Some of the best credit cards on the market right now come from credit unions. These cards may be a little more difficult to get, but definitely offer more specialized benefits.
Research form credit reporting agency Experian shows that credit unions are more likely to lend to consumers with lower credit scores. While this is great news to any consumer who may be struggling with this tough economy, the most remarkable characteristic of credit unions in the credit world is that they often offer some of the best cards you will find on the market. As a matter of fact, credit unions offer credit cards with some of the lowest interest rates as well as a bevy of exclusive or specialized rewards.
1. The PenFed Premium Travel Rewards credit card from American Express, for example, is a very good credit card released by the national credit union Pentagon Federal. It was recently recognized in Credit.com’s Best Travel Cards in America roundup, ranking slightly higher than two Capital One credit cards. The PenFed Premium Travel Rewards credit card from American Express earns cardholders five points on the dollar on airfare and a single point on the dollar towards all other purchases.
In addition to this, the card also features a notably low annual percentage rate, at 9.99%, which will remain fixed for up to two years. It also provides consumers with bonus travel parts when you sign up as well as 24/7 concierge assistance and airline lounge access in airports around the world. Any consumer who wants to take advantage of all of this, all with no annual fee and no foreign transaction fees, should simply make a donation to one of PenFed’s affiliated charities.
2. Secondly, the Visa Platinum Credit Card from Associated Credit Union is an impressive option for consumers who want low interest rates. Depending on your qualifications, this high-level, premium Visa credit card is available with an interest rate of 9.99% or 12%, but the best part is that you do not need to have perfect credit to qualify. This particular credit union is widely known to approve members with credit scores between 600 and 680 so you can apply for this card quite comfortably.
The Visa Platinum Credit Card from Associated Credit Union is similar to the PenFed Premium Travel Rewards card from American Express in that they both offer the same low rate and neither of them charge an annual fee. If you would like to take advantage of this card’s exclusive benefits, you will have to become a member of the credit union, which you can apply for online.
3. The Premium Travel Rewards credit card from American Express is not the only credit card the Pentagon Federal national credit union is currently offering to qualified applicants. They also offer the PenFed Visa Platinum Cash Rewards credit card, which is probably one of the best gas cards on the market today, giving the card member a 5% rebate on all fuel purchases.
The everyday earnings rate is very low, however, ringing in at 0.25%, so it may not be the right card if you are looking to earn points on a variety of purchases. Of course, this card does not charge an annual fee, just like the others, and also features the same low interest rate of 9.99%, but the PenFed Visa Platinum Cash Rewards credit card also has a lower introductory interest rate of 4.99% on balance transfers. Because of these benefits, this card is a very good card for people who are always on the go or are looking to transfer their existing balance to a card with a more competitive interest rate.