Better credit card deal via credit unions
November 4, 2009
Credit unions offer much lower annual percentage rates, less punitive penalty rates and engaged in far fewer unfair or deceptive practices than their banking peers, according to a report from the Pew Charitable Trusts. In July 2009, purchase annual percentage rates ranged from 12.24 percent to 17.99 percent at bank issuers, compared with 9.9 percent to 13.75 percent at credit union issuers. Cash advance APRs also were substantially less, and penalty APRs were 28.99 percent at bank issuers, compared with 17.9 percent at credit union issuers.
Late and overlimit fees were half the penalty.
Francine Knowles