Credit card users will get some relief from rising minimum payments and huge credit card debt starting February 1, thanks to a limited-time offer of lower interest rates.

Faced with financial pressure brought on by holiday shopping, many electric cooperative employees and their families began searching for relief. They will find it in a 6.99% annual percentage rate offered by 1st Cooperative Federal Credit Union.

No matter what credit card they use—store cards or those from other financial institutions—employees, trustees and their families can get 1st Cooperative’s low rate.

“We know from experience that the 6.99% rate will ease the burden on a lot of people,” said Jo Ann Burnside, the credit union’s chief operating officer. “Anyone who is eligible to join the credit union can transfer balances to a new or their existing 1st Cooperative Visa Platinum card.”

The special rate is not offered every year, but dozens of people—new and existing members—take advantage of the offer when it is advertised.

“The savings can be huge, especially if someone is paying the 18% to 29% charged by some other cards,” Burnside said. “We try to make the transfers easy by removing fees on the transfers and giving members the special rate for the life of the transferred balance—until it’s paid off.”

The balance transfer special will be offered between February 1 and April 20, 2021. Members who already have a 1st Cooperative Visa Platinum can make transfers now. Members and non-members can learn how to apply here or by calling 803-796-0234.

Credit union membership is open to electric cooperative employees, trustees, and their families, which include spouses, parents, grandparents, children, grandchildren, siblings, and in-laws.