SIU Credit Union Blog

Tag: credit cards

CNN cites CUs as good source for cards

NEW YORK (6/9/10 CUNA)–Credit unions are an alternative for consumers who are looking for a good deal on credit cards, CNNMoney.com said Monday.

CNN cited a recent op-ed piece by two Harvard University doctoral students who discussed a study they conducted about investor-owned banks versus member-owned credit unions.

“They found that credit cards from credit unions were less likely to charge fees and penalties that big banks do,” CNN said. “And when fees are involved, those fees are less.

“Credit union cards actually offer lower annual fees and longer grace periods than regular cards,” CNN added.

To learn more about SIU Credit Union’s Visa card, click here.

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AOL’s WalletPop: CUs one of memberships ‘worth the money’

MADISON, Wis. (5/27/10 CUNA)–Credit unions are one of 10 memberships “worth the money” for consumers and, furthermore, could be the membership consumers “can’t afford not to join,” according to an article on AOL’s WalletPop.com.

Because many people carry debt on their credit cards, rates charged by credit union cards are desirable [because they are lower than many major card companies], financial guru Suze Orman wrote in an article about safeguarding finances, WalletPop said.

“What I want you to do is to go to creditcardconnection.org and find a good credit union near you,” Orman wrote. “Anybody can join a credit union … [and] get a good credit union credit card.

“Do you know by law, federally chartered credit unions cannot charge you more than an 18% interest rate?” Orman added.

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CARD CARD Act Brings Change to the World of Credit Cards

cr_2265.inddYou’ve likely heard about credit changes coming your way. A new law—The CARD Act—forces card issuers to show young adults (younger than 21) the big picture.

February 22, 2010

▪ Cards can’t be issued without an adult co-signer unless cardholder can prove means to repay the debt.
▪ Credit limits can’t be increased without considering the ability of the borrower to make required payments.
▪ Card issuers are not allowed to offer tangible items or inducement for applications on or near campus at college-sponsored events. What this means to you If you’re younger than age 21 you’ll need a co-signer if you want a credit card unless you have a steady source of income. SIU Credit Union still is the best place to shop for a credit card—with your parents’ approval, of course.  For more information our our credit cards, visit our our Visa Page.

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Suze Orman to Larry King: CUs have great rates

WASHINGTON (12/14/09 CUNA)–Credit unions offer better rates on credit cards, personal finance guru Suze Orman told Larry King on Larry King Live Thursday.

King asked Orman if credit unions are a better option for those interested in transferring their credit card balances to credit unions from a bank.

“Yes, yes, yes, yes,” Orman said. “Credit unions–especially ones that are federally chartered–the maximum interest rate they can charge you is 18%. Now, while that may sound like a very high interest rate, the truth of the matter is many of these banks today are charging 29.99% interest.”

“So here is what I am suggesting. I think the United States of America–all of you should start looking into credit union credit cards and do a balance transfer,” Orman said.

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