UnBankingUnBelievable

Credit card debt can be a frustrating battle, but there are a ton of options to help you out.

Experts offer advice like Dave’s Ramsey and his debt snowball while others recommend debt consolidation. A great way to get rid of your debt a little faster is transferring your credit card balance to a card with a better interest rate. It’s pretty amazing how much dropping the interest rate can help reduce your debt.

It’s also pretty amazing that your credit union happens to be offering an unbelievable credit card interest rate right now! You can transfer a balance from another card to the NWGACU Visa Platinum for 5.9% APR on the transferred balance for 12 months. And there is NO balance transfer fee. You can even transfer more than one balance if you need to!

It really is an unbelievable card.

And if you already have the NWGACU Visa Platinum Card, you are earning DOUBLE POINTS right now on everyday purchases like gas, groceries, drug stores, discount stores, and warehouse stores from February 1 to April 30! That’s 2 points for every dollar you spend.

And the points can get you some pretty sweet rewards – like travel and gift cards.

Be sure you’re getting the best deal you can on your credit cards – it’s a great way to cut back and save!

This coming February will bring a lot of changes to the credit card market and if you have a credit card, these changes could be great for you.

Here are a few of the new rules that will be effective in February 2010:

• Interest rate hikes on existing balances will be allowed only under limited conditions. 
•  Significant changes in terms on accounts cannot occur without 45 days’ advance notice of the change.
• Payments will be due at least 21 days after they are mailed or delivered. Consumers have complained about due dates that change without notice, giving them less time to pay their bills and increasing the likelihood of late fees.
• When consumers have accounts that carry different interest rates for different types of purchases (i.e., cash advances, regular purchases, balance transfers or ATM withdrawals), payments in excess of the minimum amount due must go to balances with higher interest rates first.
• Consumers must “opt in” to be able to spend more than the allowed limit and therefore be charged over-limit fees.
• No one under 21 can have a card unless a parent, legal guardian or spouse is the primary cardholder.

These new rules are great and they will protect consumers, but one of the unintended consequences is that credit card companies must look for new ways to increase their income.

Right now credit card companies are increasing rates, adding new fees, increasing fees, and increasing minimum payments to squeeze as much money out of their customers as they can in the next few months. 

If you have a credit card with a bank or credit card company, be watchful of the fine print over the next few months.

And while we’re being honest about all of this credit card stuff, I should let you know that Northwest Georgia Credit Union will not need to make any changes to our VISA® Platinum credit card!  

Since our credit card process is already consumer-friendly and will NOT be changing, we have no need to seek extra income by nickel and diming our members!

Read more here.