Stack of payment cards Make your CU’s credit card your members’ go-to. Source: Shutterstock

When it comes to credit cards, credit unions can’t compete with the rewards programs of deep-pocketed national banks. They can, however, gain an edge by promoting lower rates and higher approval odds, particularly with younger members and those reeling from the economic fallout of COVID-19.

Credit unions have long been known for offering low annual percentage rates on credit cards. With the pandemic-induced massive unemployment and wage loss, those rates have dropped even lower, following the Federal Reserve’s cut in interest rates.

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