When used correctly, credit cards are a convenient way to build credit history and finance large purchases. However, cards offered by traditional banks and major credit card companies can be challenging to qualify for and often come with unfavorable terms. Fortunately, these aren’t your only options for getting a credit card. Credit unions provide consumers with an attractive alternative. Here are some of the top benefits of pursuing a credit card at a local non-profit financial institution.

Why Apply for a Credit Union Credit Card?

1. Lower Interest Rates 

In most cases, credit unions can offer lower fixed-rate interest rates because they manage transactions in-house. By doing this, they’re able to cut down on operational costs and can pass the savings along to customers. The Credit Union National Association reports an almost 3% difference in the average annual percentage rate (APR) given by these institutions compared to banks. Our Platinum Visa card starts at just 9.9% Fixed-Rate APR. This can help you save quite a bit of money if you carry a balance on your card.

2. Reduced Fees 

Credit union credit cards generally also have reduced fees. Estacado FCU’s credit cards have no annual fee. Often there may be no or little charge for balance transfers, foreign transactions, cash advances, or late payments either. If a fee does apply, it will often be lower than those charged by regular banks and credit card companies.

3. Better Chance of Approval 

If you have less than perfect credit, you may find it challenging to get approved for a card. However, credit unions are typically more willing to give consumers a chance even if they’ve been previously denied. Consider writing a letter explaining your financial situation and the plans you have for paying off any debt on time. Estacado also offers share-secured (Based on a pledged savings deposit) Visas to First Time Borrowers.

4. Superior Customer Service 

Credit unions are designed to serve their communities rather than outside shareholders. As such, they’re known for taking a personalized approach with each member. They’ll often work with members facing economic hardship to help them set up flexible payment plans and get their finances back on track.

Apply online for a quick decision!

If you’re interested in applying for a credit card, the professionals at Estacado Federal Credit Union can help explore your options. Whether you’re looking to establish credit or take advantage of a rewards program, they have different options to satisfy your needs. They’ve proudly been serving residents throughout Lea County, NM, and the Texas counties of Gaines, Yoakum, and Cochran since 1953. Call (575) 393-1596 to inquire about the application process and eligibility requirements or apply online for more information on the services they offer.