A credit card could be a helpful financial tool that offers flexibility to members while helping them lay the foundation for a brighter financial future. Many people ask, Is it better to get a credit card with a credit union or bank in 2023? This depends on your financial situation.
Imagine paying lower fees and rates while enjoying exclusive perks and rewards, along with all the same financial products a traditional bank has to offer. Well, that is the Camino member experience.
At Camino Federal Credit Union, we have served Montebello and the surrounding area for nearly 85 years with competitive terms, favorable rates, and attentive member service. We are committed to your financial success. Learn more in our blog.
Is it Better to Get a Credit Card with a Credit Union?
Whether you decide to get a credit card with a bank or a credit union depends on your financial situation. There are several benefits of getting a card through a credit union to consider. From lower fees and interest rates to rewards and perks, here is what to know:
Lower Fees and Interest Rates
We often point to the fees and interest rates when people ask us, Is it better to get a credit card with a credit union? With a respected credit union, like Camino, members enjoy competitive:
- Annual percentage rates (APR)
- Annual fees
- Late payments
- Foreign transaction fees
- Balance transfer fees
- Late payment fees
“You’re much less likely to be charged an annual fee for a credit union credit card. Only about 10% of all credit union credit cards charge an annual fee, compared with the 45% of banks who do.”
– Mike Schenk, vice president of research and policy analysis for Credit Union National Association.
Customer Service and Financial Products
Another key benefit of using a credit card from a credit union is that Credit unions are owned by their members.
Because of this, reputable credit unions like Camino focus on providing great member experiences and levels of service. Also, credit unions offer the same basic products that banks do, like:
- Checking accounts
- Savings accounts
- Time certificates (certificates of deposits)
- Auto loans
- Home loans
- Personal loans
- Debt consolidation loans
- Online and mobile banking apps
- And more
Balance Transfer Fees and Perks
Balance transfer fees and perks could also be key benefits if you are wondering, Is it better to get a credit card with a credit union?
For those who have accumulated high-interest debt, balance transfers could be a great solution. Members could enjoy a low-cost balance transfer to a credit union card that enables them to pay debts faster and earn rewards while they do it.
Many credit cards, such as the Camino Visa Platinum with Rewards Card, also offer several benefits to members that could save them money and enable them to earn points and cash back with each purchase. Rewards range from merchandise to event tickets to gift cards.
Some perks of these types of credit union cards include:
- A rewards program
- Higher credit limits
- Platinum perks
- Points for travel, merchandise, and gift cards (with no expiration)
- Travel and emergency assistance
- Cell phone protection
- Emergency cash advance and card replacement (24/7 worldwide)
- Lost luggage replacement
- Emergency roadside dispatch
- Zero liability
- Purchase protection
Apply for a Credit Card Today
A credit card is more than some extra pocket money. When you partner with a respected financial institution like Camino Federal Credit Union, a credit card could be your ticket to greater financial freedom and a brighter financial future.
With lower fees and rates, rewards, and elevated service, the answer is simple if you are asking yourself, Is it better to get a credit card with a credit union or bank? To learn more about our credit card options, contact us or visit our Credit Cards page to apply online.