Credit unions are known for offering great deposit and loan rates, and they usually offer highly-competitive interest rates on credit cards as well. The average interest rate on credit union-issued credit cards was 9.17% in August 2014, which is close to 2% better than the average credit card rates offered by banks, according to data from Informa Research Services and CUNA.
But credit union credit cards also offer other benefits beyond low credit card rates, including low fees, introductory rates and unique rewards systems. A credit union credit card can be a low-cost and high-value option for many consumers, whether they are looking to earn credit card rewards or transfer balances to lower-interest cards. If you are considering applying for a credit card, here’s a look at 10 of the best offered by credit unions, as well as some tips on finding a credit union you can join.
Read: The 41 Best Credit Unions and Banks of 2015
10 Best Credit Cards from Credit Unions
State Employees’ Credit Union Visa
The State Employees’ Credit Union (SECU) Visa offers a low variable APR of 7.75% that applies to purchases, balance transfers and cash advances. All SECU members get the same attractive rate on the Visa, which features no annual fee and no fee on balance transfers, making it a great way to save money by moving balances from high-fee or high-interest cards.
BECU Visa
The BECU Visa offers an introductory rate of 0% APR for the first six months and an ongoing variable rate that could be as low as 6.90% APR depending on members’ creditworthiness. The BECU Visa carries no annual fee.
The credit union offers an optional BECU Rewards program that lets you earn one point for every dollar spent on qualifying purchases with no limits. Those points can be redeemed for cash back, airline tickets and other travel expenses, dining out, and much more. Cardholders can add the rewards program when applying for the Visa, and BECU will waive the annual rewards card participation fee of $25 for the first year.
Related: 10 Best Rewards Credit Cards to Use This Year
PenFed Platinum Rewards Visa Signature Card
Members of Pentagon Federal Credit Union can take advantage of the rewards and savings this credit card offers. With the PenFed Platinum Rewards Visa Signature card’s rewards program, members earn 5 points per dollar on gas, 3 points for every dollar spent at supermarkets, and 1 point on all other purchases. These points can be redeemed for perks such as travel expenses, Visa prepaid cards or merchandise.
It all comes with an appealing variable APR as low as 9.99% (up to 17.99% APR), no annual fee and no foreign transaction fees. And PenFed is offering an even lower 12-month introductory rate of 2.99% APR for balance transfers made through June 30, which gives those looking to move balances from higher-rate cards a way to still earn rewards on new purchases. Cardholders should note that a 3 percent fee will apply to all balance transfers.
Summit Credit Union Visa Platinum Rewards Card
The Summit Visa Platinum Rewards card features non-variable interest rates starting at 9.95% APR, and offers rewards points that can be put toward travel, gift cards and more. The card carries no annual fee, no balance transfer fee, no cash advance fee and no minimum finance charge all while offering $500,000 in free accidental death insurance that covers you and your family during many travel situations.
Langley Federal Credit Union Rewards Visa Signature Card
The Langley Rewards Visa Signature card allows members to earn rewards points that can be redeemed for merchandise, vacation packages and other goods. The card also comes with free concierge services and trip cancellation insurance up to $2,000. The Langley Rewards Visa Signature has a current introductory rate of 4.99% APR on all balance transfers made through December 2015. The rate is available to qualified customers and applies through June 2016. Following the promotional period the standard variable interest rate, which starts at 8.50% APR, will apply.
Read: How to Transfer a Credit Card Balance
Redwood Credit Union Visa Platinum Card
The Redwood Credit Union (RCU) Visa Platinum card offers a variable interest rate as low as 9.49% APR and a non-variable rate as low as 8.99% APR. Both options feature no annual fee, no balance transfer fee and no foreign transaction fee.
The RedwoodRewards Plus program is free to cardholders, earning them 1 point for every $1 spent with an RCU Visa, which can be redeemd for cash back, travel, gift cards and more. The rewards-with-no-fee combo make this card a low-cost option that still offers a lot of value for those who put a lot of purchases on a credit card.
Coastal Federal Credit Union Community Visa
The Community Visa from Coastal Federal Credit Union offers a 0% APR on balance transfers for the first six months the card is open. Following the promotional period the card’s standard credit card rates apply, which are variable rates that start as low as 7.25% APR. The card also features no annual fee and no balance transfer fee, making it an attractive choice for consumers looking to trim high-interest credit card debt.
Ventura County Credit Union Visa Platinum Rewards Card
Ventura County Credit Union’s Platinum Rewards card from Visa carries a variable interest rate as low as 9.95% APR, with no annual fee or balance transfer fee. Participation in the rewards program is also free and allows cardholders to earn points that can be redeemed for merchandise, airfare, vacation packages and more.
Generations Federal Credit Union Visa Platinum Credit Card
The Generations Visa Platinum Credit Card is ideal for the cardholder who wants to avoid unexpected fees, as it doesn’t charge an annual fee, nor fees on balance transfers and cash advances. With a variable interest rate as low as 8.00% APR, this is an affordable, everyday credit card option for consumers looking to save on both fees and interest.
Alliant Credit Union Visa Platinum Rewards
The Alliant Credit Union Visa Platinum Rewards card offers an appealing standard variable interest rate as low as 11.24% APR, but you could also qualify for an introductory rate of 0% APR for the first 12 months the card is open. That promotional rate not only applies to purchases, but to balance transfers as well. The Visa Platinum Rewards card carries no annual fee and no fee on balance transfers, making it a money-saving option for consumers carrying balances on higher-interest credit cards.
How to Find a Credit Union to Join
You don’t have to know any secret handshakes to join a credit union and enjoy the attractive interest rates and perks their credit cards and other financial products offer. In fact, you might be eligible to join more than one credit union depending on where you work, live or attend school. You could also qualify to join a credit union if someone in your family is already a member or if you belong to organizations such as churches or professional groups that have made arrangements with credit unions to accept their members, according to the National Credit Union Administration.
Joining a credit union typically costs about $5 to $25 to buy one share in the institution and establish a membership account. This structure means that, unlike banks, credit unions are non-profit cooperatives owned by their members. Fees and loan interest rates at credit unions are generally lower, while dividend and interest rates for savings accounts are generally higher than those at banks because credit unions aren’t trying to turn a profit.
PenFed Credit Union and Alliant Credit Union are clients of GOBankingRates.
This article originally appeared on GOBankingRates.com: 10 Best Credit Union Credit Cards
This article by Charlene Oldham first appeared on GoBankingRates.com and was distributed by the Personal Finance Syndication Network.
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