Shopping for a credit card? Make CUs the 1st stop: Schenk
April 15, 2015
SAN FRANCISCO (4/16/15)--A recent article on Credit.com called on Mike Schenk, CUNA vice president of economics and statistics, to talk about the advantages of credit union-issued credit cards.
Based on CUNA numbers from Informa Research Services, platinum credit union-issued credit cards have an average APR of 8.87%, compared with a 10.36% average APR on platinum cards issued by banks, the article said.
"On a $10,000 balance, for example, a consumer would save $150 per year for having a card at a credit union," Schenk told Credit.com.
Further, credit unions charge lower annual fees and lower maximum late fees on average when compared with banks.
Schenk also dismissed the claim that credit union membership is an obstacle to gaining access to credit union credit cards, in addition to other products.
He explained that many credit unions have expanded membership bases over the past 30 years, so there's no reason not to consider a credit union when looking for a new credit card.
"I think the main thing is if you're in the market for a credit card, do a little shopping," Schenk said. "(And) include a credit union in those shopping plans."