topic Re: Local credit union credit card. Whatcha think? in Credit Cards

Local credit union credit card. Whatcha think?

Anonymous — Fri, 24 Jul 2015 18:57:09 GMT

I'm having a little buyers remorse on my credit union card. They gave me a $5000 limit when the only card I had was my Discover with a $1500 limit and my credit score was 50 points lower. But of course there are no real rewards and a blah rate (17.99%). Now that I have reward earning cards I don't use this one much at all but it does have an $850 balance that I am paying $100 a month on right now (putting other money toward spend bonuses for Chase at the moment). Well I was looking at other CUs in my area and saw the details for a card from Vibe CU that look pretty darn good:

Rates between 9.25% and 11.25%

No Annual Fee

Credit Limit up to $25,000
Fee-Free Cash:

Cash Advance, no fee as long as your account is open

Balance Transfer, no fee as long as your account is open

This seems like a pretty awesome card to have for balance transfers if ever needed. I'm thinking of switching CU allegiances. What do y'all think? Good card to have? Worth switching CUs for?

Re: Local credit union credit card. Whatcha think?

Anonymous — Fri, 24 Jul 2015 19:01:28 GMT

Wow seems like a great card! No fee for bt or cash advance? And low apr. Go get her!

Re: Local credit union credit card. Whatcha think?

SunriseEarth — Fri, 24 Jul 2015 19:05:14 GMT

It sounds like an improvement over what you have, that's for sure.

Re: Local credit union credit card. Whatcha think?

Anonymous — Fri, 24 Jul 2015 19:22:47 GMT

I would put the money towards paying off your balance rather than meeting spend requirements and meanwhile paying 18% APR, if it were me.

Re: Local credit union credit card. Whatcha think?

Anonymous — Fri, 24 Jul 2015 19:31:42 GMT

@Anonymous wrote:
I would put the money towards paying off your balance rather than meeting spend requirements and meanwhile paying 18% APR, if it were me.

Thanks for your perspective. However the points I am earning are worth more to me right now as I am planning vacations. I'll be done with spend bonuses by September then I'll finish off the CU card.

Re: Local credit union credit card. Whatcha think?

Scupra — Fri, 24 Jul 2015 19:58:14 GMT

Sounds like the Ring card I think..

Re: Local credit union credit card. Whatcha think?

Existentialist — Fri, 24 Jul 2015 20:01:56 GMT

@SunriseEarth wrote:
It sounds like an improvement over what you have, that's for sure.

+1. Ditto.

Re: Local credit union credit card. Whatcha think?

Anonymous — Fri, 24 Jul 2015 20:03:41 GMT

+1 Ditto

Re: Local credit union credit card. Whatcha think?

Themanwhocan — Fri, 24 Jul 2015 22:03:06 GMT

If you want a low APR card for carrying a balance, you can do a lot better than that card. If you're not carrying a balance, then its just another useless card in your wallet.

Re: Local credit union credit card. Whatcha think?

kdm31091 — Sat, 25 Jul 2015 01:52:45 GMT

Youre carrying a balance, while spending elsewhere to meet bonus spend? The interest is eating your bonus anyway...

I say this over and over. Pay your debt before caring about rewards and bonuses. The interest eats up rewards quickly. This interest you're paying is negating the bonus youll get.

Re: Local credit union credit card. Whatcha think?

Anonymous — Sat, 25 Jul 2015 02:05:18 GMT

@kdm31091 wrote:
Youre carrying a balance, while spending elsewhere to meet bonus spend? The interest is eating your bonus anyway...

I say this over and over. Pay your debt before caring about rewards and bonuses. The interest eats up rewards quickly. This interest you're paying is negating the bonus youll get.

Well, it can depend. 18% interest on $800 for 3 months is less than $40. It would make sense to take that hit to ensure you met spend for say Arrival or CSP, and get $400.

Ideally you would pay the card down and then apply, but things aren't always ideal.

Re: Local credit union credit card. Whatcha think?

kdm31091 — Sat, 25 Jul 2015 02:16:48 GMT

@Anonymous wrote:
@kdm31091 wrote:
Youre carrying a balance, while spending elsewhere to meet bonus spend? The interest is eating your bonus anyway...

I say this over and over. Pay your debt before caring about rewards and bonuses. The interest eats up rewards quickly. This interest you're paying is negating the bonus youll get.
Well, it can depend. 18% interest on $800 for 3 months is less than $40. It would make sense to take that hit to ensure you met spend for say Arrival or CSP, and get $400.
Ideally you would pay the card down and then apply, but things aren't always ideal.

Right but the problem is that although in this case it might be okay, it's usually the fact that people make a habit out of it. But, it wasn't really the question at hand, so I guess OP has to just do what they do.

Re: Local credit union credit card. Whatcha think?

Revelate — Sat, 25 Jul 2015 06:33:03 GMT

@Themanwhocan wrote:
If you want a low APR card for carrying a balance, you can do a lot better than that card. If you're not carrying a balance, then its just another useless card in your wallet.

Do you have one of your spectacular lists for low APR cards in addition to the rewards research you've done over time?

Re: Local credit union credit card. Whatcha think?

Themanwhocan — Sat, 25 Jul 2015 09:50:35 GMT

@Revelate wrote:
@Themanwhocan wrote:
If you want a low APR card for carrying a balance, you can do a lot better than that card. If you're not carrying a balance, then its just another useless card in your wallet.

Do you have one of your spectacular lists for low APR cards in addition to the rewards research you've done over time?

Bourns Employees FCU Visa. Cash Back + As low as 4.99% APR
(Join California Consumer Council to gain membership)

Beach Municipal FCU VISA Platinum. As low as 5.24% APR

Apple FCU Visa Platinum. As low as 5.74% APR
Citizens Community CU VISA. As low as 5.74% APR
Long Island Community FCU VISA Platinum. As low as 5.74% APR

Premier FCU VISA Platinum with rewards. As low as 5.90% APR
University FCU great rate card. As low as 5.90% APR
(Join Longhorn Foundation to gain membership)

Evansville Teachers FCU Platinum Prime Plus. As low as 6.25% APR
Lake Michigan CU Prime Platinum. As low as 6.25% APR

Redstone FCU Platinum. 1.5% Cash Back. As low as 8.00% APR

Re: Local credit union credit card. Whatcha think?

Anonymous — Sat, 25 Jul 2015 10:30:13 GMT

@Anonymous wrote:
@kdm31091 wrote:
Youre carrying a balance, while spending elsewhere to meet bonus spend? The interest is eating your bonus anyway...

I say this over and over. Pay your debt before caring about rewards and bonuses. The interest eats up rewards quickly. This interest you're paying is negating the bonus youll get.
Well, it can depend. 18% interest on $800 for 3 months is less than $40. It would make sense to take that hit to ensure you met spend for say Arrival or CSP, and get $400.
Ideally you would pay the card down and then apply, but things aren't always ideal.

Sigh. In the past 3 months I've earned $250 cash back, 60,000 SWA points, 70,000 Marriott points, 60,000 Delta Skymiles and 45,000 UR points. I will pay off any balances on these cards next month (no interest has accrued) and turn my attention back to the CU card in Sept as I said. As longtimelurker pointed out, the hundreds of dollars I've earned in rewards negates the small hit in interest I will pay on the CU card by delaying full payment on that for 3 months. And I also have the option of transferring that balance to my 0% interest Freedom if I so chose to continue to carry that balance for a while. My explanation wasn't necessary but since you took issue with MY spending habits I figured I would enlighten you.

Re: Local credit union credit card. Whatcha think?

Anonymous — Sat, 25 Jul 2015 16:11:30 GMT

SDFCU has 6.99% APR with same APR for cash advance or purchase. Couldn't believe it. Also offers rewards with their card as well. I've only been with them for a few months, but so far, I really like them. While they only gave me a 1K CL on their VISA when I opened it in May, they just sent me a 10K check which is a softpull, prequalified, personal loan offer for 36 month's, low APR, and no prepayment penalties or additional fee's. I deposited the check last week, only to keep in savings, and use as a new installment loan. Hoping paying it off quickly and making 5 x monthly payments gets me a better CL on my VISA. Love SDFCU so far.

Re: Local credit union credit card. Whatcha think?

too-much-time — Sat, 25 Jul 2015 16:33:47 GMT

@Anonymous wrote:
@Anonymous wrote:
@kdm31091 wrote:
Youre carrying a balance, while spending elsewhere to meet bonus spend? The interest is eating your bonus anyway...

I say this over and over. Pay your debt before caring about rewards and bonuses. The interest eats up rewards quickly. This interest you're paying is negating the bonus youll get.
Well, it can depend. 18% interest on $800 for 3 months is less than $40. It would make sense to take that hit to ensure you met spend for say Arrival or CSP, and get $400.
Ideally you would pay the card down and then apply, but things aren't always ideal.
Sigh. In the past 3 months I've earned $250 cash back, 60,000 SWA points, 70,000 Marriott points, 60,000 Delta Skymiles and 45,000 UR points. I will pay off any balances on these cards next month (no interest has accrued) and turn my attention back to the CU card in Sept as I said. As longtimelurker pointed out, the hundreds of dollars I've earned in rewards negates the small hit in interest I will pay on the CU card by delaying full payment on that for 3 months. And I also have the option of transferring that balance to my 0% interest Freedom if I so chose to continue to carry that balance for a while. My explanation wasn't necessary but since you took issue with MY spending habits I figured I would enlighten you.

Haha, what's going on here? The CU card was just $100 a month, right?

Re: Local credit union credit card. Whatcha think?

Anonymous — Sat, 25 Jul 2015 17:03:34 GMT

By all means look into new cu for better credit cards, but keep a savings with your very first one open. Chances are a vehicle finance would be better with number one no matter how much money you run through your newer relationship.

Re: Local credit union credit card. Whatcha think?

Revelate — Sun, 26 Jul 2015 03:35:14 GMT

@Themanwhocan wrote:
@Revelate wrote:
@Themanwhocan wrote:
If you want a low APR card for carrying a balance, you can do a lot better than that card. If you're not carrying a balance, then its just another useless card in your wallet.

Do you have one of your spectacular lists for low APR cards in addition to the rewards research you've done over time?
Bourns Employees FCU Visa. Cash Back + As low as 4.99% APR
(Join California Consumer Council to gain membership)

Beach Municipal FCU VISA Platinum. As low as 5.24% APR

Apple FCU Visa Platinum. As low as 5.74% APR
Citizens Community CU VISA. As low as 5.74% APR
Long Island Community FCU VISA Platinum. As low as 5.74% APR

Premier FCU VISA Platinum with rewards. As low as 5.90% APR
University FCU great rate card. As low as 5.90% APR
(Join Longhorn Foundation to gain membership)

Evansville Teachers FCU Platinum Prime Plus. As low as 6.25% APR
Lake Michigan CU Prime Platinum. As low as 6.25% APR

Redstone FCU Platinum. 1.5% Cash Back. As low as 8.00% APR

Thanks senor, I'm going to have to go look at the assets of some of those as for example Bourns is itty bitty and I'm guessing getting a decent line for balance carrying might be a challenge there... like worse than a Makurai even hah.

Re: Local credit union credit card. Whatcha think?

austinguy907 — Fri, 31 Jul 2015 00:08:44 GMT

i think we're overlooking the obvious one here. so CU cards tend to have a sliding scale for the APR. as you increase your profile and hit different "buckets" on their scales you can decrease your APR with them by simply requesting them to do an account review which may/may not require a HP to do so.

i.e. i opened an account with UFCU at 11.9% and as my score went up it dropped to 9.9% and is now down to 6.9% (720+)