Folks are on the look out for better ways to manage finances – and part of their efforts include savvy efforts at finding the best deals in credit card offers. One place they’re finding success is at their local credit unions.
Naturally, the National Association of Federal Credit Unions is doing its part to make sure consumers know the better offers might be found in their local credit unions – including lower APRs.
As consumers look to improve their finances in the new year, capitalizing on the benefits of credit union membership is a great first step. Federal credit unions’ credit card and loan interest rates are capped at 18 percent and most average much lower,
said NAFCU President and CEO Fred R. Becker, Jr.
In fact, recent data shows that the average rate for a classic credit card at a credit union averaged less than 12 percent with many rates as low as 9 percent.
Remember, the big Occupy movement has everything to do with ditching big banks in lieu of fewer fees. Most credit unions don’t charge those outrageous credit card fees. In the February 2012 issue of Consumer Reports, it’s clear that credit unions’ fees are significantly lower than banks in all the fee categories. Capping it off is the current federal credit union interest ceiling rate of 18 percent on all loans.*
Doing the Homework
The National Association of Federal Credit Unions website has a locator tool for those interesting in perusing their options. Consumers can compare rates between banks and credit unions while also scouting out the locations of area credit unions. Financial calculators are also available – including those for mortgages and credit card payments.
Remember, credit unions are not-for-profit and are member-owned financial institutions. The sweep across the nation began this past summer – and for those looking for a better solution in everything from their checking and savings accounts to their credit card rates are at least giving their credit unions due time. Said Becker,
Credit unions may just be the best kept secret in financial services… but more and more Americans are learning the value and rewards for joining one and better credit cards are just one of the outstanding benefits of credit union membership.
So is this the new face of the American financial institute? Depending on who you ask, the answer is a definitive yes. Time will tell; however, for millions of frustrated consumers, their answers were as near as their local credit unions.
* National Credit Union Administration