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News Article by MoneyTips Staff appearing on theweek.com - January 15, 2017

Do you prefer not to do business with banks, even when it comes to your credit card accounts? Your local credit union may be able to help with a credit card that fits your needs perfectly.

Credit union credit cards operate in the same way as those provided by banks. Since credit unions are not-for-profit institutions owned by their members and are not under investor pressure to produce profits as with banks, their credit cards often have advantages over those provided by banks. Here are just a few of these advantages:

Lower APRs — Typically, credit unions have lower interest rates than banks because they can focus on pouring profits back into their operations and passing reduced rates on to customers. Over time, studies by Pew Research have consistently shown that credit unions on average offer lower APRs than corresponding bank cards, and more recent data from Informa Research Services and the Credit Union National Association (CUNA) backs that up. Penalty APRs, where they exist at all, are also generally lower for credit union cards.

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