One of the issues that has many credit card users annoyed (or even downright angry) is the decision of Chase to raise the minimum payment requirement from 2% of the balance to 5% of the balance. If this had happened three years ago, it might not have been such a big deal. After all, a higher minimum payment means that you actually pay down your credit card faster, and pay less overall in interest. Unfortunately, raising the minimum payment like this in a time of recession means that already-stressed finances are becoming even more unmanageable.
As a result, many people are looking for a new credit card. However, deals are few and far between from the main credit card issuers and big banks. Instead, consider using a credit union for your next credit card. You may not get a rewards program, but at this poing, you might have more important considerations. Credit unions usually offer lower interest rates on credit cards and other more generous payment terms.
Of course, you have to meet membership requirements for credit unions, and you do need to be aware that you may need slightly better than average credit in order to get a low interest credit card. However, credit unions are more likely to be understanding and work with you. A credit union isn’t for everyone, but it can be a good choice in many cases.
