Considering a Credit Union Credit Card

When it comes to today’s economic environment, millions of Americans are turning to credit unions over larger national banks for many of their financial needs. In what should come at no surprise it is the credit card that is getting most of the attention as study after study is being done to determine if consumers are better off with credit union credit cards or that of their big bank counterpart.

As with everything else, when it comes to credit unions there are both pros and cons. While there may be others, the folks at Bankrate.com have broken down some of those pros and cons to help you if you are contemplating on getting a credit card from a credit union. This can be found in an article entitled, "Should you get a credit union credit card?", and the highlights include the following:

Pros of switching to credit unions for credit cards:

• Lower fees and interest rates
• Many credit union cards don’t charge a balance transfer fee
• Protection against negative changes
   

Cons of switching to credit unions for credit cards:

• Difficulty in getting a card
• Banks also offer low rates
• Limited selection for those with "bad credit"
• Little to no rewards
• Shorter customer service hours
   

So is a credit union credit card right for you? Well, only you can make that decision. In my opinion it could be very worthwhile to carry both a credit card from a larger institutions and a credit union. This will allow you to not only have a card to use if you choose to move from one or the other later down the line, but it also gives you the ability to utilize the lower interest card in everyday purchases or in case an emergency arises.