More than 1,000 credit unions now have their credit card offerings listed on CreditCardConnection.org, a website dedicated to helping consumers find credit union issued cards that offered better value than cards issued by larger banks.
Ondine Irving, founder and owner of Card Analysis Solutions, a credit card advisory service for credit unions, launched the site in 2010.
“This website was created from my vision to provide the best credit card options to American consumers in the wake of the unfair and deceptive practices prevalent with the major credit card market,” Irving said. “I knew the majority of credit unions offer the most fair and ethical credit card programs in the market, yet in 2010 no one was getting the word out effectively. Through communication with nationally known personal financial expert Suze Orman, we collaborated to get the word out to America that there are alternative options.”
Irving noted that just over one-third of all credit unions that offer credit cards are listed on the site.
The site uses a star rating system. A five star or highest rating is given to programs with either fixed or variable rates less than 18%, no balance transfer fees, no annual fees, late fees at or less than $25 and no penalty pricing.
“Most credit unions have been receiving a five star rating,” Irving said. She added, “It is highly unlikely those credit unions which have sold their credit card programs to banks will be eligible for the registry as most of these programs have rates that exceed 18% along with other typical bank fees.”