Credit Union Credit Cards, are they better?

I%26#039;ve been thinking about joining a Credit Union recently. I always hear how much better they are then banks. The main reason for me to join right now would probably be for a Credit Card. I know that they are supposed to offer much better rates and services for cards, but I was wondering if they are truly better? They still work through companies like Visa, MC, and American Express so they must still be some %26quot;Gotchas%26quot; Right? Are Credit Unions the best way to go for Credit Cards?

Credit Union Credit Cards, are they better?business loan

It%26#039;s often a good idea to join a credit union anyway. They offer a variety of services, and usually have better rates across the board. It wouldn%26#039;t hurt to go ahead and start a financial relationship with a credit union.

Many credit unions have websites. See if the one you%26#039;re considering does, and check out their credit card interest rates. If they aren%26#039;t online, call and ask. You can compare to the rates on Bankrate.com. See the link below. (The average national rates are in a blue box near the top of the page.)

Credit Union Credit Cards, are they better?

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There%26#039;s an article in the month%26#039;s Money magazine comparing credit unions to banks, and the CUs came out on top in every category, including credit cards.

I have 1 credit union credit card and a few bank credit cards. I only use the CU card because the APR is under 6%, where the best bank APR I got was 13%.|||there interest rates are lower and as far as %26quot;gotchas%26quot; when the dust settles n 99.% of the cases those are caused by the holder not the credit card company!!!|||Credit Union%26#039;s are more likely to have a fixed rate on their cards, but they are subject to the same rate variation as banks.

Probably the most favorable reason to obtain a credit union MC or Visa is that very few credit unions utilize the universal default clause, which is found in most credit card contracts today.

The universal default clause states that if you are late on a single payment (that can be reported to a credit agency), even if it isn%26#039;t on that credit card, they can raise their rate dramatically and without your consent.

Ask your prospective credit union if they have the %26#039;default%26#039; clause in their contract. If they do, seek out another financial institution.