to help you out of a high-interest debt jam. But you might be better off using a card that gives you a longer runway to pay down your existing debts if six months isn’t enough time. And the card’s limited eligibility pool means that many people will not be able to apply.