Aspire Platinum Rewards Review: A Triple Threat vs. Debt

Low fees

There's no yearly cost to carry the card, no fee for transferring a balance during the first six months, an intro APR period for balance transfers, and a lower-than-average 1% foreign transaction fee. (Many cards charge a 3% fee.) All together, this means more of your money can go toward paying down your debt.

A sign-up bonus that rewards the balance transferred

Unlike most credit cards, when you transfer a balance to the Aspire Platinum Rewards Mastercard®, it counts toward earning the card's sign-up bonus. Most credit cards specifically prohibit this.

A 0% intro APR offer and a potentially low ongoing interest rate

The card provides a short break from interest payments when you transfer a balance. Get 0% intro APR on balance transfers for the first six months, and then the ongoing APR of 10.90%-18.00% Variable. Even that ongoing interest rate range is decent and might be lower than your current one, depending on what you qualify for. The average APR charged in the fourth quarter of 2018 for credit card accounts that incurred interest was 16.86%, according to the Federal Reserve.

Modest rewards

Membership is required

Membership at New Jersey-based Aspire Federal Credit Union is available to employees of participating organizations and their qualifying family and household members. You may also be able to join as a member of the Marine Mammals Stranding Center, Aspire's partner association, and by depositing $5 into an Aspire Federal Credit Union bank account. (See eligibility requirements here.) Other balance transfer card options allow you to sidestep membership hurdles, but may come with drawbacks of their own. With the Barclaycard Ring® Mastercard®, for example, balances transferred within the first 45 days get an intro APR period but incur a balance transfer fee. Balances transferred after that don’t incur a balance transfer fee, but you’ll have to pay the ongoing APR. You can't have both.

» MORE: NerdWallet's best no balance transfer fee cards

Short intro APR period

You can get a longer introductory APR elsewhere if you’re willing to compromise on the balance transfer fee. Consider the Discover it® Chrome. It offers an intro 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 18.24%-27.24% Variable APR. It has a $0 annual fee and a 3% intro balance transfer fee and up to a 5% fee on future balance transfers (see terms.)

Not ideal for those without credit card debt

If you have good credit and are in the habit of paying off your balance in full each month, other credit cards can reward you much more handsomely. If you prefer credit unions, the Alliant Cashback Visa® Signature Credit Card offers 3% cash back on all purchases made in the first year, and 2.5% after that. It does have an annual fee, however: $0. If you favor a $0 annual fee, the PenFed Platinum Rewards Visa Signature® Card earns 5 points per $1 on gas purchases at the pump and electric vehicle charging stations; 3 points per $1 on supermarket purchases, restaurants and dining, plus TV, radio, cable, and streaming services; and 1 point per $1 on all other purchases. Both of these credit unions offer memberships with a qualifying donation. Or opt for a rewards credit card from a major issuer, where membership isn't required.