CU credit cards

[rak320]

NFCU started me with a $14,000 CL...my next highest was 4K and the rate was 6% lower as well...

Grant

[LS2982]

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@rak320 wrote:

NFCU started me with a $14,000 CL...my next highest was 4K and the rate was 6% lower as well...

Grant

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Very nice!!! NFCU is known for giving people ridiculous starting limits, even rebuilders!

[afbar1114]

i might just app for a CU card in 12 months if  i need it

[austinguy907]

I have several different CU CC's.  Rates are great 7.75%-9.99% fixed in most cases.  Limits sometimes starting @ 10K for a new account.  Typically 0% $0 balance transfers if that's your thing.  Rihgt now JFCU is offering motorcycle loans @ 2.49% APR when everyone else is charging ~9% for the same loan.  There are perks for going with the small guy and not beating yourself up for the Prestige of paying higher interest and having lower limits like BofA, Chase, Citi, Wells Fargo, etc.  If you're looking to carry a prestigious logo on your CC and not the ability to have spending power, lower utilization, or deal with companies that needed a bail out then don't join a CU.  

Just my 2 cents!

CU combined limit = 42K+

Big banks (chase / cap1 / etc.) = < 10K

[marty56]

CU credit cards, and CUs in general are a great way to do banking.  Also some CUs will give you better rates on mortgages and autoloans if you have a CC with them already.  MY mortgage, autoloan, and checking/savings are all done with a CU.  CUs rule.

[improvingmycredit]

Hey!

I love CUs.  CUs are non-for profit organizations so they don't compete with each other in theory.  Once a CU member, you are a owner/member.  Many CUs participate in a program call "Shared Branch Banking" so you can use any CU that is a member of this program and it's like being at your own home town CU.  This program is nationwide so you have access to your funds everywhere.  Because it is a non-profit, all monetary gain is reinvested back to it's members via lower interest rate loans and interest bearing accounts.  I personaly am a member of 2 and I hold credit products and accounts in both.  One is through my employer and the other a local.  I highly recommend joining a CU to anyone that uses a bank account.  Unlike banks, they are not profiting off it's clients so you are more likely to reap benefits if your CU is very successful.  Sure, just like anything... you should do a little research and find out the benefits available:  shared branch banking? assest and current membership? current rates?  credit products and are they in-house underwritten?  

Hope this helps.  

[OhioCPA]

I joined a local CU in January with a deposit of $50. Within a month of joining an agent from the CU called me and offered to refinance my auto loan at a nice savings. She also offered a credit card with a $10K CL. My highest CL at the time was $3K. These two offers were based on a SP. By accepting both offers I did get a single HP on my credit report.  A lot better treatment than what I have been getting from the commercial banks lately.

[Repo-ed]

LUV my Local CU!

They recently offered me a personal LOC and a month later financed a motorcycle on the same CR from earlier in the month, when BOA wouldn't.  I've been banking with this CU for a year and have been banking with BOA for more than 13 years.

In fact, when I walked into their branch a year ago as a non-member, they offered me a personal loan, as a way to help establish some credit.  I wasn't even a member yet...so I joined immeidatley! so that I could take advantage of future credit offers.

[Crashem]

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@OhioCPA wrote:

I joined a local CU in January with a deposit of $50. Within a month of joining an agent from the CU called me and offered to refinance my auto loan at a nice savings. She also offered a credit card with a $10K CL. My highest CL at the time was $3K. These two offers were based on a SP. By accepting both offers I did get a single HP on my credit report.  A lot better treatment than what I have been getting from the commercial banks lately.

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What cu was this?

[castlefox]

My reason are basically what improvingmycredit said as well as I was rather disgusted with all the bank bail outs & I decided I wanted avoid the banks because I didnt want to give they any profit since I was seeing some rather unethical things going on (in my eyes) going on.

I really love that credit unions are non profit, I feel like I can slightly trust them more.

I love having a much higher APR return on my savings and checking account as well as a nice cash back card from Fort KNOX FCU that gives me 5% back on gas and 1.25 on everything else with no limits at 9.8 APR.