This is certainly one of the best balance transfer deals I’ve ever come across, which explains why it’s reserved only for college students.
In a nutshell, the Louisiana Federal Credit Union is offering 0% APR on its Platinum Student Advantage Rewards MasterCard for two years.
And that 0% interest rate applies to purchases, cash advances, and balance transfers, so you can use the card for everything all at once.
Oh, and the credit union doesn’t charge fees for balance transfers or cash advances. Did I mention there’s also no annual fee?
The credit union says, “the cost of textbooks can really stack up,” and that this card “is made specifically for the school-enrolled student.”
They know you have lots of costs to deal with as a student, so they’re cutting you a huge break…may as well take advantage while you can.
Balancing School and Life with 0% APR
Louisiana FCU wants its young credit cardholders to “balance school and life” with this offer so they can focus on their bright futures.
After all, credit card debt plagues college students who often make very little but have to deal with adult expenses. Sadly, this means most college students pay tons of finance charges and/or get into debt before graduating. Not exactly a great start to life as a grown up.
If you happen to live in the New Orleans area and you’re a student, perhaps at Tulane or the University of New Orleans (or anywhere else nearby), you could benefit greatly from this offer instead of paying interest rates closer to 20%.
That’s no joke – I recently wrote about average interest rates for credit cards, which happen to be around 15% nationally and closer to 13% for students.
For a student carrying $2,500 in credit card debt, a rate of 13% APR equates to $325 in finance charges annually. At 0%, you pay nothing. It doesn’t take a college student to figure out that this is a great offer.
Tip: If you’re a student living somewhere other than Louisiana, seek out 0% APR credit card offers at credit unions in your area or via the national credit card issuers. There’s no reason you should be paying anything above 0%, especially with the large number of interest-free offers widely available.