Have you been shopping around for the best credit card for you? If so, have you considered getting a credit card through a credit union instead of a bank? You’d be smart to find out that you’re better off getting a credit card from a credit union.
The biggest reason to consider a credit union credit card: LOWER interest rates. Credit unions can offer lower rates because of their non-profit status. Which is great news for you, that leaves you more money in your pocket!
According to CUNA, an average interest rate for a basic credit card from a credit union was 11.81% vs 15.77% from a bank.
Another reason to consider a credit union credit card: LOWER late fees. In 2015, CUNA reported an average late fee for credit unions was $24.56 compared to $34.18 at banks. Do you see a pattern yet (hint: lower rates and lower fees at credit unions)?
“People don’t always think of credit unions when they’re considering a new credit card, but they probably should. They’re an important option in an industry dominated by a relatively small number of players,” says Matt Schulz, senior industry analyst at CreditCards.com.
Michelle Dosher, the managing editor at CUNA, says: “A secured credit card trades access to credit for your commitment to keep a certain amount of money in a savings account. Once you’ve made, say, 12 months or so of on-time credit card payments, you’ll be eligible to apply for a conventional credit card.”
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Looking for a Credit Card? Take a look at a Credit Union
Your local credit union personal finance professionals bring you this website and other tools to help you make the most of your money. To find a local credit union you are eligible to join click here or go to asmarterchoice.org