If you have watched the news recently, you may have seen the announcement that the President would like to cap credit card interest rates at 10% APR*. While as a general rule, we are not big fans of government overregulation, we do appreciate the intent behind this announcement. We agree that institutions or stores charging rates of 20% APR*, 25% APR* or even over 30% APR* is outrageous, but that has never been the case at GECU. And it’s one more reason that you should value your membership (and convince others to join to share in the benefits).
Here’s a couple of quick facts about our credit card program.
- Our lowest rate is 8.99% APR*, and our highest rate is 15.90% APR*
- 60% of our credit card holders enjoy a rate of 8.99% APR* or even lower, due to our annual promotions (4.90% APR* balance transfers, 3.90% APR* on holiday purchases, etc).
- 95% enjoy a rate of 11.75% APR* or lower!
- Less than 5% our balances are at our highest rate of 15.90% APR* (and that rate is far lower than most banks and store cards).
On top of this we don’t charge an annual fee, or over the limit fee. Plus, you can make your payments here at the CU, through online or mobile banking, or whatever is convenient for you. If you have an issue, whether it’s fraud or needing to place a travel alert on your card, you can also call us – no call center, no waiting on hold, just the personal, friendly service you’ve come to expect from GECU.
So while we are not in favor of capping interest rates on cards, at least not at 10% APR*, it’s because we already offer extraordinary value and lower rates than most institutions. Just one more way membership pays!
*APR= Annual Percentage Rate. The rate received is based on personal credit rating.
.svg?sfvrsn=68635efe_3){kind=icon}
