How Credit Union Credit Cards Save You Money
Many people who are credit union members are constantly asking, “What are credit union credit cards and do they really work?” There are several factors that come into play when a credit union offers credit cards to their members. One of those factors is the ability to participate in employee discounts. It is pretty much expected that you will be able to take advantage of those discounts.
Another surprising fact is that most credit unions offer some type of rebate for withdrawing cash from out-of-state ATMs using a debit card. Keep in mind though that this is only if you use your debit card at the ATM. If you don’t use your debit card to make purchases, you won’t get those rebates. However, the ability to participate in employee discounts may be worth the slightly higher costs associated with these credit union credit cards.
Most credit unions aren’t the only place you can find Visa or MasterCard credit cards. The banks also have them. What happens is that when you apply for a card with any of the major banks, such as Bank of America, Chase, or Discover Card, the bank will review your credit history. In many cases, you will still have a decent score. They will use that score to determine what your interest rates will be. This is the basis for the fees that are assessed.
Credit unions have an even better source of credit union credit cards. In fact, many of the traditional banks do not offer this type of credit union credit cards. So, if you belong to a credit union, chances are that you can find a lower interest rate credit card from your local financial institution.
It’s not unusual for credit union credit cards to have annual fees and other hidden charges. You need to read the fine print carefully so that you know exactly what you’re getting. In fact, it is common for people to find out after they’ve already applied for a card that they’ll be charged an annual fee. That’s why you need to do your research ahead of time.
Credit unions typically have many more perks than their larger counterparts do. There are often lower interest rates. There are also cash back and rewards programs. And, of course, you can enjoy the same perks as those credit cards offered by the big credit card companies. One thing you should keep in mind though – with credit cards offered by a credit union, there are usually fewer restrictions on using them. If you have good credit, you could end up paying a lot less interest than you would with traditional credit cards.
You can enjoy just as many perks with credit union credit cards as you can with traditional banks. You can choose from a host of different rewards programs. You can also increase your credit limit whenever you want. And, since you’re enjoying all the benefits of credit union cards, you won’t have to worry about making regular payments.
You may think credit union credit cards are a great deal if you’re looking for a credit union-issued credit card with no annual fee. However, if you compare the annual fee to the amount of money you could save on interest charges over the life of the loan, you might see that the annual fee isn’t all that great of a deal after all. When it comes to choosing a credit union-issued credit card, it’s not really about the annual fee. It’s more about choosing a credit union credit card that offers you perks that will help you make the most of your new credit union credit card. By doing this, you can save lots of money over the long run.