Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Pew study puts CU cards ahead of the pack
WASHINGTON (5/18/11)--Credit union credit cards give consumers “a better deal across the board,” generally offering lower interest rates, lower penalty charges, and reduced fees, a Pew Health Group study has found. The Pew study, entitled “A New Equilibrium: After Passage of Landmark Credit Card Reform, Interest Rates and Fees Have Stabilized,” used data collected between March 2010 and January 2011 to compare credit card rates and other terms offered by the 12 largest credit unions and the 12 largest banks. A credit union card also had the lowest annual percentage rate (APR) of any in the survey, with one credit union advertising a 9.99% rate. The lowest bank-offered rate came in three points higher, totaling 12.99% APR. The study also found that credit unions had lower cash-advance charges when compared with banks, totaling as low as 10.9% at one credit union. The lowest bank cash advance rate was 24%. While the number of banks that charged a yearly account fee increased by 7 percentage points over last year, the percentage of credit unions charging fees held steady at 14%. The average fee charged by those credit unions totaled $25, which was nearly half of the $59 fee charged by banks. The Pew study, and the great credit union rates, have received widespread coverage on MSNbc.com, TIME.com, the Associated Press, Fox News and other outlets. For the full study, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Which Children's Miracle Network Hospital is the winner of @CUDirect's 20 for 20 grand prize? Find out Tuesday.
4 hours ago
Gas prices have fallen for a record 88 days in a row says @AAAnews via @washingtonpost http://t.co/c52VTdqHEB
7 hours ago
.@TheNCUA releases regulatory modernization initiative results (PDF link) http://t.co/pgLZe4aget
7 hours ago
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
8 hours ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
9 hours ago