UPDATE Nov. 7, 2019: Terms and conditions for the Aspire Federal Credit Union Platinum Mastercard® have changed since this story was first published. Below is our story from Oct. 31, 2019, updated to reflect those changes.
The Aspire Federal Credit Union Platinum Mastercard® is designed for consumers with fair credit (typically, those with FICO scores from 630 to 689). While you won’t earn a sign-up bonus or ongoing rewards, it does come with a 0% intro APR period and a $0 annual fee.
The card faces competition from other credit cards for fair credit that offer rewards programs. But it's a good option if your priority is getting extra time to pay down a credit card balance.
Here are five things to know about the Aspire Federal Credit Union Platinum Mastercard®.
1. Credit union membership is required
As with many credit cards offered by credit unions, there's a membership hurdle first. You must join the Aspire Federal Credit Union in order to qualify for the Aspire Federal Credit Union Platinum Mastercard®.
You can join if someone in your immediate family or household is already a member, or if you work for a company that offers membership to its employees.
2. There's another way to join
You can also join by becoming a member of the Marine Mammal Stranding Center. There’s no fee to join the MMSC when you join the Aspire Federal Credit Union.
3. Pay no interest for the first six months
The Aspire Federal Credit Union Platinum Mastercard® offers an intro APR of 0% on purchases and balance transfers for 6 billing cycles, and then the ongoing APR of 8.15% - 18.00% Variable APR.
Compared with other cards that offer 0% intro APR promotions, that's a relatively short time frame. But if you know you can pay down your balance quickly, the Aspire Federal Credit Union Platinum Mastercard® could make sense for you.
4. There is no rewards program
The Aspire Federal Credit Union Platinum Mastercard® keeps it simple: You make purchases with the card, and you pay your bill (ideally on time and in full so you can build a positive credit history).
If you’d prefer a card for average credit that earns rewards, there are other possibilities.
The Capital One QuicksilverOne Cash Rewards Credit Card earns 1.5% cash back on all purchases. But there’s no sign-up bonus or 0% intro APR period, and you'll pay a $39 annual fee.
5. Cardholders get select Mastercard benefits
A few Mastercard benefits help round out the Aspire Federal Credit Union Platinum Mastercard®:
An extended warranty that adds extra time to a manufacturer’s warranty.
Price protection (a perk that's become increasingly hard to find) that can reimburse you the difference if you find the same item for a lower price within certain a period of time.