Don’t overlook credit union credit cards |








Credit cards from credit unions are sometimes overlooked when advertisements for bank-issued credit cards and their many benefits distract attention. But you might be missing out if you don’t see these cards as potential candidates for your wallet.


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MELISSA LAMBERENA NerdWallet

When you’re frequently bombarded with major bank credit card ads, it’s easy to overlook credit cards at a local credit union. These nonprofits typically require membership based on location or affiliation with an employer, family member, or organization. Major credit card issuers generally do not have these requirements.

But while the rewards and benefits are often more obvious on bank-issued credit cards, credit union credit cards can offer generous own incentives or other forms of value. Additionally, a credit union provides many of the same services as banks, but the benefits flow back to members in the form of reduced fees, lower interest rates, and more.

Here are a few ways credit union credit cards can eclipse glitzy bank offers.

Reduced fees

It is not uncommon to find credit cards at a credit union with annual fees, balance transfer fees, cash advance fees, late fees, etc. In fact, average late fees are about $ 10 cheaper at a credit union than at a bank, according to a Credit Union National Association Membership Benefits report. The types of fees assessed vary by credit union.

The Navy Federal Credit Union in Virginia, for example, has a military orientation and fees tailored to the lifestyle of its members.

“We know a lot of our military is stationed overseas, so not having any foreign transaction fees on any of our credit cards, we think, is a really fantastic way to be able to serve our community,” said Justin Zeidman, Credit Manager. card products at checkout.


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