Sometimes credit unions can assume the benefits of their products and services-including credit cards-are completely obvious to their members. After all, who doesn't want to save money on interest and fees? Or, conversely, avoid any surprise charges? But simply having a great product such as a credit card does not automatically mean all of your members will know about its benefits or understand them.
Banks were notorious throughout 2009 and 2010 for discovering loopholes in the CARD Act and pounding consumers with rates as high as 29.99% and increasing miscellaneous fees. During this time, a credit union credit card appeared to be the best card choice for consumers. We certainly did our best to let America know about our fair and ethical credit card programs.
Well, the banks are at it again, but this time with a twist. Bank credit card issuers are telling America they are actually lowering fees and eliminating penalty pricing.
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