First Source Federal Credit Union offers three different credit cards, and at first glance, it may seem as if the MasterCard is the least desirable of the three because of the lower credit line and higher annual percentage rate. However, a closer look at the card proves that it can be a useful card that saves you a lot of money in fees and interest in the long run.
Details, Rates and Other Benefits of the First Source FCU MasterCard
While the other two cards offered by First Source FCU have their share of benefits, the MasterCard comes with a special introductory rate of just 2.9%, allow you to make purchases and save money on interest.
Following the six-month introductory period, the credit card interest rate increases to 13.99%, still a very competitive rate amongst credit cards. In addition, because the First Source FCU MasterCard does not charge an annual fee, paying your balance in full each month will allow you to not have any out-of-pocket expenses associated with the MasterCard.
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Saving Money with the First Source FCU MasterCard
In addition, the First Source FCU MasterCard can also be used to transfer balances from high interest cards, as long as it is done within the first two months after the card is opened. If you have a credit card with another bank that carries a high interest rate, it may be in your best interest to transfer the balance to your First Source FCU MasterCard.
Once you transfer the balance, you will receive the 2.9% interest rate for six months. There is no fee to make a balance transfer, however, the balance transfer must be from a different credit card company or bank, and cannot be an existing First Source FCU credit card.
Finally First Source FCU does not charge any over the limit, cash advance or membership fees. You can apply for a credit card at any of the four branches located outside Utica, New York, or online through the First Source FCU website.
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