Credit Card — GHS FCU (2024)

FAQs

Is it easier to get credit card from credit union? ›

Is It Easier to Get a Credit Card From a Credit Union? When you apply for a credit card through a credit union, you may expect the credit union to check your credit score. However, as a member with less-than-perfect credit, you might find it easier to qualify for a credit card through your credit union than a bank.

You can use a credit card for everyday purchases to build credit and to earn rewards for the spending you already do. But remember that you should only use a credit card for purchases you can afford to pay back and make on-time payments to avoid damaging your credit.

You'll make monthly payments over the course of the loan term until the full amount is paid. Upon satisfaction of the loan, the money will be released to you. As you make on-time monthly payments, you build credit because all payments are reported to the credit bureaus.

If you're wondering if you should use your credit card for everything (including day-to-day purchases), our simple answer is yes! Credit cards offer security, the opportunity to build your credit, rewards, and convenience.

Why it's one of the hardest credit cards to get: The hardest credit card to get is the American Express Centurion Card. Known simply as the “Black Card,” you need an invitation to get Amex Centurion.

It's a good idea to pay off your credit card balance in full whenever you're able. Carrying a monthly credit card balance can cost you in interest and increase your credit utilization rate, which is one factor used to calculate your credit scores.

While the term “deadbeat” generally carries a negative connotation, when it comes to the credit card industry, you should consider it a compliment. Card issuers refer to customers as deadbeats if they pay off their balance in full each month, avoiding interest charges and fees on their accounts.

If you regularly use your credit card to make purchases but repay it in full, your credit score will most likely be better than if you carry the balance month to month. Your credit utilization ratio is another important factor that affects your credit score.

FICO^® Scores are the most widely used credit scores. Each FICO^® Score is a three-digit number calculated from the data on your credit reports at the three major consumer reporting agencies—Experian, TransUnion and Equifax. Your FICO^® Scores predict how likely you are to pay back a credit obligation as agreed.

What credit score is needed for a credit union credit card? ›

You need a credit score of 700+ to get a credit card from most credit unions, though some credit unions have options available for people with bad credit or no credit history. There are credit union cards for every credit level, and some of the best credit union cards are only available to people with excellent credit.

Banks and credit unions want to learn about your financial past before establishing an account with you. They do this by running a bank history report on you. Like a credit check, this report highlights the consumer's financial behavior, but for bank accounts instead of credit cards.

A maxed-out credit card can lead to declined purchases, impact your credit scores and increase your monthly credit card payments. You can deal with a maxed-out card by doing things like paying down the balance on your card and establishing a budget to help keep spending in check.

They advise against using your credit card to pay for things like rent, gas, cash advances, medical bills, buying a car, and expensive events like weddings. While it can be tempting to put everything on your debit card for budgeting purposes, there are financially savvy reasons to swipe your credit card.

But an important factor you may be overlooking is how often you use your credit card. In fact, if you don't use your credit card often enough, your account could be closed. Though ideal credit card usage varies by issuer, it's recommended that you use your card at least once every three to six months.

While credit union credit cards might not have some of the added perks and rewards, they're definitely worth considering because of their super competitive rates, no annual fees, and better service.

You need a credit score of 700+ to get a credit card from most credit unions, though some credit unions have options available for people with bad credit or no credit history. There are credit union cards for every credit level, and some of the best credit union cards are only available to people with excellent credit.

Lower Interest Rates

Most credit union cards tend to have lower annual percentage rates (APRs) compared to cards issued by major banks. Banks don't have these limits. That means if you intend on carrying a balance on your credit cards, you could pay less in interest for a credit union card depending on your card's APR.

As long as you meet the membership requirements, a poor credit score typically won't be a dealbreaker when it comes to joining a credit union. Credit unions usually don't check your credit score when you open a checking or savings account.