Big Credit Card Companies Treating You Just Like Another Number?
Courtesy DATCU Credit Union, Denton County LIVING WELL Magazine
There are so many options when it comes to choosing a credit card. You owe it to yourself to find the one that best fits your needs. As we deal with our members, we frequently hear the phrase “I just felt like a number…no personal connection whatsoever.” This often references a myriad of financial issues, but frequently it relates to credit card service.
It’s a fact of life. We need a credit card for all types of purchases. Whether it’s making a purchase online or renting a car, it’s something you’ll want to have in your wallet. Most folks may not realize it, but local financial institutions, including credit unions, offer great options for credit cards. The best news is that you can get local, face-to-face service right in your neighborhood. In my book, that’s pretty special.
Not every credit card is right for everyone…that’s a given. Some things you should consider:
(a) Personal Service – consider a credit card from a local credit union or bank.
(b) Rates – Local credit cards often have low rates & special introductory offers.
(c) Balance Transfer Fees – Why not choose a card with NO fee?
(d) Annual Fees – Why pay to have a card? There are better options.
(e) Rewards – Consider a credit card with rewards including cash back.
(f) Finally – A Note of Caution: Do your homework!
Folks get bombarded all the time with offers that sound great––offers like 0% for six months, et cetera. My advice is to look at the small print. Know what you’re getting because some things aren’t always as they appear. Credit cards with airline miles, for instance, frequently have a higher interest rate. Many rewards card have a lower rate where you get cash back that can be used toward travel. My recommendation: put the pencil to the paper and you might just find that you save more with a rewards card. Cash back incentives used for travel can be terrific because you eliminate the dreaded blackout dates. It’s something you might want to consider.
Remember, there are many credit cards from giant companies, but to them, you’re probably not anyone special. When you deal with a local financial institution, you’re giving your business to your friends and neighbors, you’re supporting your community, and I can just about guarantee that you’ll get better service.
Wishing you a wonderful and joyous time as you enter the holiday season.
Dale Kimble, CEO of DATCU Credit Union, may be reached at 866-387-8585.