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The credit card co just increased my rate(what`s new). I`ve been an on time paying customer with exellent credit. I`m ticked! So I keep hearing about how credit unions will give you a better rate. Would anyone know if you transfer to a credit union, are the transfer fees typically lower than the big bank fees? And do they raise your rate in a couple of months after transfering your cc to them? Has anyone done this and have been happy with the credit union?
The credit card co just increased my rate(what`s new). I`ve been an on time paying customer with exellent credit. I`m ticked! So I keep hearing about how credit unions will give you a better rate. Would anyone know if you transfer to a credit union, are the transfer fees typically lower than the big bank fees? And do they raise your rate in a couple of months after transfering your cc to them? Has anyone done this and have been happy with the credit union?
A lot of credit unions sell their credit card programs off to bigger banks, like FIA/B of A. Those credit unions that still have in-house credit cards generally do not have the rewards type of programs bigger banks advertise, such as cash back, balance transfers, etc.
I have a credit card at my credit union (in-house) with a rate of 7.75%. Not a bad rate compared to other banks these days, but they offer no balance transfer promotions, which is a shame. They only offer the 25-day grace period.
Many credit union cards don't charge a balance transfer fee. Consumers who haven't been able to negotiate a lower interest rate on their bank card may enjoy a fee-free, or low-cost, balance transfer to a credit union card.
The Pew study found that only 25 percent of credit union cards charge a fee to transfer a balance from another card, compared with 88 percent of bank cards surveyed. The median balance transfer fee on credit union cards was 2.5 percent, compared with 3 percent on bank-issued cards. All of the credit union cards that charged a balance transfer fee also set a maximum fee, while only 13 percent of bank cards that charged a fee also capped it. The median cap for credit union cards was $50 and $75 on bank cards.
You may want to speak to your credit union and ask about their fees before making the transfer this way you are well informed!
The credit card co just increased my rate(what`s new). I`ve been an on time paying customer with exellent credit. I`m ticked! So I keep hearing about how credit unions will give you a better rate. Would anyone know if you transfer to a credit union, are the transfer fees typically lower than the big bank fees? And do they raise your rate in a couple of months after transfering your cc to them? Has anyone done this and have been happy with the credit union?
The single most common sense thing to do is ask a Credit Union what they can do for you instead of asking for jail house advice here. Good grief!
The credit card co just increased my rate(what`s new). I`ve been an on time paying customer with exellent credit. I`m ticked! So I keep hearing about how credit unions will give you a better rate. Would anyone know if you transfer to a credit union, are the transfer fees typically lower than the big bank fees? And do they raise your rate in a couple of months after transfering your cc to them? Has anyone done this and have been happy with the credit union?
Call the issuer and tell them that you won't pay the new rate. They should freeze it where it was before they raised it. Don't ever use the card again. And don't close it if you are obsessive about your credit score.
Listen to Tightwad - get to a Credit Union as fast as possible and talk to them about rates and balance transfers. Their rates pretty much stays where they start - they don't fluctuate much.
Are you or a family member in the Military? If so...Navy FCU has a really good deal right now...4.9% for the life of the balance and no transfer fee. Not too bad.
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