Union Bank Business Secured Visa Credit Card* Vs Bank Of America Business Advantage Unlimited Cash Rewards Secured Credit Card*
The Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* requires a minimum $1,000 deposit but earns 1.5% cash back on all purchases and has an annual fee of $0. The card also delivers a suitcase of travel benefits, including $100,000 in travel accident insurance, an auto rental collision damage waiver, emergency ticket replacement, lost-luggage assistance and medical referrals on the road and really packs it in with purchase protection against loss, damage theft or fire as well as extended warranty coverage.
With its lack of an annual fee alone, the Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* is a better choice than the Union Bank Business Secured Visa. It matches both the collision damage waiver and $0 fraud liability benefits, provides a pile of other benefits and offers rewards better than many unsecured cards. We understand credit cards dont have legs, but if they did the Union Bank Business Secured Visa still wouldnt have one to stand on in this match up.
Disadvantages Of Using A Credit Union
1. Fewer Financial Products: Many credit unions have expanded their financial service offerings in recent times by partnering with other service providers. For example, many of them now offer wealth management services using robo-advisors and online trading for self-directed investors.
That said, not all credit unions offer all the basic services you may be looking for.
2. Limited Locations: The Big Five Banks have branches all over the country. Credit unions generally have fewer branches and they may be limited to an area.
On the ATM side of things, credit unions with access to thousands of ding-free ATMs across Canada compete favourably with their big bank counterparts.
3. Technology Deficiencies: Big banks have more money to spend on their websites and their apps are more user-friendly and may be compatible with other personal finance software.
Best For Low Interest Credit Cards: First Tech Federal Credit Union
How to join: The simplest path to First Tech membership is to join the Community History Museum or Financial Fitness Association . The first year’s membership fee for the CHM or FFA is paid by First Tech, and you can cancel the membership after opening an account with no impact on your First Tech membership.
Other ways to become a member include:
- Employee or retiree of partner company or the State of Oregon
- Work or live in Lane County, Oregon
- Student at Cogswell Poly Technical College
- Family or household relationship with a current member
- Member of a partner club or association
Locations: First Tech has 39 branches in eight states and Puerto Rico and is based in San Jose, California. Like CCU, First Tech is also part of the CU Service Centers® Network, which provides access to over 5,000 and 30,000 co-op ATMs, primarily located in the U.S.
Mobile and online features: FTFCU offers online and mobile bill pay, the ability to transfer money, integration with Zelle and mobile check deposit.
Noteworthy financial products: First Tech has some of the best low interest credit cards around. The Platinum Mastercard® from First Tech Federal Credit Union offers a low 7.74% to 18.00% variable APR while the Choice Rewards World Mastercard® from First Tech Federal Credit Union similarly offers a 9.75% – 18.00% variable APR.
First Tech also offers a variety of checking and savings accounts, IRAs, mortgages, personal, auto and student refinance loans and more.
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Potential Risk To Other Accounts
Many credit unions include clauses in their credit card terms that allow the credit union to access funds in your credit union checking or savings accounts were you to default on your credit card. This is called a security interest, and its a lot like collateral on a loan or a deposit on a secured credit card. Credit cards with this feature must include prominent disclosures in their terms, as required by law. Review the card agreement before you apply and decide whether you are comfortable with this arrangement.
Otherwise, credit union credit cards are just like other credit cards. You can use them for purchases, balance transfers, and cash advances . Youll have to make at least the minimum monthly payment on your balance to keep your account in good standing. Most credit unions will report your account history to the credit bureaus, which is an extra incentive for making your payments on time.
Is The Money In Credit Union Accounts Safe
Yes. Like the Federal Deposit Insurance Corp., which handles banks, the National Credit Union Administration insures customers deposits in case a credit union fails. All federally chartered credit unions must carry NCUA insurance. It covers credit union members deposit accounts: checking, savings, and money market accounts, as well as share certificates. The NCUA insures up to $250,000 per depositor, per institution, per ownership category. Ownership category refers to account types such as single or joint .
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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Should I Join A Credit Union
When you are looking for no- or low-fee banking options, competitive rates on loans and mortgages, and higher savings rates, remember to check out the credit union in your area as well.
There are over 400 credit unions and Caisse Populaires to choose from in Canada. Sometimes, the best deals are offered by big banks, many times they are not.
Look at the products they offer, check their fees, ensure they are part of the surcharge-free ATM networks, compare their rates, and ensure they offer various ways to do your banking .
Make your ultimate choice based on whats best for your financial needs.
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Best Credit Union Credit Cards Of 2022
Brittney is a Credit Strategist and Finance Expert who has spent years honing her knowledge of the credit industry both personally and professionally. Brittney applies her more than a decade of research experience to crafting in-depth consumer guides designed to help CardRates readers make better, more informed financial decisions.
Edited by: Lillian Guevara-Castro
Lillian brings more than 30 years of editing and journalism experience. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct instructor at the University of Florida. Today, she edits all CardRates content for clarity, accuracy, and reader engagement.
With less than one-third of consumers saying they trust their financial services institution, its not surprising that an increasing number of people are migrating from big banks to local credit unions for their banking needs.
And its easy to see why. The differences between banks and credit unions are many, starting with the very core of their missions: Banks are focused on earning profits credit unions are focused on their members.
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Is It Better To Get A Credit Card Through Your Bank
Getting a credit card through your bank might be better than getting one through a credit union in some scenarios:
- Qualifying for a card might be easier if youve maintained a good relationship with your bank over time.
- You get a lower APR through your banks credit card.
- The card from your bank comes with an introductory APR offer on purchases and/or balance transfers.
- Your banks card is offering a sizable introductory bonus.
- You need a co-branded airline or hotel travel rewards card that only your bank provides.
- Your bank offers a rewards card with high reward rates across category-based spending.
- Your bank has a card with useful additional features that you cannot find in a card from your credit union.
- You’re unable to find a credit union of which you may become a member.
Developing a relationship with a credit union can save money on all of your banking needs. Most credit unions are nonprofits and typically offer lower rates and fees than for-profit banks. — Lee Huffman, credit card expert at BaldThoughts.com
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Platinum Mastercard From Tfcu
The Platinum Mastercard from TFCU doesnt have a rewards program, but it does offer a low-interest APR for six billing cycles at 6.90% on balance transfers. After that, the APR will rise to 9.15% to 17.90% variable which is still quite low depending on your creditworthiness.
How to qualify: It seems you only qualify if you live, work or worship in El Paso County in Texas.
Cash Rewards Visa Signature Credit Card From Affinity Federal Credit Union
Bookworms and families will love this unusual cash back card. It earns quite high rewards 5% cash back on bookstores and Amazon and 2% cash back at supermarkets, restaurants and gas stations. It also earns 2% cash back on watch, listen and ride services like Netflix, Spotify and Uber, plus 1% all other purchases.
In addition, the Cash Rewards Visa Signature offers a generous $200 cash bonus if you charge $3,000 within the first 90 days. All these benefits are available to you at no annual fee, and its regular APR is relatively low at 12.75% to 15.75% variable.
How to qualify: You may join if youre also a part of more than 2,000 business, associations and clubs they partner with. If not, you may donate $5 to the New Jersey Coalition for Financial Education or to the Connecticut Jump$tart Coalition.
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Why Choose Unionbank Gold Mastercard
If travel isnt your cup of tea and youd rather save money, you can choose the UnionBank Gold Mastercard. Starting July 1, 2021, this credit card will earn you 1% cashback on all purchases. It may not be a lot, but the fact that this cashback applies to any spend category means your cashback will eventually pile up to more savings.
And if thats not enough, how about a welcome gift? Because if you apply and get approved for the UnionBank Gold Mastercard, youll receive a free Lazada voucher worth PHP 500. Because what better way to start spending using your newly-minted credit card than a generous online shopping voucher?
Convinced? Heres a quick rundown of UnionBank Gold Mastercards key features.
Best Small Bank And Credit Union Credit Cards Of July 2022
Cash back, bonuses and the personal attention and customer service you might not get from large banks. CardRatings editors compare the best small bank and credit union credit cards. Christina Majaski, CardRatings Contributor Last Updated, July 6, 2022
Theres no shortage of big banks out there that hire celebrities to sing the praises of flashy credit cards loaded with perks and features. But what if you prefer banks that are smaller, more personal and less flashy ? In that case, its time to look at credit unions and smaller regional banks when you start researching your next credit card.
Heres the thing: These cards from credit unions and small banks dont get the same press or buzz that cards from larger issuers do but, in many cases, they offer rewards and perks that are similar or even better. Plus, you get the benefit of more personalized customer service, easier access and, if this is your thing, the knowledge that youre supporting a small organization rather than a Main Street giant.
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Alliant: Best Credit Union For Checking And Savings
Checking and savings options: Alliant CreditUnion’s High-Rate Checking earns 0.25% annual percentage yield if you receive e-statements and have at least one electronic deposit a month. There are no minimum balances or monthly fees. And High-Rate Savings earns 1.20% APY on balances of $100 or more. There are no monthly fees if you opt for e-statements.
Eligibility, branches and ATM access: Alliant members have access to over 80,000 fee-free ATMs across the country. People who live or work nearby its headquarters in Chicago are eligible to join, as well as those who agree to support Foster Care to Success and have Alliant make a $5 donation on their behalf among other ways of qualifying.
» To see how other banks’ rates compare, check out NerdWallet’s best savings accounts
Can I Lose My Cash Back Rewards
If you return an item you purchased, rewards may be deducted from your account. Some other ways you can lose access to rewards, whether temporarily or permanently, include
- Closing your credit card before claiming or using the rewards
- Allowing the rewards to expire
- Breaking the rules of the rewards program
- Missing a credit card payment
- The card issuer changing the rewards offer
Generally, its a good idea to keep track of your rewards and redeem them shortly after youve reached the minimum redemption threshold. That way, you wont forget about them. Some card issuers may enable email or text alerts to help you remember when your rewards are about to expire.
About the author:
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How We Picked These Cards
We started by narrowing down our list to only cash back credit cards, which offer rewards that can be redeemed for statement credits, bank deposits or paper checks.
Then, we looked through the list to determine the different types of cash back they offer.
Once we picked the categories, we looked for the cash back cards with the best features to see what exceptional offers and perks they have.
Overdraft Protection For Union Bank Deposit Accountholders
If you have a checking account with Union Bank, you can use your Union Bank Secured Visa Card protect against overdrafts.
To get started, opt into Union Banks overdraft protection service. Once youre enrolled, transactions that would result in negative account balances or fail due to insufficient funds instead trigger automatic cash advances from your Union Bank Secured Visa Cards cash advance credit line. These advances occur at the end of the business day on which the offending transactions take place and allow those transactions to go through as intended. Each transfer costs $10. Only one daily $10 fee is charged on days when multiple transfers occur.
Some caution is in order here: since overdraft protection transfers start accruing interest at the cash advance interest rate as soon as theyre executed, its in your best interest to pay them off as quickly as possible. Also, keep in mind that your cards cash advance credit line is lower than your credit limit for purchases, and you cant borrow more than your collateral account deposit in any case. As such, the overdraft protection program may not be sufficient for very large purchases.
Accounts Offered By Credit Unions In Canada
- Chequing accounts
- Insurance, financial advice and planning services
- Investment accounts many credit unions offer mutual funds through Credentials Asset Management and online brokerage services through Qtrade
Credit union customers have access to thousands of free ATMs across Canada through The EXCHANGE Network. Check the back of your card for the EXCHANGE logo to see whether your credit union is a member.
You may also have access to some ATMs in the U.S. via the ACCEL Network. This network of ding-free ATMs is bigger than most banks have to offer.
What Is The Easiest Credit Union To Join
Various credit unions across the country give you easy means to become members. For example, you may become an Alliant Credit Union member if you join Foster Care to Success, a nonprofit organization, and Alliant covers your $5 joining fee. To become a member of the Affinity Plus Federal Credit Union, you need to make a one-time $25 donation to the Affinity Plus Foundation. Other credit unions that let you become members relatively easily include Connexus Credit Union, Air Force Federal Credit Union, Blue Federal Credit Union, Consumers Credit Union, Expedition Credit Union, Latino Credit Union, NASA Federal Credit Union and PenFed Credit Union.
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Do I Really Need A Credit Union Secured Credit Card
While credit union secured credit cards can be smart picks, you dont always have to jump through the hoops to get them. Consider these factors before applying for a card:
- Do you plan on paying your balance in full each month?If so, it wont matter if you get a lower APR from a credit union secured card, as you wont be charged interest anyway. Paying your balance in full each billing cycle is a good habit to start while youre building credit.
- Are you comfortable with getting a credit card from a bank?If so, there are several excellent bank-issued secured cards. If youd rather not be a customer of a bank, then you have a clear reason for getting a secured card from a credit union.
- Do you think youll have trouble getting approved for a bank-issued secured card?Credit unions often give more lenient approval requirements to their members. However, approval is never guaranteed, so carefully consider your finances and credit score before applying.
Customer Service Will Likely Be Excellent
One of the biggest advantages of credit unions is their focus on customers experiences.
This means you will typically receive excellent customer service and much more flexibility in terms of payments, because credit unions aim to support their customers and help them maintain financial stability.
This, too, often translates to better, local customer service.
I was pleasantly surprised when I got my union credit card and received a call from the unions customer service. It was a representative who had emailed me earlier letting me know she would be my point of contact in case of any questions. When she called, she asked me how my experience with the card was and whether I needed any help setting things up.
I have cards from some major issuers known for their great customer service, yet none of them were able to offer me this level of attention or a designated person I could contact.
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