Member Newsletter

Extra Credit Has Its Rewards

Here it is: that whirlwind stretch between school ending and summer starting. There are so many activities to juggle, and on top of that, summer plans and vacations. You try to plan and pay for as much as you can, but sometimes you just need a little extra credit to finalize everything.

Credit cards are pre-approved, revolving lines of credit that can be used for purchases anywhere VISA is accepted. The limit and interest rate are based on your individual credit history. When payments are made on balances, the limit "revolves" back to its maximum.

Credit cards are a great way to improve your credit score, especially if you are just starting out. It must be managed responsibly, as late payments and fees can quickly get out of hand if not paid on time, which can negatively affect your credit score. They are also more secure for online purchases because they do not expose your everyday checking account to fraud. Finally, they give you time to pay for larger purchases, like furniture, appliances, etc., over time instead of all coming out of your checking account immediately.

Credit card interest rates are best when they are fixed (they do not go up and down each month), and limits can be increased with good payment history. Best of all, most credit cards come with a rewards program that lets you earn points with every purchase. It can be a win/win for your wallet. 

Take Advantage of Your Credit:

*Start by inquiring / applying for a credit card at your financial institution vs. offers in the mail. Interest rates are usually lower and fixed, with personal consideration factoring into the equation.

*When starting out, use the card 1-2 times a month and pay the balance on/before the due date (to avoid late fees). As you get more comfortable with managing payments, you can use more often.

*Pay more than the minimum payment to lower your balance. This can help when reporting to credit bureaus.

*Using a share-secure credit card allows you to borrow against money you have in your other account(s). This helps if you are trying to rebuild credit.

*Balances can be more than your purchase amount when you figure in interest and late fees, if applicable. Manage those add-ons by paying in full and on time.

*Set up auto-payments.

*Enroll for rewards program to earn points towards online purchases, gift cards or cash back towards balances.

*Monitor your credit score via online sources like Credit Sense to report fraud or discrepancies.

Pass Along the Good News

We know you know what it means to be a credit union member, but have you told everyone else? We think everyone should know what their credit union can do for them, and we want you to share the good news!

Credit unions are member-owned financial cooperatives modeled after European "People's Banks" (that's right, you OWN a share of GKCU!). They began in the early 1900s, when Alphonse Desjardins opened the first credit union in Quebec and then helped organizers Edward Filene and Pierre Jay, among others, establish credit unions in the U.S. in 1909. In 1921, Roy Bergengren helped create the Credit Union National Extension Bureau to regulate and oversee the credit union movement. In 1934, the Credit Union National Association (CUNA) was formed, and Congress passed the Credit Union Act, allowing credit unions throughout the country.

The member-owned model provides affordable financial services to working Americans, with a focus on the success of each individual member and benefiting the membership as a whole. We pass savings through lower loan rates, lower fees, and higher investment returns. Best of all, as an owner, each member gets a vote in the election of officers and charter changes affecting the credit union. Now, don't you know someone who could join and benefit too? 

Credit Union Advantages:

*Our Philosophy of "people helping people' allows us to focus on each individual member and their financial success.

*Membership is maintained with a minimum balance in a savings account (Share Account) to represent one share of ownership.

*GKCU is a community-chartered credit union serving anyone who lives, works, or goes to school in Georgetown & Williamsburg Counties. Other credit unions can serve specific work groups or industries.

*Credit Unions can be state or federally-chartered and regulated by the National Credit Union Administration (NCUA).

*Volunteers serve on credit union committees, including Board of Directors, elected annually by the membership.

*Internal and external audits help credit unions remain financially transparent. Federal Regulations must be followed to ensure fair membership, saving and lending practices.

*Credit Unions are community-focused with strong ties to community support and financial education.

Credit Card Conversion Complete!
New cards will be mailed during the month your current card expires.
*To manage activity, statements and payments, enroll your card via GKCU2GO Online -> Velera Credit Card tab -> Card Management icon.
*Enroll / Re-Enroll for CU Rewards at www.curewards.com. Points from previous statements have transferred over to new system. For instructions on both, click here.