As not-for-profit institutions, credit unions can pass on profits to their members in the form of things like lower interest rates on loans and higher dividends on savings accounts. It’s a win-win situation for everyone!
But what about credit union credit cards? What’s the difference between credit card offers from traditional commercial banks and those from your friendly neighborhood credit union?
Here are the top three reasons that credit union credit cards are the best option if you’re in the market for a new card!
No Annual Fees
Often, credit union credit cards come with no annual fees. They also usually help you avoid other fees, such as balance transfer fees. Additionally, where there are fees, they can be lower than a traditional bank fee.
For example, whereas late fees on credit card payments can be up to $40 at a commercial bank, late card payment fees at Greater Texas Credit Union can be about $10 less. If you want to use your card at ATMs out of network, you get five free per month, seven free for Gold Star Accounts, and you pay only $1.00 per transaction thereafter. By contrast, a bank typically charges $2.50 per transaction.
Lower APR
While banks have customers, credit unions have members. At Greater Texas Credit Union, we are invested in your financial success. And that shows with our lower annual percentage rate.
Because credit unions don’t have to pass along profits to faraway stock and shareholders, the annual percentage rate (APR) on your account balance is often going to be lower than at a commercial bank. Credit unions reinvest profits so they benefit the members.
Credit union credit cards can also offer things like 0% intro APR, along with other perks. Remember that your personal APR on your credit card will be subject to credit approval.
Outstanding Local Service and Great Member Benefits
Credit union credit cards come with great benefits, including rewards such as cashback options, gift cards, travel, and opportunities to earn double or 3x points on certain types of purchases to redeem for other goods. But the benefits don’t stop there!
Credit unions are based in a community. Whether that’s a city or county (or a city or group of counties), a shared profession, union membership, or a network of employers, the ability to join a given credit union depends on meeting certain eligibility requirements. Often, that membership eligibility extends to immediate family members, spouses, and other household members.
The result is credit unions can provide a more personalized customer service than their commercial counterparts. By keeping things smaller, customer service representatives can take the time to get to know you, your circumstances, and your goals.
When one credit union member succeeds, we all succeed. Greater Texas Credit Union can help you improve your financial literacy or boost your credit score with products such as a Visa Share Secured Credit Card. Secured by your credit union savings account, you can flex your financial responsibility muscles while you build or improve your credit.
Credit Union Credit Cards Are the Best for You!
At Greater Texas Credit Union, we offer a variety of card options–each with its benefits, features, and APRs (but no annual fees!):
- Visa Rewards Platinum Card
- Classic Visa
- Share Secured Visa
- Business Visa
You’ll also have access to the convenience of online bill pay and card management.
If you meet our employment or residence eligibility requirements or are a family member of someone who is already a Greater Texas Credit Union member, you can apply for a credit card with us. Check out our credit card products to see which one might be a good fit for you.
