Credit cards are a great way to make your life convenient and easy. It is a useful financial tool but can hurt you with high interest rates and fees. When you get a credit card through a credit union, you won’t have that problem. Credit union credit cards have low interest rates and fees with a great rewards program.      

Low Credit Card fees and interest rates

Credit unions are not-for-profit organizations that focus on supporting their members, so any profits they earn they pass along to their members. This, in turn, provides the member with lower fees and interest rates. When you get a credit card through a credit union, you know you are getting the lowest rate. Plus, Velocity Community Credit Union does not have an annual fee, cash advance fee, balance transfer fee, application fee, inactivity fee, nor an over-limit fee, while these are common fees with banks. With a credit card through a credit union, you are saving in every way!     

Credit unions have interest rate caps

Under Federal Law, credit unions are not permitted to charge interest rates over 18% APR. Banks and other companies that offer credit cards do not have these limitations and can charge a higher interest rate to make a profit. The average credit card interest rate is 20.55% APR. If you have a fair or bad credit score, your average credit card interest rate is even higher at 23.68% APR. With this product, you are sure to get an interest rate that is 18.00% APR or lower.   

Great Credit Card Rewards

There is a misconception of credit union credit cards not having rewards programs when they do! At Velocity Community Credit Union our Platinum Rewards VISA Credit Card earns you points for every purchase. You get even more points for specific purchases like gas and groceries. As your points add up, you can redeem for travel, cash, gift cards, and merchandise. This is just another way credit unions give back to their members.    

Credit unions are looking to support their members through all their products. With credit cards, we keep your fees and interest rates low, while, providing a great rewards program. Plus, you will get one of a kind local service. Get your very own credit union credit card through Velocity Community Credit Union!  

Source: Smart Asset, The Balance