Aspire Platinum Mastercard Balance Transfer Credit Card Review
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If you are looking to pay off your credit card debt, you may have considered applying for a balance transfer card.
CNBC Select classified the best balance transfer credit cards, and although most require good or excellent credit (scores of 670 and above), there is a credit union card that stands out among people with fair credit.
Below we take a look at the Aspire Platinum Mastercard® and explain why this is the best choice for people with fair credit who want to make a balance transfer. (See our methodology for more information on how we choose the best cards.) But first, we take a look at exactly how balance transfers work.
Balance transfer cards give you a promotional interest-free period (six months to 21 months) to pay off your credit card debt. Transferring your debt from your current credit card to a balance transfer card allows you to apply your payments directly to your balance – and not at costly interest charges.
If used responsibly, these cards are an effective way to pay off your debt faster. Of course, it works best when you pay off your balance. before the 0% APR introductory period ends, so you don’t end up earning interest on the new balance you transferred.
Most balance transfer cards typically charge a 2% to 5% fee (or a minimum of $ 5) for each transfer, but there are some free balance transfer cards.
You can transfer balances at any time, but the 0% APR introductory period begins when the account is opened and lasts for six months. For this reason, it is in your best interest to transfer as early as possible to maximize the 0% APR offer.
Your credit score plays a big role in whether or not you qualify for a balance transfer card because many issuers want to see that you have good credit before giving yourself more time to pay off your debt, and without interest.
If you are eligible for a balance transfer card, your credit rating will then help determine how much debt you can transfer. This will either be a percentage of your total credit limit or a fixed amount. While every credit application is different, generally speaking, a good credit score qualifies you for more credit and higher balance transfer limits.
Why the Aspire Platinum Mastercard is the best choice for people with fair credit to pay off their debt
the Aspire Platinum Mastercard is a balance transfer card where applicants with fair credit have a better chance of qualifying. Even though it has a shorter promotional interest period than most cards, if you’re struggling with high interest debt, those six months of savings could get you going. And if you aren’t able to pay off your balance in full by the end of the 0% APR introductory period, the variable interest rate is relatively low, from 8.15% to 18.00%.
Like many balance transfer cards, this one has a 2% balance transfer fee on each transfer (or a minimum of $ 5). This is slightly below the standard of 3% and still gives you a huge opportunity to save even with the fees.
In addition, there is no annual fee for the Aspire Platinum Mastercard.
Before you apply, be aware that this is a credit card. Membership in the Aspire Federal Credit Union is required. Membership is available to employees of the Credit Union’s Preferred Employer Group and their families. You can also join for free if you first become a member of its partner association, the Marine Mammals Stranding Center.
If you don’t meet these conditions, you may still be eligible, according to its website. To inquire about Aspire to become a member of the FCU, you can call 732-388-0477 for more information. This line is available 24/7.
Information about the Aspire Platinum Mastercard® was independently collected by Select and was not reviewed or provided by the card issuer prior to posting.
0% for the first 6 billing cycles on purchases and balance transfers
Balance transfer fees
Foreign transaction fees
To determine which credit cards offer the best balance transfer deals, CNBC Select analyzed 101 of the most popular credit cards that offer zero interest on balance transfers issued by the biggest banks, finance companies, and credit unions that allow anyone to join.
We compared each card on a range of features including: annual fee, balance transfer fee, rewards program, introductory and standard APR, welcome bonus, and overseas transaction fees, as well as factors such as credit requirements and customer reviews when available.
For the balance transfer cards, we used a Discount rate calculator to calculate the interest rates and fees you could incur if you transfer $ 6,194, the average balance that Americans carry on their credit cards in 2019, according to Experiential.
If the average consumer with a $ 6,194 credit card balance pays $ 200 each month, they will spend $ 2,012 in additional interest, assuming an average APR of 16.97%, according to the fed. And it will take them 42 months – over three years – to pay off that debt.
With four of the five cards on this list, if you take full advantage of the APR introductory period and pay $ 200 per month, you’ll pay less than $ 500 in interest. It is a significant saving.
For cards that offer a rewards program, we’ve also estimated how much cash back you could earn over a five-year period. CNBC Select has partnered with location intelligence firm Esri. The company’s data development team has provided the most recent and comprehensive data on consumer spending based on the 2019 Bureau of Labor Statistics Consumer Spending Surveys. You can learn more about their methodology here.
Esri’s data team created a sample annual budget of roughly $ 22,126 in retail spending. The budget includes six main categories: groceries ($ 5,174), gasoline ($ 2,218), restaurants ($ 3,675), travel ($ 2,244), utilities ($ 4,862) and general purchases ($ 3,953) . General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, as well as other vehicle expenses.
CNBC Select used this budget to estimate how much the average consumer would save over the course of one year, two years and five years, assuming they would try to maximize their rewards potential by earning all the welcome bonuses offered and using the card for all applicable purchases. . All total reward estimates are net of annual fees.
It is important to note that the value of a point or mile varies from card to card and depending on how you redeem them. When we calculated the estimated returns, we assumed that cardholders were redeeming points / miles for a typical maximum value of 1 cent per point or per mile. (Extreme optimizers might be able to get more value.)
When choosing the best balance transfer card, we focused on the card that offers consumers the cheapest way to pay off their debt rather than the number of rewards they could potentially earn. When you’re in debt with a credit card, your primary goal should be to pay off. Earning rewards should be seen as a bonus, and you don’t want to spend beyond your means to earn points.
The five-year rewards total and estimates of interest rates and fees are derived from a budget similar to the expenses and debt of the average American. You can get a higher or lower return depending on your consumption habits.
Information about the Aspire Platinum Mastercard® was independently collected by CNBC and was not reviewed or provided by the card issuer prior to publication.
Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.