Those who use credit cards to get by with their bills, build their credit, or as something to have just in case of an emergency may want to look into a local credit union and compare fees and rates on credit cards. On average, customers of a credit union with a credit union credit card are getting better rates and fees than at banks.
Credit unions are different than banks in that they are nonprofit organizations owned by their members and as a result those members are given more perks in their banking options with a credit union than with a typical bank. For example, a big bank has shareholders whom the bank has to make happy and typically a small cardholder has no bearing on the banks policies or operation.
A member of a credit union is essentially the shareholder and the credit union is going to look out for member’s best interest not a stockholder’s. This difference is what brings about better service when it comes to things like credit card rates and fees.
Average rates on credit union credit cards are lower than those from a bank and fines and fees were typically lower as well. So, if you are looking for a new credit card you may want to look into what your local credit union is offering.
Credit unions, be they state employee’s credit unions or another type, are going to require you to become a member, which means they look at your finances. This is another positive for credit unions since they don’t have financially unstable members who may cause defaults resulting in the credit union having to recoup the money by raising fees and fines.
So, if you are interested in a credit union credit card, look at your local credit unions, do some research and see what they offer and how they operate before you make a decision on which one is right for you.