From the Blog

Take a Minute to Think About Your Credit Cards Terms

Posted by Jesus Flores, Oct 29 2023

Today our guest blogger is our own Jesus Flores! A Loan Officer for the past 7 years, Jesus is well-known at the credit union for his commitment to member success. Previously he worked for 2 years as a Financial Counselor at Restoration Plaza.

During periods when the U.S economy experiences volatility, individuals might look to their financial institution for short-term assistance in the form of loans and/or credit cards to help ease the burden of everyday obligations. How do you make sure that what should be a help doesn’t become a further burden?

During my time as a financial counselor for the Financial Empowerment Center of NYC, I used to advise clients to use credit cards to cover expenses during periods of time when they were experiencing financial difficulties. I stressed the need to make sure that they were offered an affordable interest rate. This is a lot harder to do this year since interest rates have been skyrocketing.

Current credit card rates range from 17.24% to 30.74%. For the average U.S consumer with a FICO credit score of 698, the best offer would result in 19.99% APR. Those with lower scores would receive higher rates. This is where community credit unions such as Brooklyn Coop FCU can offer better options.

Brooklyn Coop has always offered competitive credit card rates as compared to commercial banks. Our current rate of 17.74% APR is standard for all our credit cardholders regardless of credit score. Also, we don’t penalize our cardholder with a penalty APR if a payment is missed. Cardholders can rest assured that they will not be burdened with high rates.

Aside from having the second lowest APR in the market, Brooklyn Coop is the only card that allows members to take 50% of their credit limit as a CASH ADVANCE compared to the commercial banks that only offer 30%. Furthermore there is no fee for cash advance and the APR is the same as the purchase APR of 17.74%.

For cardholders interested in points, we offer a robust reward system. Points can be redeemed for shares of several Fortune 500 companies allowing members to increase asset wealth for future generations. Or, in keeping with Brooklyn Coop’s mission to serve the underserved , cardholders can donate to local charities using accumulated points. Shopping locally not only helps suppor local businesses but also our cardholders can earn x2 or even x5 the points. Last, and most significant for those with difficulties receiving secure US Postal mail, Brooklyn Coop is one of the few financial institutions that offer instant issue – as of this month, new or existing cardholders can come to their local branch to pick up a new credit card.

With all these considerations, Brooklyn Coop’s credit card provides members with an array of impressive advantages for our members. Affordable products like this make it an honor and privilege to work for an institution with a community driven mission.