If you're looking for a good credit card deal, try your credit union. A recent study shows credit cards offered by credit unions have lower interest rates and fees. Even the average default rate - the interest rate charged when you miss a credit card payment - is lower with credit unions (an average 17.9% for credit unions compared to 28.8% for credit cards backed by other banks). Similarly, the median late fee for credit unions is $20 versus $39 for bank credit cards.
If you're not already a member of one, you may be able to join a credit union based on your job or affiliation with certain organizations.
Source: Forbes.com
More credit card news:
- Credit card companies are taking a closer look at how you're using your credit cards to see whether you're a risky borrower. You would be seen as a risk if you charge a traffic ticket, make purchases at a dollar store, or charge your income taxes. -WisTV.com
- On December 1, Discover will implement some changes required by the new credit card rules. The changes include eliminating interest rate increases on existing balances, allocating above minimum payments to balances with higher interest rates, and extending its payment due time to 5 pm on the due date. Other changes are expected to become effective January 1 and February 1 next year. -Ecommerce Journal
- The House voted 331-92 to expedite the new credit card rules to December 1. For the law to become effective, Senate must vote on the rules and then must be signed by the President. The new rules are currently set to take effect on February 22, 2010. -GovTrack.us
- Motorists in Grand Rapids, MI can now use their credit card to pay the parking meter. -Associated Press
- You can also pay some Kansas City Salvation Army bell ringers with your credit card. -Fox4KC.com
Maybe those credit unions deserve to get all of our business!