SIU Credit Union Blog

Tag: credit cards (page 1 of 2)

Consolidating Debt: When Does It Make Sense?

Debt can be hard to crawl out of, especially when payments on credit cards, consumer loans and student loans continue to pile up on top of your living expenses. Overwhelmed with a blizzard of monthly bills, many people look at consolidation as an alternative. Streamlining debts can be a useful way of managing an unyielding financial burden and lowering costs, but it’s not for everyone. Here are a few things to consider before jumping into it.

There are two major reasons to consider consolidation: to save money by getting a more favorable interest rate and to facilitate making payments on time.

The case for consolidating: lower interest

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Have summer travel plans?

If you are planning to travel out of the  area, especially outside the United States, please contact our card services department to let them know before you leave.

They just need to know your travel dates and which SIU Credit Union card(s) you will be using. This helps to protect your account from fraud and theft. And you can avoid unnecessary account disruptions triggered by unusual transactions.

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Keep Passwords Strong, Secret, and Safe

Here are some helpful tips to create your new password – and to keep your account information safe:

Keep your computer and mobile devices’ content secure by maintaining strong passwords, making them secret, and keeping track of them. A compromised password could lead to identity theft or other dire consequences. A criminal could use your information to apply for credit cards or mortgages, or to make online purchases or other transactions.

The first rule of thumb for creating strong passwords is to use a different password for each of your accounts. It may be easier to keep track of just one password, but if a crook discovers that one password, he or she can access all of your accounts.

The second key to a robust password is to make it lengthy. At a minimum, your passwords should be eight digits long, and 14 digits or more is ideal. Using the greatest variety of characters possible in your passwords—letters, numbers, symbols—makes them harder to guess or uncover with malicious software.

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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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