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Are you tired of the high interest rates and fees that come with traditional credit cards? Did you know that credit union credit cards often offer lower interest rates and more personalized customer service than their mainstream counterparts? This article will guide you through some of the most rewarding credit union cards out there to help make your money work smarter.
Key Takeaways
- Credit union credit cards often have lower interest rates and extra benefits.
- Some credit union cards offer high rewards on gas, groceries, and travel.
- The best card depends on your spending habits and financial goals.
- Navy Federal’s More Rewards American Express® Card is great for everyday purchases.
- Titanium Rewards Visa® Signature Card gives 3X points on gas and groceries.
- PenFed Platinum offers big rewards for regular gas buyers or grocery shoppers.
Why Choose a Credit Union Credit Card
Credit union credit cards are an alternative financial solution, offering low-interest rates, profit-sharing benefits to members, fewer fees, and much more personalized customer service compared to traditional credit card providers.
Pros and Cons of Credit Union Cards
Credit union credit cards have several distinct advantages and some potential drawbacks. Here’s a detailed look at the various pros and cons.
| Pros | Cons |
|---|---|
| Credit union credit cards typically have lower interest rates compared to traditional credit cards from major issuers. | Credit unions may require membership, which might involve certain qualifications or fees. |
| These cards can be a better option for those unable to pay their balance in full each month due to the lower interest rates. | Some credit unions may have limited branch and ATM locations, making access potentially more difficult. |
| Credit union cards often come with extra perks such as cashback or travel rewards. | The rewards programs of some credit union cards may not be as diverse or rewarding as those offered by major credit card companies. |
| Specific credit union cards offer higher rewards in certain categories like supermarkets, restaurants, and gas. | Some credit union credit cards may not offer the same level of customer service or technology features as traditional credit cards. |
| Some cards offer a 0% introductory APR on purchases and balance transfers for a specific period. | If you carry a balance beyond the introductory period, the APR might increase significantly. |
The Best Credit Union Credit Cards of 2023
The year 2023 promises a ton of excellent credit union credit cards, catering to different needs and preferences. Let’s take a look at some of these notable options:
- Navy Federal More Rewards American Express®: Known for its high rewards rate, this card lets you earn 3X points on supermarkets, restaurants, food deliveries, gas, and transit.
- Titanium Rewards Visa® Signature Card – Andrews FCU: Another top-notch credit union credit card offering high rewards. With this card in your wallet, expect to score 3X points on gas and groceries.
- Navy Federal Credit Union Visa Signature®: Flagship Rewards Credit Card: A superb choice for travelers. It offers 3X points on travel and 2X points on all other purchases.
- PenFed Platinum Rewards Visa Signature®: This card provides rich rewards, especially for those who regularly fill up their gas tanks or frequently purchase groceries.
- PenFed Pathfinder® Rewards Visa Signature®: Specifically designed for avid travelers as it comes with generous travel-related perks.
- DCU Visa® Platinum Secured Credit Card: A superior pick if you’re looking to build or rebuild your credit, as it comes with low interest rates compared to traditional credit cards.
Navy Federal More Rewards American Express®
Features & Benefits
The Navy Federal More Rewards American Express® Card offers a multitude of benefits to its users. Credit card holders can earn three times the points at supermarkets, restaurants, food deliveries, gas stations, and on transit expenses.
This impressive rewards rate makes it an attractive option for everyday spenders.
Moreover, this card comes without any foreign transaction fees or balance transfer fees—ideal for those who travel abroad often or need to move their current credit balances. Its ongoing APR range stands lower than many other cards in the market at 7.99% – 15.49%, providing more affordable finance charges for carried-over balances.
| Pros | Cons |
|---|---|
| Cardholders earn 3X points at supermarkets, restaurants, food deliveries, gas, and transit. This is an excellent feature for those who spend a lot on these categories. | The card has a high regular APR. This could lead to substantial interest charges if you carry a balance from month to month. |
| There are no foreign transaction fees with this card. This is a great benefit for those who travel internationally. | |
| There are also no balance transfer fees with this card. This can be a cost-saving feature if you’re looking to consolidate debt. | |
| The annual fee for the card is $49. This is relatively low compared to many other rewards credit cards. |
Titanium Rewards Visa® Signature Card – Andrews FCU
Features & Benefits
The Titanium Rewards Visa® Signature Card from Andrews Federal Credit Union stands out for its robust rewards program and consumer-friendly features. Users get to earn 3X points on gas and groceries, making it an excellent choice for households with high spending in these categories.
Notably, the absence of an annual fee makes it a cost-effective option for cardholders aiming to maximize their benefits without any added costs.
In addition to this, the Titanium Rewards Visa® Signature Card has a higher credit limit that ranges from $5,000 to $50,000 which offers more purchasing power. The variable APR of 17.99% is competitive when compared with other reward cards in the market.
| Pros | Cons |
|---|---|
| The Titanium Rewards Visa® Signature Card offers 3X points on gas and groceries, making it a beneficial card for everyday use. | Points earned with this card may expire, which can be a drawback for cardholders who don’t regularly redeem their points. |
| This card allows for a higher credit limit, ranging from $5,000 to $50,000. | There may be a higher interest rate for cash advances and balance transfers. |
| The card provides additional perks like cash back or travel rewards for cardholders. | The Andrews Federal Credit Union membership is limited, making it not available to everyone. Membership is open to active or retired members of the U.S. military, people residing in Washington, D.C., or members of the American Consumer Council. |
| No annual fees are required with the Titanium Rewards Visa® Signature Card. | Cardholders may face foreign transaction fees when the card is used abroad. |
| The card comes with zero liability protection for unauthorized charges. |
Navy Federal Credit Union Visa Signature® Flagship Rewards
Features & Benefits
The Navy Federal Credit Union Visa Signature® Flagship Rewards Credit Card offers an impressive rewards structure, targeting frequent travelers. It grants 3X points on travel purchases and 2X points on all other transactions, maximizing your chances to earn bonuses while spending.
Perhaps the most compelling benefit is its bold sign-up bonus offer – a massive 40,000 bonus points post a $4,000 spend within the initial 90 days. What sets this card apart is it does not impose foreign transaction fees or balance transfer charges that often bog down cardholders during international travels or debt management efforts.
However, membership access is restricted primarily to members of the armed forces, and Department of Defense staff along with their family and household members. Uniquely tailored for travel enthusiasts among them offering an added layer of specific advantages such as earning triple reward points across various travel categories from airfare and hotel bookings to car rentals and transit purchases.
| Pros | Cons |
|---|---|
| Low ongoing APR range of 7.99% – 15.49% Variable, which is beneficial for cardholders carrying a balance. | $49 annual fee which might not be suitable for individuals who prefer a no-annual-fee card. |
| Offers a pre-qualification process without a hard credit pull, minimizing the impact on your credit score. | High regular APR can accrue significant interest charges if you carry a balance from month to month. |
| Credit line secured by home equity, up to $250,000 – ideal for large purchases or consolidating high-interest debt. | |
| Earn unlimited 2% cash back on purchases – a competitive rate for a rewards card. |
PenFed Platinum Rewards Visa Signature®
Features & Benefits
The PenFed Platinum Rewards Visa Signature® Card stands out with its incredible rewards scheme. It offers an outstanding 5X points on gas paid at the pump and at electric vehicle charging stations.
In addition, it gives cardholders 3X points when shopping at supermarkets and dining out in restaurants. The card also takes care of your entertainment needs by giving you 3X points on TV, radio, cable, and streaming services purchases.
Plus, there’s no need to worry about an annual fee as this credit card doesn’t have one! With a variable APR of 17.99%, this credit card is recommended for anyone looking to earn significant rewards on daily expenses like gas and groceries.
| Pros | Cons |
|---|---|
| The card comes with a high rewards rate, offering 5X points on gas paid at the pump and at EV charging stations, and 3X points at supermarkets, restaurants, and on TV, radio, cable, and streaming services. | Despite the high rewards rate, the card may not be the best choice for those who don’t spend heavily on these specific categories, as the rewards structure is quite specialized. |
| The card has a reasonably low variable APR of 17.99% which can be considered advantageous compared to some other credit cards. | Some may find the variable APR disadvantageous, as it can fluctuate based on the Prime Rate and potentially increase the cost of carrying a balance on the card. |
| There’s no annual fee for this card, which is a significant pro for cost-conscious cardholders. | There may be other fees associated with the card, such as late payment fees or foreign transaction fees, which can offset the advantage of having no annual fee. |
PenFed Pathfinder® Rewards Visa Signature®
Features & Benefits
The PenFed Pathfinder® Rewards Visa Signature® Card stands out for its impressive reward structure and premium travel benefits. Cardholders earn 5X points on gas at the pump and at EV charging stations, providing an edge for those frequently on the road.
For everyday spending, it offers 3X points at supermarkets, restaurants, and even on TV, radio, and cable services.
Additionally enhancing its appeal to frequent travelers is a host of coveted perks often reserved for pricier cards. These include a sizable sign-up bonus and yearly Priority Pass lounge access that can add considerable comfort to your journeys.
There’s also $100 in travel credit annually which covers incidental airline fees such as baggage charges or in-flight purchases. The card comes with an annual fee of $95 but boasts several features that could easily offset this cost for active users.
Its variable APR stands at 17.99%.
| Pros | Cons |
|---|---|
| No annual fee, making it more cost-effective for cardholders. | There may be limited availability for some rewards, which can make it challenging to get the most out of your points. |
| Generous travel benefits include a $100 annual air travel credit, Global Entry or TSA PreCheck fee reimbursement, and no foreign transaction fees. | The card is primarily beneficial for those who travel frequently. If you don’t travel often, you may not maximize the rewards and benefits. |
| You can earn 3 points per $1 spent on travel, allowing you to accumulate rewards quickly. | May not be the best option for individuals who primarily want to earn cash back instead of travel rewards. |
| Multiple redemption options for earned points including travel, gift cards, merchandise, and statement credits, provide flexibility in how you use your rewards. | The requirement to become a PenFed member to apply for the card may be a barrier for some individuals. |
| Additional perks such as airport lounge access, travel insurance, and concierge service, maximize the value of the card for avid travelers. | Higher than average interest rate for those who carry a balance from month to month. |
DCU Visa® Platinum Secured Credit Card
(Best credit union credit card for bad credit)
Features & Benefits
The DCU Visa® Platinum Secured Credit Card stands out in the market for its customer-friendly features. It offers a genuinely low-interest rate, making it an ideal option for individuals with less than stellar credit scores.
Unlike most cards, this one doesn’t charge any fees on balance transfers or cash advances, providing flexibility and convenience to its users.
A distinguishing feature of this card is that it requires a minimum security deposit of $500. This makes it accessible even to those who are new to credit or seeking ways to build their history.
Best of all, there’s no annual fee associated with the DCU Visa® Platinum Secured Credit Card – proof that strong financial tools don’t have to come with high costs attached. Moreover, the praise it received as one of the top picks among union credit cards underscores its popularity among users aiming for better financial control.
Furthermore, this card comes as a considerable relief for people who might struggle to pay their balance every month due to its amicably low interest rate offering them the possibility not only growing their credit but also maintaining good financial health without feeling burdened by significant expenses.
| Pros | Cons |
|---|---|
| Low interest rates can be beneficial for individuals with bad credit. | The card requires a higher minimum deposit of $500 compared to other secured credit cards. |
| There is no balance transfer fee, which allows for easier consolidation of debt from other high-interest cards. | This card may not be suitable for those who do not have the necessary funds for the initial $500 security deposit. |
| The card is regulated by the NCUA and offers the same safety as bank-issued cards. | Despite the low-interest rate, individuals may still end up paying more in interest if they carry a balance and do not repay it promptly. |
| Because it is a product of a credit union, it can offer better savings and loan rates than traditional bank credit cards. |
It’s clear to see that the DCU Visa® Platinum Secured Credit Card has several advantages and some drawbacks, making it a good option for those willing to handle their credit responsibly and meet the deposit requirement. It is always wise to weigh these factors before deciding which card is the most suitable for your specific financial situation.
Comparing the Best Credit Union Cards
Here’s a comprehensive comparison of the best credit union cards, highlighting their interest rates, point offers, and additional perks.
| Credit Card | Interest Rate | Point Offers | Additional Perks |
|---|---|---|---|
| Navy Federal More Rewards American Express® Card | Lower than most traditional cards | 3X points at supermarkets, restaurants, food deliveries, gas, and transit | Card members are eligible for cash-back rewards and special discounts |
| Titanium Rewards Visa® Signature Card from Andrews FCU | Competitive compared to most mainstream cards | 3X points on gas and groceries | Offers complimentary travel accident insurance and extended warranty coverage |
| Navy Federal Credit Union Visa Signature® Flagship Rewards Credit Card | Favorable compared to most counterpart cards | 3X points on travel and 2X points on everything else | Access to 24/7 concierge service and global acceptance benefits |
| PenFed Platinum Rewards Visa Signature® Card | Lower than most major credit cards | 5X points on gas and EV charging stations, 3X points on groceries and restaurants, and 3X points on TV, radio, cable, and streaming services | Offers roadside assistance, travel accident insurance, and warranty coverage |
| PenFed Pathfinder® Rewards Visa Signature® Card | Lower interest rates compared to most competitors | 3X to 4X points on travel, 1.5X points on all other purchases, and a 50,000 bonus points offer | Offers premium travel perks and no foreign transaction fees |
| DCU Visa® Platinum Secured Credit Card | Relatively low compared to mainstream credit cards | None | Helps in building or reestablishing credit history, offers car rental insurance and extended warranty |
Conclusion
Selecting the best credit union credit card can lead you to enjoy lower interest rates and additional rewards. By considering your spending habits and comparing potential perks, you can find a card that provides greater value.
Remember, making informed decisions about credit cards helps manage debts effectively while reaping maximum benefits.
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FAQs
1. How do rewards on a credit union credit card work?
Rewards on a credit union card work similarly to other cards where you can earn points for spending that can be used towards gas, groceries, or travel benefits.
2. Do I need to belong to a specific group to get a Credit Union Credit Card?
Yes, many offer their services based on meeting certain membership requirements like living in a particular area or working in certain professions.
3. What makes the Pentagon Federal Credit Union (PenFed) and Digital Federal Credit Union (DCU) special?
Both these unions rank high due to low-interest rate offers, and generous rewards programs and they’re regulated by the National Credit Union Administration (NCUA).
4. Are there any regulations governing how much interest can be charged by a cash-back reward card from a credit union?
Yes, federal laws including the “Credit CARD Act of 2009” restrict unreasonable late payment fees and other penalties.
5. Can I use my Navy Federal Platinum Credit Card for international travel?
Absolutely! This card is good for travel rewards with additional collision damage waiver coverage if you rent cars frequently during your travels.