December 3, 2009 at 8:48 am
· Filed under Credit Union Press, credit cards
The November 21st edition of the New York Times featured an article on some of the tricks credit card companies play with billing. You can read the article here. This interesting article looks at some of the games credit card
companies use to increase late fees.
Perhaps it is time for you to move your credit card to BMI FCU. No games, no tricks; just a great card with a great rate! Apply today by clicking here.
The BMI FCU Platinum Card has earned a 5-Star Rating and the Seal of Approval for fair and ethical practices from the Credit Card Connection, an online consumer advocate for fairness in the credit card industry.
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November 24, 2009 at 8:50 am
· Filed under Credit Union Press
An article in the November 23, 2009 issue of Barron’s (a sister publication of the Wall Street Journal) states that credit unions are by far the best choice for consumers.
Its study found that consumers could save substantially by joining credit unions. Although credit unions account for just 1% of credit-card lending, interest rates on their cards generally are about four percentage points, or 20%, lower than bank-card rates. See the entire Barron’s article here.
The article concludes with the following statement:
There is one important difference between the two (banks and credit unions). Banks have a fiduciary responsibility to maximize returns to their shareholders. Credit unions are similarly obligated, but to their customer-members.
Thank you Barron’s. You are helping communicate the credit union difference.
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November 23, 2009 at 11:41 am
· Filed under Credit Union, Credit Union Press
Bank customers pay substantially more in overdraft fees and other account fees than credit union members, with low-balance bank customers taking the brunt of that burden, a recently released Filene Research Institute study has found.
The study, which was authored by University of California, Davis assistant professor of economics Victor Stango and Dartmouth College associate professor of economics Jonathan Zinman, draws information on transaction account fees from the account data of a panel of consumers.
See additional information about this study here.
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November 19, 2009 at 2:39 pm
· Filed under Credit Union, Web site ·Tagged BMI FCU, mobile banking
BMI Federal Credit Union is pleased to introduce BMiMobile, our mobile banking platform. Members can now access their BMI FCU accounts 24/7 right from the convenience of their supported mobile device. See more information about BMiMobile here.
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November 10, 2009 at 9:52 am
· Filed under credit cards ·Tagged Banks, BMI FCU, credit cards
There is a new study that shows credit card companies are raising rates dramatically and across the board. Watch the Today Show Segment and hear about what may well be happening to you. Now more than ever, consumers really do need to know “What is in their wallet”…
And now is a great time to transfer your credit card balances to a new BMI Platinum VISA. With rates starting as low as 9.9% and virtually no fees, you will not find a better card for your wallet!
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November 9, 2009 at 11:33 am
· Filed under Credit Union Press
Newsweek and Good Morning America recently carried stories highlighting credit unions’ services to their members. See story here.
“People often think banks, but credit unions are actually terrific. They report they save $8 billion in fees for their members because they allow for very low account balances, they don’t charge those pesky ATM fees and they actually give good rates on loans”, said Good Morning America financial reporter Mellody Hobson.
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November 5, 2009 at 4:56 pm
· Filed under Mortgages
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday. Read the complete story here.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
Visit BMI Federal Credit Union for your mortgage loan. Great rates, low fees, and a quick turn around.
We make banking personal.
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October 28, 2009 at 4:35 pm
· Filed under credit cards
The PEW Charitable Trust just published an extensive study of the state of practices in the credit card industry. To no surprise, credit unions are by far the most consumer friendly. Here are some notable excerpts from the PEW Charitable Trust study:
Credit unions offered significantly lower advertised rates compared to bank credit cards, with penalty fees that were half the cost of comparable bank fees and fewer dangers associated with “unfair or deceptive” practices.
One hundred percent of credit cards from the largest 12 banks used practices deemed “unfair or deceptive” under Federal Reserve guidelines. None of these bank issued cards could meet the requirements of the Credit CARD Act of 2009.
This is a lengthy study but it is mandatory reading if you currently have a credit card at a bank. You can, of course, avoid all of the drama and just move your credit card balances to a 9.90% APR BMI Platinum VISA.
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October 26, 2009 at 12:11 pm
· Filed under credit cards
We posted information about this last week on our Blog. Now it has made the Today Show. Listen to CNBC analyst Carmen Wong Ulrich and Today Show Host Matt Lauer discuss new card fees some banks are charging even when you pay off your balance in full each month!
Be sure to listen to the segment at the 3:32 second mark. This is where Carmen extolls the virtues of credit union credit cards:
“Credit Unions, we’re talking no fees and great rates,” said Carmen Wong Ulrich in regards to Matt Lauer’s question about where consumers should go for their best credit card option.
If you haven’t switched to a 9.9% APR BMI FCU Platinum VISA yet, what are you waiting for? Click here to apply today.
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October 26, 2009 at 11:23 am
· Filed under credit cards
Consumers angry about some of the tactics of credit card issuers lately should take control of their cards and fight back with strategies such as switching to a card from a credit union, says Consumer Reports in its just-released November issue.
“If you regularly carry a balance, you can beat the card issuers at their game by keeping your debt as low as possible and perhaps switching to a card from a credit union or a regional or community bank, which tend to charge lower interest rates and have more pro-consumer policies,” said the report.
See the press release from CUNA with more details.
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