WASHINGTON (12/14/09 CUNA)–Credit unions offer better rates on credit cards, personal finance guru Suze Orman told Larry King on Larry King Live Thursday.
King asked Orman if credit unions are a better option for those interested in transferring their credit card balances to credit unions from a bank.
“Yes, yes, yes, yes,” Orman said. “Credit unions–especially ones that are federally chartered–the maximum interest rate they can charge you is 18%. Now, while that may sound like a very high interest rate, the truth of the matter is many of these banks today are charging 29.99% interest.”
“So here is what I am suggesting. I think the United States of America–all of you should start looking into credit union credit cards and do a balance transfer,” Orman said.
She suggested consumers visit creditcardconnection.org, a new site that offers information about financial institutions offering credit cards. Users can enter in their zip codes to find credit unions, Orman said.