Troy Martens, Truliant’s vice president of consumer and real estate lending, recently wrote a post about the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 (went into effect February 22, 2010).
In the post he said,
“The CARD Act was designed to protect consumers; however advocates warn that despite the new protections, cardholders still need to exercise caution, read the fine print and continue to watch out for a new series of traps, fees and tricks.”
USA Today published a story about the Card Act titled “How to cope with new fees, rule changes on credit cards” and we’d like to share several tips they highlighted.
- Use your cards
- Maintain good credit
- Weigh rewards against annual fees
- Check out cards issued by credit unions.
For more details on each item, feel free to click here. We would like to elaborate on the last bullet that highlights credit unions. Here’s what the writer had to say about credit union’s credit card programs,
“Only 11% of cards issued by the largest credit unions (Editor note: Truliant does not charge an annual fee) charge an annual fee, vs. 16% of cards from major banks, according to a July 2009 survey by the Safe Credit Cards Project at The Pew Charitable Trusts. The median annual fee for credit union-issued cards was $15, vs. $50 for cards issued by the largest banks, the survey found.”
And if you recall from last week, we highlighted Suzy Orman’s (Well known financial advisor) segment on CBS Sunday morning where she told viewers why they should consider credit union’s credit card programs.
The bottom line is that there is a real advantage in having a credit card with a credit union like Truliant (a full service financial institution).
