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CU cards addressed in IWall St. JournalI broadcasts
MADISON, Wis. (11/5/09)--The Wall Street Journal and several other news outlets recently noted credit union credit cards as an alternative to traditional credit cards offered by large banks that may carry high interest rates or fees. The Wall Street Journal noted a Pew Safe Cards Project, part of the Pew Charitable Trusts, which compared credit cards of 12 large banks and 12 large credit unions. Pew found that credit unions’ rates were lower than banks, and credit unions charged about half of what banks charged in fees (Nov. 4). The newspaper also featured statistics from the Credit Union National Association, which indicate that about half of credit unions offer credit cards. KY3 News in Springfield, Mo., also highlighted credit union credit cards in a recent story. Credit unions offer credit cards with low interest rates and annual fees--and that will likely not change anytime soon, the news outlet said. Susie Kasterke, CU Community CU, Springfield, told KY3 News that the credit union offers credit cards with an introductory 6.9% interest rate and a permanent rate of 9.9%, which is below the industry average. “We’re not trying to make big profit for stockholders,” she said. “We’re here for members.” A Georgia TV broadcast outlet, WRDW, also ran a story credit union credit cards. The news outlet cited the Pew study, and included comments from Phyllis Cochran, president of Augusta (Ga.) VAH FCU, who said that credit unions have benefited from the high fees that other institutions charge on credit cards. About 10% of the population switched to credit unions from banks over the past two years, she said.
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