How Well Do You Know Your Credit Card?

This has been a busy news week for credit unions. A lot of the buzz started after Suze Orman visited Larry King Live and discussed the current credit card situation with him. “Everyone should start looking into a credit union credit card and do a balance transfer,” she said. In her opinion credit unions offered more favorable rates than banks.

On her Web site www.suzeorman.com she offers a lot of great information. Did you know that a credit card issuer can raise your rates if you miss a student loan payment, even if you paid the credit card on time? She also has a quiz to test how much you know about your credit card – that has some interesting facts. Take it to find out the answer to this question: Of the 12 largest bank-issued credit card companies in America, how many violate at least one provision of the Credit CARD Act?

Suze’s site also has a link to www.creditcardconnection.org where you can find out information about a particular credit union and their credit card. The credit cards are rated based on a five star rating scale as follows:

  1. Fixed or variable rates 18% and under.
  2. No penalty rate.
  3. No balance transfer fees.
  4. No annual fee.
  5. Late fees $25 and under.

I couldn’t be more pleased to tell you that Hopewell Federal Credit Union has a five star rating for our VISA card!

While Hopewell Federal is available to anyone who lives, works or worships in Licking County, for those of you who don’t meet that criteria you can go to www.CULookup.com to find a credit union that is available to you.

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