Credit union credit card programs received a national push on Larry King Live on Dec. 10 when noted consumer advocate Suze Orman promoted the cards and the low interest rates at federally chartered credit unions.
When a viewer e-mailed a question about moving her balance from a bank credit card to a CU credit cards, Orman responded:
"Yes, yes, yes, yes. So here's my new thing, credit unions-especially ones under that are federally chartered, so to speak-the maximum interest rate they can charge you is 18%" Orman said in response to the question, according to the show's transcript.
"Now, while that may sound like a very high interest rate, the truth of the matter is many of these banks today are charging 29.99% interest. So here is what I am suggesting. I think the United States of America-all of you should start looking into credit union credit cards and do a balance transfer," she added.
Orman also directed consumers to the new site, creditcardconnection.org, founded by CU card analyst Ondine Irving to help consumers find a credit union issued card in their areas.
