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I've been looking for a good BT card and found that the CU that does my auto loan seems to have a great one. It's a VISA with a year free intro rate for BT and purchases, and a 7.5% rate after that period ends. It would be great so that i can mothball Barclay and my Capital One cards. It looks like the app involves contacting my CU directly, and the form they use looks like it's serviced by LoanLiner. Not sure if anyone has any experience with them. Is there anything wrong with CU VISA cards that i might not know about?
@EaglesFan2006 wrote:I've been looking for a good BT card and found that the CU that does my auto loan seems to have a great one. It's a VISA with a year free intro rate for BT and purchases, and a 7.5% rate after that period ends. It would be great so that i can mothball Barclay and my Capital One cards. It looks like the app involves contacting my CU directly, and the form they use looks like it's serviced by LoanLiner. Not sure if anyone has any experience with them. Is there anything wrong with CU VISA cards that i might not know about?
There's a huge variation among CU cards (think of asking "Is there anything wrong with bank-issued VISA cards that I might not know about". A First Premier card might get a different answer than a Chase one!).
Generally, APRs can be lower, and so can rewards. But there are exceptions.
I don't know of any stigma attached to credit cards through a credit union. Sounds like a pretty standard 0% intro offer and decent rate.
@EaglesFan2006 wrote:
But is there a stigma the way there is with FP or Credit One?
No, some of the most valued cards here are from CUs, such as Penfed, NFCU (and now NASA). Underwriters will know that it's easier to get large CLs from these (and from Amex) so whatever weight is given to CLs on other cards, probably a little less weight is given to these, but no stigma.
@EaglesFan2006 wrote:
But is there a stigma the way there is with FP or Credit One?
I highly doubt it. For the record, FICO gives no stigma to FP or Credit One or any other rebuilders. It'd really only be something noticed under manual review, and even on that, positive payment history looks good. I think the CU deal sounds like desireable features for you.