Credit Union Credit Cards
It is important to understand the differences between a bank and a credit union. This can help you to decide whether a credit union could be the right financial institution for you. Read on to find out more about the best credit union credit cards.
Compare the Best Credit Union Credit Cards
| Credit Card | Card Details | Interest Rate p.a. | Cash Advance Rate p.a. | Balance Transfer Rate p.a. | Annual Fee | Interest Free Days (Up To) | |
|---|---|---|---|---|---|---|---|
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19.24% | 19.99% | 2.9% for 9 months | $85 | 55 | |
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19.24% | 19.99% | 2.9% for 9 months | $99 | 55 |
When trying to find the best credit union cards or the best non-bank credit cards, it's important to first understand the differences between a bank and a credit union. Like most things in life, there are both advantages and disadvantages of choosing a credit union. Weighing up these factors will help you come to the right decision and find the best credit union cards if you choose to go with a credit union. If you feel that you would rather deal with a bank, you will probably not like even the best non-bank credit cards.
Differences between a bank and a credit union
The major difference between a bank and a credit union is that a credit union is actually owned by its members and does not exist to make a profit. Of course, it must remain financially solvent to stay in business. This difference means that the fees and interest charged by a credit union are generally much lower than those charged by the major banks. This is a major advantage of choosing to deal with a credit union rather than a bank.
At the same time, a credit union offers more personalized service than a bank. If your application is rejected by a bank you have no recourse, but with a credit union you can request your application to be reviewed by the union committee. According to a 2007 Consumer Reports survey, credit unions presented "the fewest hassles" to their users.
Credit unions also offer a kinder response when times are difficult. If your finances are suffering, a credit union is more likely to offer reduced interest rates and may even change other terms in your contract to make life easier for you.
On the other hand, a major disadvantage of dealing with credit unions is the fact that they implement cross-collateralisation. What this means is that if you take out a loan with collateral, such as a car loan, this collateral is used as collateral for other types of debt, such as credit card debt. So if you are unable to pay your credit card debt, in this instance, your car may be repossessed. Many people like to keep greater distance between themselves and their financial institution.
Best Credit Union Credit Cards
If you think that a credit union may be the right financial institution for you, you might be interested in these best credit union cards:
- CUA Gold Rewards MasterCard - This card offers up to 55 days interest free, a balance transfer rate of 2.9% p.a. for 9 months and an annual fee of $85. It also offers 1 reward point for every dollar spent.
- IMB Gold Rewards MasterCard - This card has an annual fee of $99, up to 55 days interest free and a balance transfer rate of 2.9% p.a. for 9 months. 1 reward point is earned for every dollar spent.
- CUA Silver Low Rate MasterCard - This is one of the best non-bank credit cards available. It has an annual fee of $85, up to 55 days interest free and a low interest rate of 11.85% p.a. on both purchases and cash advances.
- IMB Silver Low Rate MasterCard - This card offers up to 55 days interest free, has an annual fee of $55, a balance transfer rate of 2.9% for 6 months and a low interest rate of 11.85% p.a. on both purchases and cash advances.
If you feel that a credit union is the right type of credit card provider for yourself, you should be able to find a suitable deal from among the cards discussed above.
Editors Choice: Best Credit Card Deals
| Credit Card | Card Details | Interest Rate p.a. | Cash Advance Rate p.a. | Balance Transfer Rate p.a. | Annual Fee | Interest Free Days (Up To) | |
|---|---|---|---|---|---|---|---|
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An excellent balance transfer offer of 1.9% p.a. for 12 months and a standard purchase rate of 12.24% |
12.24% | 17.99% | 1.9% for 12 months | $39 | 0 | |
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Excellent credit card, with a 0% p.a. for 6 months balance transfer offer, and pay $0 for the life of the card |
16.99% | 20.75% | 0% for 6 months | $0 | 55 | |
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Enjoy 1.9% p.a. for 12 months on balance transfers as well as earn 3 Skywards Miles for every dollar spent, plus all the benefits & privileges of a platinum card. |
20.74% | 20.74% | 1.9% for 12 months | $229 | 55 |