NEW YORK–A new analysis is offering what it says are the best credit union credit cards.
CNBC has released its rankings by identifying four cards it says stand out among all credit union offerings.
“Credit unions often offer better terms because the financial institutions reinvest the profits they make from interest and account fees back into the products they offer, whereas traditional banks give their profits to shareholders,” CNBC said. “In order to open a credit union credit card, you’ll first need to meet membership eligibility requirements. The eligibility requirements differ across credit unions, but can include where you live or work or affiliation with certain groups, such as labor unions or schools.”
CNBC said that many of the CUs it previously ranked as the best credit unions — as well as those below — will also allow consumers to join if they donate a small fee to a participating organization. In some cases, the credit union will even pay that fee on consumers’ behalf, making membership free, the report added.
The news outlet said CNBC Select analyzed and compared credit cards offered by credit unions that are good for earning rewards and completing balance transfers.
The Card Quartet
According to CNBC, the best credit union credit cards are:
- Best for cash back: Alliant Cashback Visa Signature Credit Card
- Best for rewards: PenFed Platinum Rewards Visa Signature Card
- Best for balance transfers: Choice Rewards World Mastercard from First Tech Federal Credit Union
- Best for military members: Visa Signature Flagship Rewards Credit Card from Navy Federal Credit Union
The full report can be found here.