The $1 billion Pacific Service Credit Union, headquartered in Walnut Creek, Calif., has announced that a recent redesign of its card program has reduced the card rates for most of its cardholders.
The CU has a card portfolio of roughly 18,000 card accounts worth roughly $54 million, according to NCUA records.
As a result of a new program redesign, credit card rates at Pacific Service CU are between 8.90% and 13.90% APR based on credit qualifications, the CU said.
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"While most financial institutions are raising costs to consumers through higher interest rates and fees, Pacific Service is lowering costs to consumers by restructuring products and services to create market-leading value. Lowering our credit card interest rate is our most recent example," said Steve Punch, president of Pacific Service CU.
"Earlier this year we launched four new checking programs that lowered costs for thousands of consumers. Those programs were very well-received and we expect a similar response for our redesigned Visa credit card program," he said.
Pacific Services is also the first credit union to tout its five star rating at Credit Card Connection, the new site helping consumers find consumer friendly CU cards.
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