CU Credit Cards Featured on CBS
The new credit card legislation has helped pushed credit unions in the national media spotlight.
The CBS Evening News with Katie Couric featured CardAnalysis Solutions Founder Ondine Irving and Parchment, Mich.-based First Community Federal Credit Union to demonstrate the credit union difference.
Irving, who is also the founder of CreditCardConnection.org, an online database of fair and ethical cards for consumers, held up the $405 million credit union's revamped credit card program as an example of how credit unions can eliminate many of its fees while still making a profit.
First Community's new credit card program offers its 50,000 members a choice between four VISA-branded credit cards, including a Platinum rewards card with a fixed rate as low as 8.9%. There are no annual fees associated with any of the cards.
"If credit unions can do it, banks should be able to do it, too," said Irving during the segment.
The segment wrapped up with Couric noting that that CBS News had asked the five biggest credit card issuers for interviews for the story and that they either turned them down or didn't respond to the request.