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Credit Union Credit Card Recommendations

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Anonymous
Not applicable

Re: Credit Union Credit Card Recommendations

Agree to disagree. I would get a CC with the credit union, be happy with whatever limit they hand out, and use THAT as the relationshiip for a car loan, refi an auto loan, or powersports in the future. My California credit unions give out stupid low refi rates, lower than new car rates for top tier customers at dealers.

Message 11 of 15
Revelate
Moderator Emeritus

Re: Credit Union Credit Card Recommendations


@Anonymous wrote:

Agree to disagree. I would get a CC with the credit union, be happy with whatever limit they hand out, and use THAT as the relationshiip for a car loan, refi an auto loan, or powersports in the future. My California credit unions give out stupid low refi rates, lower than new car rates for top tier customers at dealers.


+ Many.

 

Never discount the value of a good CU; and even a shoddy one will sometimes have brilliant deals.

 

There are people that have more CU accounts than I do, but I have more than a single handful of them, some of which are just there for future purposes.  Nobody seemingly implements an algorithm so far to determine what status the relationship is over the years you've been a member, they just look at the current and length.  I wouldn't underestimate simply establishing a few solid ones when you don't have anything else going on, stuff $5 or $100 or whatever in an account and just occasionally log in to keep it active (or if they send you a nasty gram about inactivity).

 




        
Message 12 of 15
Anonymous
Not applicable

Re: Credit Union Credit Card Recommendations

For emergencies, a PLoC is good as cash, especially for rent/mortgage. Go for those over the CCs.
Message 13 of 15
takeshi74
Senior Contributor

Re: Credit Union Credit Card Recommendations


@IFtkkdx428 wrote:

The reason for this, is to build a relationship with the credit union before applying for the credit card.


Don't rely on relationship.  It may help in some cases (more likely with a small, local CU than with one of the larger CU's) but it will not outweigh your credit and income as the primary factors.  If those factors support an approval and a higher limit then you'll get them.  You can join when your credit is in shape for an approval.

 


@IFtkkdx428 wrote:

Because credit unions are notorious for their low APR, I feel a credit union credit card would fit the bill. Secondly, the 'emergancy' card would most likely need a high credit limit which credit unions are also known for, so it's a double edge sword. 


CU's can offer lower APR's and higher CL's but it really depends on the specific CU and product.  Both limit and APR are also determined based on what your credit qualifies for so you can't just assume that a CU will lead to a high limit and low APR for you.

 

You really just have to shop around and if a low APR is your top priority there are prior discussions on cards with the lowest APR's including a recently active thread on the topic that I replied to yesterday.  Select specific products that suit your requirements before just deciding that you're going with a CU or selecting a creditor.

 

Additionally, don't rely on cards soley for emergencies.  Make sure you have a liquid emergency fund.  I know that's easier said than done for those in tight financial situations.

 


@IFtkkdx428 wrote:

The best thing to do for me, is act as if I don't have any knowledge what so ever of credit union credit cards (I really don't compared to bank's credit cards). 


There's really not much difference other than you have to join the CU.  Each CU has eligibility info in their site.  Don't overlook non-CU's for low APR cards and refer to prior discussions on low APR cards.

 


@IFtkkdx428 wrote:

Don't take offence, but I sense most of the myFICO community are older than myself. You all aren't too concerned weather a card grows with you for 60 years like I am and the journey that you'll spend with it.


myFICO users vary.  There are young users.  There are old users.  There are people in between.  There are those that don't think of the long term and those that do.

Message 14 of 15
IFtkkdx428
Regular Contributor

Re: Credit Union Credit Card Recommendations

Since there are too many replies, I won't respond to everyone individually like I prefer.

 

These are all great credit unions and I'm actually overwhemed. Each of these credit unions have places where they shine, as well as where lack. I see I'll need to do a lot more research on these.

Message 15 of 15
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