Here are seven reasons why consumers should consider using a credit union credit card:
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.
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.
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 up to 18% when you open your account based on your credit worthiness. These APRs are for purchases 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 Fees. Other fees that apply: Balance Transfer and Cash Advance Fees of 3% or $10, whichever is greater; Late Payment Fee of $29, $10 Card Replacement Fee, and Returned Payment Fee of $29. A First Financial membership is required to obtain a Visa Credit Card and is available to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. See firstffcu.com for current rates.
Article Source: Go Banking Rates June 2015