The 49,000 member Los Angeles Federal Credit Union has partnered with Shop LA, a city sponsored effort to promote Los Angeles as a retail destination, to launch a Visa card that will triple the rewards points for purchases made in the city.
The Shop LA City Visa Platinum Plus card will carry a 0% introductory annual percentage rate for six months then settle into a rate that will be as low as 9.90% for borrowers with the highest credit quality.
The card's rewards can be redeemed for merchandise, travel and gift cards as well as on better rates on other loans such as auto loans, the CU said.
Besides earning triple rewards, cardholders will also help the city of Los Angeles. For every $10 in sales tax paid in the city, the city earns one dollar to help support services like police, fire, libraries and parks.
The $720 million asset credit union is headquartered in Glendale, California.