A lower interest rate will provide relief from rising minimum payments and huge credit card debt starting February 1.

1st Cooperative Visa Platinum holders will get a limited-time 6.99% annual percentage rate on all balances transferred from other cards to a 1st Cooperative Visa. This balance transfer special will be offered between February 1 and April 15, 2022. Those who open a new 1st Cooperative Visa will also get the same rate.

Members will pay no transfer fee and get the lower rate when they transfer balances from retail store cards or those from other financial institutions.

“We know from experience that the 6.99% rate will ease the burden on a lot of people,” said Ashley Beach Reid, the credit union’s chief operating officer. “Faced with financial pressure brought on by holiday shopping, many electric cooperative employees and their families will be searching for relief.”

Members who already have a 1st Cooperative Visa Platinum can make transfers beginning on February 1 to take advantage of the special rate. Non-members have plenty of time to join, apply for a Visa Platinum and then make their transfers from other cards. Credit union membership is open to electric cooperative employees, trustees, and their families, who include spouses, parents, grandparents, children, grandchildren, siblings, and in-laws (with step and adoptive relationships included).

“The savings can be huge, especially if someone is paying the 18% to 29% charged by some other cards,” Beach Reid said. “The special rate is good for the life of the transferred balance—until it’s paid off—and there’s no fee to make the transfer. You don’t see that too often”

Apply at www.1stCooperative.com/visa-card. If you’re not a credit union member, join first at www.1stCooperative.com/join. Members with questions can contact the credit union at 803-796-0234.