We’ve all heard it a million times, “Don’t spend beyond your means.” However, spending the right amount on a credit card is a balancing act that can be very beneficial to improving an individual’s credit score. Although, FICO scores improve with good credit, bad credit history can be detrimental. It’s essential to stay on top of your payments, and to check any increases in the interest rate regularly.
Credit Cards offer Convenience
If we find ourselves needing a bump during financial hard times or an emergency situation, having a credit card is essential. They also give us a high-
level of convenience at restaurants, shopping online, airport parking fees, traveling abroad, and so much more.
Many credit cards also offer perks and rewards, which help users earn discounts to redeem cashback or to use on gifts. All of these incentives provide security and ease for the credit card user.
The Real Deal on Credit Cards
Finding the best credit card that suits your personal needs and using it wisely is critical to financial health. However, it’s important to point out that while the advertised 0% interest rate that some banks are offering seems like a no brainer—It’s a bait and switch! Those rates will increase significantly within a specified amount of time, and many individuals are not prepared for those rates.
According to the Motley Fool, nationally, the average interest rate on credit cards is around 15%, but numerous credit card interest rates are much higher! Did you know that credit cards are one of the banks most profitable products?
UKFCU University of Kentucky Credit Union
If a credit card is in your future, or if it’s time to consider whether your credit card is costing you more than it should, now is the time to shop around. One of the financial institutions you should consider for your credit card needs is the University of Kentucky Federal Credit Union, UKFCU. Because UKFCU is owned by members, not investors, its focus is on the financial health and wellbeing of its members.
When life’s unexpected expenses arise, you need a credit card with options. UKFCU credit cards offer low rates and absolutely no hidden costs. Even better—the interest you pay on any balance is invested in your credit union and returned to you through lower loan rates and additional services you can’t find anywhere else.
Benefits of a UKFCU Credit Card Include:
• Emergency cash if your card is stolen
• Extended warranty protection on purchase items
• Low credit card interest rates
• Travel insurance
UKFCU credit cards offer an attractive array of benefits designed to serve its members, including no annual fee, no balance transfer fee, emergency cash if your card is stolen and extended warranty protection on purchases.
The UKFCU Visa Platinum Card offers the following benefits:
• $500,000 travel and accident insurance
• Warranty Manager Service
• Rates as low as 9.24 percent, subject to credit qualification*
The Visa Signature Card carries the same benefits as the Platinum card, plus:
• CU Rewards Mall with 1 percent cash back option
• Auto rental collision damage waiver when your UKFCU card is used to pay for car rental
• Trip delay – $100/day up to $300 coverage
• Trip cancellation/interruption – $3,000 coverage
• Rates as low as 11.74 percent, subject to credit qualification*
Annual Percentage Rate. Rates are current as of 8.1.19 and subject to change. Membership eligibility required. Federally insured by NCUA.
UKFCU is committed to helping its members achieve and maintain financial security by offering a variety of products that meet members’ needs. “Our Visa credit cards are part of a total package that focuses on managing money, saving for the future, borrowing wisely, and understanding your finances,” said Carol Carr, UKFCU marketing manager.
Join UKFCU and find out what it’s like to partner with a financial institution that cares about you. Membership is easier than you might think. Visit UKFCU online at UKFCU.org; visit the UKFCU branch nearest you; or call (859) 264-4200 to learn more.