Credit Unions - Go Figure!

For just about anything you want to get off your chest about credit cards.
15 posts
Scoobynoodles
Platinum Member
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Joined: Sat Jan 19, 2013 9:06 pm
Location: NYC

Postby Scoobynoodles » Tue Aug 27, 2013 9:38 am

SClay wrote:I couldn't believe this. I thought I was all high and mighty with my Barclays 0.90% APY account. So I did some digging.

According to their website, 4% accounts are only eligible to be earning the 4% if the account balance is $1500 or less. Anything above $1500 is subject to 0.10% APY. Source: https://www.cacu.com/high-interest-savings-rates

But I'm glad you found a credit union your excited about nonetheless :) .


Yes Yes I know! Additionally you have to link your checking account to it and have 7 transactions per month AND have a $250 minimum direct deposit every month. Now I get that as a financial institution they have to cover themselves, but geez all that work to get the 4%?!?! Well to each its own. I'm not going to complain. My other savings accounts...I just leave it alone while it builds up so maybe will have to change how I use this one. Just sucks that there is that $1500 cap.
AmEx Platinum 2009 & Blue Cash $3.5K Delta Gold $2K
BofA BankAmericard $6K | Chase[/i] Sapphire Preferred $10K & Amazon $1.5K Freedom $2.2K | CACU Platinum $13K
Discover Cashback $8.5K & It $6K | Citi Simplicity $5.6K & TY $4.3K


Robrus1
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Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Tue Aug 27, 2013 10:43 am

I switched from BofA to a local credit union about 3 years ago, and I don't regret it at all. Lower fees on everything, free checks, better loan rates, etc. I can still use most atm machines free of charge, and I can use up to $18 a month in ATM withdrawal fees and my credit union will credit me back up to that amount every month. Customer service seems better too. I kind of feel guilty about giving all of my swipes to the big boys, but the credit union just can't compete with the rewards I receive from my other cards. I didn't have a problem getting a good limit though, I got a 10K from them and later was told I could go up to 20K at the cost of a hard pull. Haven't done it though. Anyway, I prefer credit unions over banks.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

Scoobynoodles
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Posts: 53
Joined: Sat Jan 19, 2013 9:06 pm
Location: NYC

Postby Scoobynoodles » Tue Aug 27, 2013 11:08 am

Yeah the even CU reps mentioned the credit card rewards are nowhere near on par as the big banks. In fact its even harder to get because the points/rewards value is so low. I don't think my CU crcd will replace the value on my Amex Pl & Sapphire but it is nice to have other options and know there are alternatives to the norm.
AmEx Platinum 2009 & Blue Cash $3.5K Delta Gold $2K
BofA BankAmericard $6K | Chase[/i] Sapphire Preferred $10K & Amazon $1.5K Freedom $2.2K | CACU Platinum $13K
Discover Cashback $8.5K & It $6K | Citi Simplicity $5.6K & TY $4.3K

Robrus1
Centurion Member
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Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Tue Aug 27, 2013 12:25 pm

The good thing about the CU cards is that the interest rates are much lower. I think mine is 8.25%, and during the holiday shopping season they drop it to 4%, from November until the end of February or March of the next year, so if you have to put Christmas gifts or whatever on it, you can pay it off over a few months without getting killed by interest. Pretty cool. If there's an unexpected expense and I know it's going to take a few months to pay off, I put it on that card. Fortunately that hasn't happened in a long time.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

flipnsf
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Joined: Sat Aug 31, 2013 2:16 pm
Location: ca

Postby flipnsf » Sun Sep 01, 2013 7:38 pm

the rewards might not be as high as big bank cards but the cu card i have have way more perks and value like no balance transfer fees (but no grace period on interest charge) same interest rate on balance transfer/cash advance fees and charges, no international fees, and no over limit fee... i get 1% cashback rewards with 8% interest rate...



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