1. You’re a member-owner. When you join a credit union you are a member-owner, not a customer, and this means you have the privilege of voting for the board of directors – volunteers who help lead the credit union.
2. Fewer fees. Credit unions tend to offer lower or no fees for services such as balance transfers, foreign transactions, and cash advances.
First Financial’s Visa Platinum Credit Card has no balance transfer fees, a Cash Advance Fee of 1% of advance ($5 minimum and $25 maximum), and a Foreign Transaction Fee of 1% plus foreign exchange rate of transaction amount.*
3. Lower interest rates. Credit unions generally have lower interest rates compared to large banks. According to Informa Research Services, the annual percentage rate on an average credit union platinum credit card is 1.75% less than the bank average, and 3.18% lower on a rewards card.
Here at First Financial, rates are as low as 10.9% APR and first time card approvals are eligible for 2.9% APR for the first 6 months on purchases and balance transfers!**
4. Emergency cash availability. Some credit unions offer cards that help members when they are in a financial bind, accommodating a late or over-limit fee.
5. Extensive surcharge-free ATM network. With thousands of surcharge-free ATMs available through credit union networks, members have access to more ATMs than those offered by some of the largest banks.
First Financial currently participates in the Co-Op Surcharge Free ATM Network – available nationwide!
6. You get second chances. If you apply for a credit card or loan and get denied, a committee of employees and members might review your application again to see why you got turned down.
7. You can enjoy the credit union’s other services. By holding a credit card, you likely qualify for the credit union’s other services such as an auto loan with a lower interest rate or a savings account with a higher return. You could really end up saving (and earning) a lot of money during your time with the credit union!
*APR varies from 10.90% to 17.90% when you open your account based on your credit worthiness. This APR is for purchases, balance transfers, and cash advances and will vary with the market based on the Prime Rate. Subject to credit approval. Rates quoted assume excellent borrower credit history. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. No Annual Fee. Other fees that apply: Cash advance fee of 1% of advance ($5 minimum and $25 maximum), Late Payment Fee of up to $25, Foreign Transaction Fee of 1% plus foreign exchange rate of transaction amount, $5 Card Replacement Fee, and Returned Payment Fee of up to $25. A First Financial membership is required to obtain a VISA Platinum Card and is available to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.
**The 2.9% promotional rate will apply to purchases and balance transfers only for six statement cycles from the new account holder’s initial balance and/or initial transfer to the First Financial VISA Platinum card. The balance transfer promotional rate does NOT apply to cash advances.
Article Source: Go Banking Rates June 2015