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Credit Cards Issued by Credit Unions May Be a Better Value for Consumers than Those Issued by Banks
Credit Union National Association ConsumerFeature
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EVEN THOUGH MANY TRADITIONAL BANKS HAVE SAID THAT RECENT CHANGES TO CREDIT-CARD REGULATIONS ARE TOO RESTRICTIVE--AND WOULD ULTIMATELY HURT CONSUMERS--RECENT STUDIES INDICATE THAT THOSE FEARS ARE LIKELY UNFOUNDED. ACCORDING TO THE CREDIT UNION NATIONAL ASSOCIATION--OR CUNA ["CUE-NAH"]--AMERICA'S CREDIT UNIONS CAN STILL OFFER CREDIT-CARD-HOLDERS MANY ADVANTAGES UNDER THESE SAME CONDITIONS--WITHOUT CHARGING HIGH FEES OR PENALTIES TO THEIR MEMBERS. THE RESEARCH SHOWS THAT CREDIT CARDS ISSUED BY CREDIT UNIONS GENERALLY OFFER BOTH LOWER ANNUAL FEES, AND LONGER GRACE PERIODS, THAN CARDS FROM TRADITIONAL BANKS. ADDITIONALLY, VERY FEW CREDIT UNIONS RAISE INTEREST RATES, IF A CREDIT-UNION MEMBER FAILS TO PAY THEIR CREDIT-CARD PAYMENT ON TIME. CUNA BELIEVES THAT THE CONSUMER-LOAN MODEL THAT'S CURRENTLY USED BY CREDIT UNIONS IS DEFINITELY FEASIBLE FOR TRADITIONAL BANKS--AND THAT CREDIT-UNION-ISSUED CARDS CAN HELP SHOW THE WAY, IN TERMS OF HOW BANK-ISSUED CARDS WOULD PERFORM UNDER THE NEW REGULATIONS. FOR MORE INFORMATION, VISIT "CUNA"-DOT-ORG; THAT'S "C-U-N-A"-DOT-ORG.
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