news.cuna.org/articles/106181-benefits-of-cu-issued-credit-cards-gobankingrates

7 benefits of CU-issued credit cards: GoBankingRates

June 2, 2015

LOS ANGELES (6/2/15)--Consumers who are fed up with high credit card fees should look at credit union offerings, personal finance site GoBankingRates.com advised.

“While you might expect to pay a price for the convenience of not needing to carry large amounts of cash in your wallet or purse, your credit card rates and fees shouldn’t be draining your finances,” noted its latest column extolling the virtues of credit unions.

Here are GoBankingRates.com’s seven reasons why consumers should consider using a credit union credit card:

  1. You’re a member-owner. When you join a credit union, you are a member-owner, not a customer, and this means you have the privilege of voting for the board of directors--volunteers who help lead the credit union.
     
  2. Fewer fees. Credit unions tend to offer lower--or no fees--for services such as balance transfers, foreign transactions, and cash advances.
     
  3. Lower interest rates. Credit unions generally have lower interest rates compared with large banks. According to Informa Research Services, the annual percentage rate on an average credit union platinum credit card is 1.75% less than the bank average, and 3.18% lower on a reward card.
     
  4. Emergency cash availability. Some credit unions offer cards that help members when they are in a financial bind, accommodating a late or over-limit fee.
     
  5. Extensive surcharge-free ATM network. With thousands of surcharge-free ATMs available through credit union networks, members have access to more ATMs than those offered by some of the largest banks.
     
  6. You get second chances. If you apply for a credit card or loan and get denied, a committee of employees and members might review your application again to see why you got turned down.
     
  7. You can enjoy the credit union’s other services. By holding a credit card, you likely qualify for the credit union’s other services such as an auto loan with a lower interest rate or a savings account with a higher return. “If so, you could end up saving (and earning) a lot of money during your time with the credit union,” the article noted.