Better Interest for Cards
According to information from the NCUA, last year’s average credit card interest rate was 12.85 percent at banks, versus 11.56 percent for credit cards issued from credit unions. This isn’t a huge difference, but less is always better when it comes to interest rates. Union cards also tended to have lower fees and fewer in general.
Easier to borrow
There is no need to await your loan status on tenterhooks since lending decisions are normally made locally, which means quicker turn-around time and more flexibility than loans with large corporations. Some can also offer signature loans to members who have good credit and standing.
Less chance of failure
Banks, insured by the Federal Deposit Insurance Corporation fail much more frequently than their counterparts. 44 FDIC insured institutions failed in 2011. That’s not to say credit unions have no chance of failing-9 NCUA insured institutions failed in … Read the rest