How to Choose the Right Credit Card for You

Rewards credit cards, low interest rate credit cards, secured credit cards—there are a lot of options out there, but knowing which one will benefit you and your finances the best can be tricky. The financial experts at BHCU are here to help you choose the credit card that’s right for you, so you can get on the road towards financial independence.

Determine Your Wants and Needs

When it comes to choosing the right credit card for your lifestyle and financial goals, it is important to be honest with yourself. Here are some things to ask yourself to ensure you pick the best credit card for you:

  • What will you mainly be using it for? (e.g. groceries, gas, dining out, etc.)
  • How sturdy is your financial independence? (e.g. Are you able to make payments on time, or do you need a card that waives late fees?)
  • Which benefits will you use the most? (e.g. cashing in cash back perks, accumulating airline miles or hotel points that you’ll use to book a trip, etc.)

Once you’ve determined which features mean the most to you, as well as what is realistic, it’s time to apply for the credit card that best suits you!

Opt For a Card That’s Equipped With NO Balance Transfer Fees

Ohh the beauty of being able to transfer your credit card balances without a fee. If you’ve never had a credit card that is equipped with this feature, getting one that allows you to do so is a perk worth having. Let’s say you have a credit card that has a high interest rate, but you’re top priority right now is to gain more financial independence. Rather than paying your minimum payment plus the high interest rate fee, you may want to consider applying for a credit card that has no balance transfer fees and a low interest rate. This way, you can transfer your balance from your card with the high interest rate fee to this new card, helping you pay off your credit card balance faster.

Choose a Card That Does Not Have Annual Fees

Annual fees on credit cards may be common, but they don’t have to be! Typically found with rewards, premium and secured credit cards, annual fees can range in price and they only benefit the credit card company. The fact is, annual fees aren’t necessary, which is why it’s best to search for a credit card that has no annual fees, regardless of whether it’s a rewards credit card or not!

Find a Card That Has It All

With BHCU’s iSAVE credit card, you CAN have it all! You’ll enjoy the perk of 1% cash back on all purchases every month deposited right into your iSAVE Savings account, helping you to SAVE even if you have to spend. You can even transfer those high interest balances to your new iSAVE credit card without a balance transfer fee making this choice a no-brainer, not to mention NO annual fee, EVER!

Are you ready to stop struggling to pay your credit card bill down and ready to start improving your financial independence? The team at BHCU is always here to help you choose the best credit card for you and answer any questions you may have about steps you can take to improve your financial status. Contact us today!

BHCU Kids Foundation Hope For Children Fund

Hope for Children FoundationHELPING DELCO CHILDREN RECOVER FROM ABUSE AND NEGLECT

The BHCU Kids Foundation Hope For Children Fund assists with providing direct services to the most vulnerable residents of Delaware County, our children.

Did You Know…
• 1,402 reports of child abuse in Delco in 2018¹
• 2 abuse fatalities, 4 abuse near fatalities in Delco in 2018¹
• 18,670 Delco kids are hungry²
• 14% of Delco kids live in poverty³

Our goal for the Hope For Children Fund is to provide hope to those children who need it most –
the children who have been impacted by abuse or neglect in our community.

BHCU Kids Foundation HFC funding parameters…
Abuse: physical, sexual, and/or psychological maltreatment
Neglect: deficit in meeting a child’s basic needs, including failure
to provide adequate health care, supervision, clothing, nutrition,
housing as well as their physical, emotional, social, educational
and safety needs

¹ 2018 Annual Report PA Department of Health Child Protective Services
² State of Hunger Pennsylvania
³ Countyhealthrankings.org

In collaboration withThe Community's Foundation

Four Tips (and Tons of Tricks) for Sticking to Your Budget

Sticking to your budget

October is Financial Planning Month! Whether you need to improve your financial planning so your savings account starts to grow or you’re tired of living in debt, BHCU in Delaware County, PA is here to help you reach all of your financial goals. This month is the perfect time to start sticking to your budget—which will help you achieve your financial independence—so to celebrate Financial Planning Month, the experts at BHCU are here with plenty of tips and tricks to help you stick to your budget.

First Thing’s First—Set a Budget

Before you can stick to a budget, you have to create one, and it should list every single item you spend money on every month—no leaving anything off! You can do this either by writing it down in a notebook or creating a spreadsheet on your laptop. Your budget should include:

  • Credit card payments
  • Loans
  • Mortgage/rent
  • Utility bills
  • Internet bill
  • Cable bill
  • Car bills (monthly loan payment, car insurance, gas)
  • Food
  • Gym fees
  • Extras (i.e. coffee, dining out, bus/train tickets, Uber/Lyft costs, fitness classes, grooming appointments)

Basically, if you find yourself paying for something every month, it should go in your budget.

Once this is set, look at your pay stub and figure out how much you’re actually making on pay day—this way, your income won’t include the money you get taken out for taxes, health insurance or dental insurance.

Cut Costs Where You Can

If you’re finding that your monthly bills are exceeding your actual income, then it’s time to look at your budget and figure out where you can save money. Here are some money-saving tips that will help you save money and make sticking to your budget easier:

  • Make a food shopping list: This should be done before your go to the store so you can plan out which essentials you need—no straying from the list once you’re in the store, and definitely don’t go when you’re hungry!
  • Skip the barista-made coffees: Whether you buy a coffee every day or every now and then throughout the month, they add up. Take this out of your budget completely and make your coffee at home instead.
  • Pack lunch, save money: It’s hard to resist the urge of buying lunch when all of your coworkers are doing it, but everyone’s financial situation is different. If buying lunch multiple times is draining your checking account, then it’s time to get in touch with your inner chef and pack your lunch everyday instead.
  • Become a savvier diner: Going out to eat is always fun, but the cost can add up quickly. Try to keep dining out to a minimum, and when you do go out, do your best to take advantage of appetizers and happy hour deals.

Make Life Easier By Going Automatic

No matter how many monthly bills you may need to pay, remembering to pay them can be a pain. To take the stress out of this step, set some time aside one day, login to each of one of your accounts and set your account settings to Autopay. Once this is done, you may want to consider adding each due date to your budget; this will make tracking your budget throughout the month easier, and will help you to quickly figure out how to reallocate funds during a month where things may be tighter.

Opt for a More Budget-Friendly Credit Card

Although paying down your credit card debt is always a great goal, having no credit card just isn’t realistic in the 21st century—not only do they help build your credit score, but they’re also important to have on hand for any emergency that may come your way. When looking for a credit card, choose one that has NO balance transfer fees, gives you cash back perks and has a low rate.

Get one step closer to making it easier to stick to your budget—visit a BHCU branch today! Thanks to our multiple savings and checking programs, our experts will help get you the financial independence you deserve. Plus, our new iSAVE credit card from BHCU will never charge you a balance transfer fee, you’ll get 1% iSAVE Cash Back on purchases deposited monthly into your iSAVE Savings account and you’ll enjoy a low rate of 9.74% Annual Percentage Rate, making this a credit card that will help your budget rather than hurt it. Contact us today!

uSAVE, weSAVE, We All Scream for iSAVE: Here’s How to Become a Saver With iSAVE

iSave

Saving money—most of us know we should do it, but not everyone knows the best way to do it. Whether you are looking to save for retirement, a vacation home or education, the iSAVE program at BHCU in Delaware County, PA will help you achieve your savings goals. Here’s a breakdown of what a SAVER is and how to open an iSAVE account so you can become one too:

A Savings Account Designed for Your Savings Goals

You may already know that when you want to save money, you need to open a savings account, but not all savings accounts are created equal. With our iSAVE Savings program, you don’t just get a savings account—you get a high-yield savings account that is driven by a “pay yourself first” belief. This means that the benefits that you get from an iSAVE Savings account, such as a high-interest rate, no fees and no fixed terms, will help you reach your saving goals. Not to mention when you pair your iSAVE Savings account with an active iSAVE Checking account, your iSAVE Savings account receives an extra bonus!

What It Means to Be a SAVER

We live in a world where spending money is way too easy, so saving is that much more difficult—you can see a million things you want just by scrolling through social media—but being a SAVER means being disciplined. If you want to be a SAVER, you need to have the discipline to resist the urge to spend money when you don’t have the money to spend. Another thing that makes a SAVER is sticking to a budget, regardless of all the buying temptations that are constantly in front of us and prioritizing your financial needs.

Every SAVER is Different—That’s Why iSAVE is Different

Here at BHCU, we understand that each SAVER is focused on achieving their personal savings goals—we also understand that each SAVER has a different situation, and because of this, they will save at a different rate. In order to help our SAVERs save how and when they want to, iSAVE is designed with no fees and no minimums.

How Do I Become a SAVER? We’re Glad You Asked!

When you’re ready to get one step closer to becoming a SAVER, open an iSAVE account today! If you want to maximize your saving power, then you’re also going to want to open a bank account online that provides you with high-yield savings.

Ready to start saving money and become a SAVER? Open an iSAVE account at BHCU in Delaware County, PA today! Sign up online, visit one of our locations or contact us for assistance with setting up your account.

3 Reasons Why You Should Get a Mortgage Through a Credit Union

 

When it comes time for you to apply for a mortgage loan, you have your choices: big banks, mortgage brokers, credit unions, etc. But when it comes to receiving the best mortgage rates, lower fees, and an easier application process, you only have one choice, and that’s to get your mortgage through a credit union. The loan experts at BHCU have come up with three reasons why you should get your mortgage through a credit union: 

Nonprofit Model = More Savings for Members

Unlike banks, credit unions are nonprofit. Because of this, credit unions put the money they make back into their institution to be able to best serve their members—one way they do this is by offering the best mortgage rates. From lower loan rates to lower fees, when you get a mortgage loan through a credit union, you’ll enjoy more savings.

Qualification Requirements are < at Credit Unions

Well, they may not be less, but they certainly are more flexible when compared to banks. For instance, when you apply for a mortgage loan at a credit union, the credit score and down payment requirements are typically lower than at big banks. Additionally, credit union members may also be able to enjoy a higher debt-to-income ratio requirement, making it easier for them to be able to be approved for a larger loan.

Customer Relationships are > Than Selling Loans to Others

Mortgage loans are often sold by banks to different lenders to make more profits, but because the main goal of credit unions is to best serve its members, they’re much less likely to do this. What this means for members is increased convenience and decreased confusion about where to send monthly payments to, avoiding potential late fees or even escrow issues.

Whether you want to apply to become a member of BHCU so you can enjoy our many loan benefits or you’re currently a member and want to apply for a loan today, we’re here to help! Visit us in person or online, or call us at 610-595-2929 today.

 

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