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Credit Card Tips To Keep You From Serious Debt
Many people have credit cards but few understand how easy it is to fall into serious debt. Here are a few basic tips to keep in mind:
Credit cards are not free money. Most credit cards charge interest and/or a fee for letting you use their money. The average rate on a credit card is 18% and the average annual fee is $30. Reliance's VISA Gold rate is a fixed rate of 10.99% with no usage fees or annual fee.
Always pay more than the minimum monthly payment. If you owe $1,000 at 18% and you pay the minimum payment of $20, you will still owe $995. Three-quarters (3/4) of the minimum monthly payment is interest. Minimum payments will keep you in debt for years. At 18%, it will take you nearly 8 years to pay off $1,000 if you pay only the minimum.
Pay your bill on time. Mail your payment so that it arrives before the due date. Otherwise you could be hit with a penalty. Reliance offers automatic payments. You can schedule a re-occurring payment or pay your bill online.
Keep a clean credit record. Your credit report is a detailed, seven-year history of your credit applications, credit refusals, late payments, and much more. A late payment can reduce your credit score as much as 70 points. Employers, landlords, lenders, mortgage companies, insurance companies, the IRS, and anyone with a legitimate business reason can check your credit report.
Don't hide if you fall behind on your payments. If you become sick, lose your job, or have some compelling reason for not paying your bills on time, call each creditor and tell them what is happening. They will work with you if you keep them informed. Reliance will help you with special payment arrangements to keep your credit report clean.
Reliance FCU offers you all of the convenience of a VISA Credit Card without all the expense.
We offer the options to meet your Credit Card needs. Either VISA Classic or VISA Platinum gets you respect when you present your Reliance FCU VISA Cards. Click here to apply.
This is our basic card that offers credit limits beginning at $500. This is a great card for individuals who are interested in, or only qualify for, a smaller credit limit.
VISA Platinum10.9% on Purchases
Our VISA Platinum card offers a lower interest rate. Credit Limits are available from $5,000. This is a great card for individuals who usually purchase larger items.
This card is great for members who are just beginning to establish credit or have had past credit problems. The limit is determined by the amount of deposits pledged. Apply today.
It's easy to transfer the balance from more expensive credit cards or charge accounts to your Reliance FCU VISA card. Simply fax (610-783-6921) or e-mail a request for the transfer along with the credit card statements. Unlike other cards, there are no transfer fees charged by your credit union. Now is the perfect time to transfer those high card balances for 4.99%. This balance will stay at 4.99% until it is paid in full.
You can make automatic payments on your RFCU VISA bill.
Credit Card Specials
Through the year, we run special interest rate promotions, skip-a-payment programs, and much more. Apply today.
Credit Limit Increase
Contact us to increase your credit limit.
To report a lost or stolen VISA Credit Card call 800-847-2911.
What's Your Password?
Introducing Verified by VISA
Same card, added safety online .
Take the VISA card you already use, add a new password to confirm online purchases, and you've got Verified by VISA. It's the new service that helps ensure that only you can use your VISA card online. VISA always protects you against unauthorized purchases. But with Verified by VISA, you can help prevent unauthorized purchases before they even happen.
Here's how it works
Verified by VISA is a new service that protects the VISA credit or debit card that you already have. So once you activate Verified by VISA:
1. At participating online stores, your card will be automatically recognized as protected by Verified by VISA.
2. Your password will be verified.
3. The transaction will be completed as usual.
Security that's linked to your card, not your computer
With Verified by VISA you can use your card to shop with added safety from any computer that has Internet access.
Create your own password today at www.VISA.com/verified
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