Another way to fight back against credit card companies predatory practices is to take your business to a credit union.  Credit unions actually perform a very valuable service, not only for their members, but they actually have an impact on the traditional credit card issuing banks who are somewhat "forced" to  be more competitive because of the more reasonable rates charged by credit unions.

Credit cards issued by credit unions are typically at a much lower interest rate.  Credit unions are chartered by its members to serve its constituency, and charge a fair rate of interest.  They have to be wise in the way they handle their member's money, and they must control risk, but they don't pursue deliberate policies of predatory pricing. Why would they?  They exist to serve their members, not exploit them. 

A credit union's charter must stiplulate its "field of membership," which could be an employer, church, school, or community. Anyone working for an employer that sponsors a credit union, for example, is able to join that credit union.

If you don't belong to a credit union, there are a variety of ways you can locate a credit union:  You can start by asking your boss, because your company may sponsor a CU or have access to a CU.  Or check with your family.  Most CUs allow family members of existing members to join. Sometimes this even goes as far as aunts, uncles, cousins, etc.  Check with people who live near you because some credit unions are chartered to serve a geographical area, and you may be eligible.  Finally, you may also call The Credit Union National Association at (800) 358-5710. By calling this number you can be referred to a credit union league in your state who can inform you of the options you have.

Bottom Line:  Credit Unions are leagues ahead of the traditonal credit card issuing banks.  Find a great credit union that you can join and let us know how your experience at a credit union compares to other issuing banks.

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