Don’t ignore credit union credit cards

Don’t ignore credit union credit cards

Fees are an important factor to consider when choosing a credit card at any institution. “We know that many of our military members are stationed abroad so having no foreign transaction fees on any of our credit cards, we think, is a really fantastic way that we are able to serve our community,” says Justin Zeidman, head of credit card products at the credit union. LOWER INTEREST RATES

It’s not uncommon to find credit cards at a credit union with lower annual fees, balance transfer fees, cash advance fees, late fees and so forth. In fact, the average late fee is about $10 cheaper at a credit union than at a bank, according to a Membership Benefits report by the Credit Union National Association. The types of fees assessed vary by credit union. LOWER FEES

Navy Federal Credit Union in Virginia, for instance, has a military focus and fees to match members’ lifestyles. Here are some ways in which credit union credit cards can eclipse glitzy offers from banks.

Some credit union credit cards compete with the sign-up bonuses or ongoing rewards rates found at big banks. It’s one of the ways these not-for-profit institutions return value to members. For Keenan Kimbrough , a 27-year-old resident of Pennsylvania, the rewards and low-interest rates were worth making the switch from a bank-issued credit card to a credit union card. His credit union card gets a lower interest rate of 12% compared with the 22% of the old card and the credit union card earns elevated rewards in common spending categories. POTENTIALLY HEALTHY REWARDS

As of March 2021, the national average interest rate for a credit card from a credit union is 10.97% compared with 12.55% at banks , according to the NCUA. If you carry a balance on a credit card over a long period, you can potentially save more money on interest with a credit card from a credit union than one from a bank. That’s because, unlike at banks, interest rates at federally chartered credit unions are capped. Federal law caps the interest rate on loans and credit cards at 15%. However, the National Credit Union Administration Board temporarily raised it to 18% and recently voted to maintain this rate through March 10, 2023.

The News Highlights

  • Don’t ignore credit union credit cards
  • Check the latest Health news updates and information about health.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
The Mississippi teenager who died of COVID-19 had a “common” medical problem, the official said.
The Mississippi teenager who died of COVID-19 had a “common” medical problem, the official said.
“Sadly, we are reporting the death of a teenager in the state of Mississippi, who died from COVID-19,” he said. “We now have four deaths in children in the ...
Duke Health earns big rewards by optimizing claims status
Duke Health earns big rewards by optimizing claims status
Scott Williams, Duke Health “Technology optimizations of this nature are complex, with many moving parts, and require considerable investment of resources to ...
Small businesses can apply for PPP loan forgiveness directly through the new portal
Small businesses can apply for PPP loan forgiveness directly through the new portal
MORE JOBLESS AMERICANS ARE SUING STATES FOR ENDING UNEMPLOYMENT BENEFITS “This initiative will allow PPP borrowers to put their concerns of achieving full ...
This new Android 12 feature will make sharing URLs much easier
This new Android 12 feature will make sharing URLs much easier
According to a XDA Developers report, the new feature allows users to instantly copy a URL of the website from the Recent Apps screen (usually accessed by ...
Is the pastry tradition back? Android 13’s code name is… Tiramisu
Is the pastry tradition back? Android 13’s code name is… Tiramisu
Generally each update of the Android operating system is developed under a code name of an element in alphabetical order. But since that first version 1.0, ...
GameStop to rebrand EB games in Canada
GameStop to rebrand EB games in Canada
One such example of this was Target exclusives, which immediately posed a problem in Canada, where Target stores had existed when amiibo first launched, but ...
Why do companies use so much jargon
Why do companies use so much jargon
The third reason why managers use jargon is to establish their credentials. What makes one person fit to manage another? It is hard to identify any obvious ...
US economy surpasses pre-pandemic size with 6.5% growth in second quarter
US economy surpasses pre-pandemic size with 6.5% growth in second quarter
By contrast, consumer spending — the main fuel of the U.S. economy — was robust last quarter: It advanced at an 11.8% annual rate. Spending on goods grew at ...
The Pentagon considers COVID-19 a threat to national security and considers making vaccination a requirement
The Pentagon considers COVID-19 a threat to national security and considers making vaccination a requirement
Defense Secretary Lloyd Austin will consult health officials and the Joint Chiefs of Staff to “determine how and when to make recommendations to the President ...
News Highlights: Economic Growth, Robinhood IPO
News Highlights: Economic Growth, Robinhood IPO
In Robinhood’s stock debut, a tumble and then sharp swings ___ NEW YORK (AP) — Wall Street has given Robinhood a cool reception in the online broker’s debut in ...
Show next
Compsmag - Latest News from tech, business and health
Logo