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The Aspire Platinum Rewards Mastercard® offers some coveted features for a card primarily used to fight debt.

For starters, it offers the coveted trio of zeros: $0 annual fee, an introductory period with 0% APR, and a $0 transfer fee for transfers within the first 6 months of account opening. It’s an impressive combination.

It also offers sign-up bonuses — including balance transfers — and its ongoing rewards can make it a useful card long after you’ve paid off your debt.

You must be a member of Aspire Federal Credit Union to receive the card. If you want to transfer particularly large balances, you can find cards that offer longer APR introductory periods.

Aspire Platinum Rewards Mastercard®: The Basics

Card Type: Rewards and Funds Transfer.

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Taunang bayad: $0.

Sign-up bonus: Earn 5,000 bonus points after spending $2,000 in the first 3 months, and get $50 cash back on Aspire Notes benefits.

Gantimpala: 1 point per $1​​ spent.

Regardless of the redemption option selected, each point is worth 1 cent. You can redeem your points for travel, cash back, gift cards and merchandise through the CURewards website or the app for iPhone and Android devices. You can also earn bonus points through the CURewards website when you shop at participating retailers.

APR: An introductory APR of 0% for balance transfers for the first six months, followed by an ongoing APR variable of 10.90% – 18.00%.

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Foreign transaction fee: 1%.

Balance transfer fee: $0 for balances transferred within the first six months of account opening. After that, it’s $5 or 2% of each transfer amount, whichever is greater.

Mastercard Benefits: Extended Guarantee, Price Protection, Identity Theft Solution.

Why you want an Aspire Platinum Rewards Mastercard®

Low cost

No annual card carry fee, free balance transfers for the first six months, an introductory APR period for balance transfers, and a less than average 1% foreign transaction fee. (Many cards charge a 3% fee.) All told, that means you can use more money to pay off your debt.

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Sign-up bonus that rewards incoming funds

Unlike most credit cards, transferring your balance to the Aspire Platinum Rewards Mastercard® counts toward the card’s sign-up bonus. Most credit cards expressly prohibit this.

Introductory offer at 0% APR and possibly lower ongoing interest rate

The card allows you to temporarily stop paying interest when you transfer funds. Earn an introductory APR of 0% on balance transfers for the first six months, then a rolling APR ranging from 10.90% – 18.00% variable. Even current spreads are good and may be lower than your current spreads, depending on your eligibility. According to the Federal Reserve, the average annual interest rate on interest-bearing credit card accounts in the fourth quarter of 2018 was 16.86%.

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Modest reward

The Aspire Platinum Rewards Mastercard® provides points per dollar on all purchases. That’s a low bonus rate, but some transfer credit cards don’t offer bonuses at all. To keep your finances simple, you may want to avoid putting charges on your card until you pay off your transfer balance.

Why you might want a different card

Membership required

Membership in the New Jersey-based Aspire Federal Credit Union is open to employees of participating organizations and their eligible family members. You can also join as a member of Aspire’s affiliate association, the Marine Mammal Stranding Center, and deposit $5 into an Aspire Federal Credit Union bank account. (See eligibility requirements here.) Other balance transfer card options allow you to bypass membership barriers, but may have their own drawbacks. For example, with the Barclaycard Ring® Mastercard®, funds transferred within the first 45 days will receive an APR introductory period, but a funds transfer fee will apply. Funds transferred thereafter will not incur transfer fees, but you must pay the ongoing APR. You can’t have both.

They need a longer APR introductory period

You can get a longer introductory APR elsewhere if you’re willing to compromise on the transfer fee. Consider Discover it® credit transfer. It offers an introductory 0% APR for 6 months of purchases and an introductory 0% APR for 18 months of balance transfers, followed by an ongoing APR ranging from 12.24% to 23.24% for variable APRs. It has an annual fee of $0, a 3% fee on initial balance transfers and up to 5% on future balance transfers (see terms).

you have no credit card debt

If you have good credit and get into the habit of cashing out your balance in full each month, other credit cards can reward you better. If you prefer a credit union, the Alliant Cashback Visa® Signature Credit Card offers 3% cash back on all purchases in the first year and 2.5% thereafter. However, it has an annual fee: $0. If you prefer a $0 annual fee, the PenFed Platinum Rewards Visa Signature® Card earns 5 points for every $1 you spend on gas at gas stations and electric vehicle charging stations. Earn 3 points per dollar on grocery, dining and dining purchases and cable, satellite and other streaming services; earn 1 point per dollar on all other purchases. Both credit unions offer memberships for eligible contributions. Or choose a premium credit card from a major issuer that doesn’t require membership.

To see how these options compare to the competition, check out our roundup of the best credit card deals currently available.

Is the Aspire Platinum Rewards Mastercard® Right for You?

The Aspire Platinum Rewards Mastercard® offers a rare combination of debt settlement features, as well as modest rewards and some unique benefits.

However, if you’re not interested in joining a credit union, or you need a longer interest-free window to transfer your balance, explore other options.

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