Just joined a credit union, I'm considering closing my bank cards and applying for a CC with my CU

[Anonymous]

Hey, I recently joined a credit union and am really enjoying the high savings and checkings interest rates and am attracted to the higher CL given on CC (35,000). I also have been reading more about the big bank bailouts and am not really happy with my taxpayer money going towards helping shareholders of big banks get richer while all they do is give me crap rates for loans etc. After being informed, I feel guilty for swiping my big banks CC so frequently the past year.. I like how the money my CU makes stays with the members in terms of lower interest and better rates for us (higher APY on savings etc). With that being said, a positive of being with a bank is the convenience of ATMs and branch locations.. My CU waives ATM fees, and branches are quite saturated in my area (def would be a problem if I move).. I compared my CU rates vs my former bank and I was dumbfounded at why people would bank with big banks still.. Is their something I'm missing?

Anyways, I want to end my  credit cards with big banks and thinking of opening up one with my CU. My CU offers a 123 cash back card which is nice, not as good as some of my other credit cards. However I just got some pretty good CC this year such as an amex costco (ill be keeping this), discover IT, bofa BBR, chase freedom... Would it be foolish of me to close these cards or should I just not use them? Ive had quite a few inquiries this year, my score took a shot from 780ish to low 700s since my AAoA is so low. All these cards were obtained in the last year so they're new. I've just had a recent change of heart reading all the bailout articles etc, Id rather support my CU than my big banks... Again, I'm young and I want to hear people's opinions on this decision. Is it foolish of me to close my cards, or should I just stop using them, or was joining a CU stupid? Smart? Yes ill miss my 5% back on gas for 1-2 quarters of a year but Id just rather keep my money local.. Pros and Cons of this decision? I love learning!

[Closingracer99]

Why close them? Just use them imo unless your one of those who love to protect Big banks lol 

[juggalo9er]

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@Anonymous wrote:

Hey, I recently joined a credit union and am really enjoying the high savings and checkings interest rates and am attracted to the higher CL given on CC (35,000). I also have been reading more about the big bank bailouts and am not really happy with my taxpayer money going towards helping shareholders of big banks get richer while all they do is give me crap rates for loans etc. After being informed, I feel guilty for swiping my big banks CC so frequently the past year.. I like how the money my CU makes stays with the members in terms of lower interest and better rates for us (higher APY on savings etc). With that being said, a positive of being with a bank is the convenience of ATMs and branch locations.. My CU waives ATM fees, and branches are quite saturated in my area (def would be a problem if I move).. I compared my CU rates vs my former bank and I was dumbfounded at why people would bank with big banks still.. Is their something I'm missing?

Anyways, I want to end my  credit cards with big banks and thinking of opening up one with my CU. My CU offers a 123 cash back card which is nice, not as good as some of my other credit cards. However I just got some pretty good CC this year such as an amex costco (ill be keeping this), discover IT, bofa BBR, chase freedom... Would it be foolish of me to close these cards or should I just not use them? Ive had quite a few inquiries this year, my score took a shot from 780ish to low 700s since my AAoA is so low. All these cards were obtained in the last year so they're new. I've just had a recent change of heart reading all the bailout articles etc, Id rather support my CU than my big banks... Again, I'm young and I want to hear people's opinions on this decision. Is it foolish of me to close my cards, or should I just stop using them, or was joining a CU stupid? Smart? Yes ill miss my 5% back on gas for 1-2 quarters of a year but Id just rather keep my money local.. Pros and Cons of this decision? I love learning!

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i am in a similar boat to you...i keep my chase account open just for the sake of it (been open for 12 years). my credit union cards destroy most any bank cards by far on interest rate but not on cash back. what i would suggest is using the higher cash back cards for their best feature and the cu cc's for everything else.....in my case 7.24 with 2.99 intro is pretty nice

[Hockeyplayrr]

If you are going to carry a  balance at all or just make a base rate purchase (not 5%) I'd use the credit union card.  Just try to maxamize what the big banks offer without giving them any more than swipe fees.