I've been looking on the internet the past 2 days and am seeing lot's of Credit Unions offering "Secured by Shares" Cards usually about 10-11%. This may be of interest to those who want a Card with low percentage rates. It also is a great alternative to some of the unethical banks like First Net and Providian. I also was very suprised to see that there are many C.U. that people can belong to through a non work affiliation such as church, or where they live, or other groups to belong to. One Arizona C.U. allows members of the local Zoo Society to join, cost is $25.00 to join the Society. A Florida one has a senior citizen association as eligible. a Calif. one offers members of a Polish support group membership. All 3 of these would allow anyone living anywhere to join these groups, and the C.U. Many community based and church C.U. are out there, offering memberships to any relative of a member even. Any relative of the C.U. can sponsor a Spouse, Parent, Child, or Grand Child. And all seem to have a philosophy of "Once a Member-Allways a Member" so even if your work dosen't offer a C.U. Membership look and search and you can find something to join to get the membership. And you can always presure a relative to join the C.U. and take you along!
RE: CREDIT UNIONS SECURED CARD The best thing about secured cards at credit unions is that you have some flexibility with your savings. Most offer some very competitive rates on share draft accounts, and you also have the option of choosing a CD or share certificate or an IRA account as your collateral. With some of the credit card banks, you have no idea where the hell your money is going, and many people don't seem to be able to get their money back once the card is unsecured or the account is closed.
