Choosing a credit card can feel complicated with all the different options available. We are going to breaking down some of the benefits behind choosing a Visa credit card with a credit union and what the differences are from using a larger financial institution. Some of the largest benefits include lower rates and more personalized customer service. If you have been considering a credit union credit card, here are some of the biggest benefits you can expect.
Credit unions can be a great way to get lower fees when compared to larger financial institutions. Some examples of lower fees that credit unions can offer are lower annual fees, lower late fees, balance transfer fees, and other fees that may occur as well. These lower fees can be a great way to save money in the long run and give you a little more flexibility as well.
The largest benefit of getting a credit card with a credit union is the fact that they can offer lower APRs than their larger competitors. Federal laws prohibit credit unions from being able to charge over 18% interest rates on loans which can also apply to credit cards. In comparison to bank credit cards, you can often get an APR that is a couple percent lower with a credit union. This is another great way to save money when getting a credit card.
When you go to a credit union, you can expect to be met with great customer service. Larger banks can have millions of customers making it hard to give every customer that same level of attention. With fewer members, you are likely to be able to be a higher priority to the credit union. Credit unions often will work with customers who come upon hard times as well if that is something that works for your situation.
Much like larger banks, credit unions also offer rewards systems and perks with many of their credit card options. Unfortunately, due to their smaller sizes, some of the rewards programs may not be as flashy. Luckily, this does not mean they offer bad rewards. Often the rewards offered just do not have as many options which may not matter as much to some people.
To summarize what we have gone over, here is a list of the top pros and cons of credit cards from a credit union.
Better Customer Service
Higher Approval Rates
Lower Credit Limits
Less Rewards Options
Credit cards from a credit union are a great option for a credit card. If it is something you have been considering, the best next steps to take are to do some research and figure out the credit unions near you that offer cards you are interested in.
Latitude 32 Credit Union offers great options on Visa Credit Cards to its members. Contact our expert team today to learn more about our options and becoming a member. We are here to help!
Latitude 32® Credit Union
1845 Sam Rittenberg Blvd.
Charleston, SC 29407