5 Reasons You Should Get a Credit Union Credit Card
With bank card fees and hefty interest rates on the rise, credit cards from a credit union could make better financial sense than a traditional bank-issued card. Credit unions, which are nonprofit financial cooperatives owned by their members, usually offer more reasonable rates and fees on their credit cards than banks.
1. Lower fees and interest rates.
Because credit unions are member-owned, we’re often able to offer lower rates and fees on financial products than traditional banks. Members who routinely pay a few days late or carry a balance may also find that a credit union card is much cheaper to use than a bank-issued card.
2. Good Customer Service.
You aren't going to find any better customer support than what you get at a credit union – at least in terms of politeness and genuine concern. Since we are member-owned, credit unions are working in the best interest of depositors (our members), not stockholders. This is why most credit unions offer much better customer service and will go out of our way to make members happy. Credit unions are less focused on turning a profit and more focused on ensuring members are provided with a high level of service and competitive rates. Credit unions even have a nonprofit status, and as such are exempt from many taxes.
3. Flexible payment options.
Credit unions are committed to working with members during tough financial times to help them get back on their feet. If you are having trouble making your credit card payments, you are more likely to catch a break with a credit union due to superior and genuine customer service. Also, you are more likely to get a second chance at a card if you have been denied in the past. As long as you are able to show that you are improving your financial situation, we will find try our best to find a way to help you out.
4. Many credit union cards don’t charge a balance transfer fee.
Consumers who haven’t been able to negotiate a lower interest rate on their bank card may enjoy a fee-free, or low-cost, balance transfer to a credit union card.
5. At a credit union, you’re more than an account number.
At a credit union, you’re a member. Credit unions are member-owned, and your savings account is called a share account for a reason. It represents your share of the credit union. You have the ability to shape the direction of the institution by running for their board of directors in a volunteer capacity. Surplus earnings are invested back into the credit union to benefit members.
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