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generally offering lower interest rates, lower penalty charges, and reduced fees, a Pew Health Group study has found.
A credit union card also had the lowest annual percentage rate (APR) of any in the survey, with one credit union advertising a 9.99% rate. The lowest bank-offered rate came in three points higher, totaling 12.99% APR.
The study also found that credit unions had lower cash-advance charges when compared with banks, totaling as low as 10.9% at one credit union. The lowest bank cash advance rate was 24%.
While the number of banks that charged a yearly account fee increased by 7 percentage points over last year, the percentage of credit unions charging fees held steady at 14%. The average fee charged by those credit unions totaled $25, which was nearly half of the $59 fee charged by banks.
The Pew study, and the great credit union rates, have received widespread coverage on MSNbc.com, TIME.com, the Associated Press, Fox News and other outlets.