BMI Federal Credit Union Blog

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.

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.

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.

Ok, this is getting down right ugly now.  According to a recent article in USA Today, some banks are beginning to charge consumers even when they pay off their balance each month.   

Add this to the recent MSN Money article that reported banks were closing customers’ credit cards without even telling them and the consumer experience erodes even further.

Maybe it’s time to Change Your Experience.  Transfer your card balances to a BMI Platinum VISA and enjoy The BMI Experience.   After all, you are not just a customer at BMI FCU, you are a member/owner!

Last week Suze Orman appeared on the Morning Joe Show and discussed credit cards.  When asked about what consumers can do to help avoid being gouged, she suggested transferring your credit card balances to your credit union credit card. 

This 7 1/2 minute news segment provides a nice summary about how many banks are taking advantage of consumers by charging 30% interest rates and closing down access to cards, even if they have never missed a payment.  She provides practical information about what consumers can do to avoid the outrageous fees and interest. 

Don’t miss Suze’s conclusion at the 7-minute mark where she strongly suggests moving your credit card balances to your credit union! 

Who is getting it right?  Credit Unions!