ray356•1d ago

Appreciation post: The banker who talked me out of a secured card and into a credit union card with no annual fee

I was dead set on that $200 secured card from Capital One last spring until a loan officer at BECU in Seattle showed me their basic card with 9% APR and no deposit, which saved me $49 in annual fees over 6 months - has anyone else had a banker change their mind about a credit product?

3 comments

3 Comments

sage_green1d ago

Small banks and credit unions usually put customers first, while the big guys just want that fee money. It's wild how a five minute conversation can save you hundreds down the road if you just ask the right questions.

hannah4001d ago

Exactly, I had a similar thing happen at my local credit union. I went in ready to get a secured card to rebuild my credit and the teller actually stopped me and showed me their Cash Back card with 0% intro APR for a year instead. No annual fee obviously, and it saved me from tying up $300 I didn't really have. The big banks make you think secured is your only option when you're starting out, but credit unions will actually look at your whole situation and work with you on it.

bennett.evan22h ago

I get what you're saying, but I actually had the opposite experience. That "your whole situation" thing at credit unions can backfire if you don't have much history at all. When I tried a local credit union a few years back, they turned me down flat because I didn't have a long enough relationship with them, even though my income was fine. Meanwhile, Capital One approved me for a basic unsecured card (no annual fee, no deposit) same day, and I just had to be smart with it for a year to get my score up. The teller giving you that tip is great, but it really depends on who's behind the desk that day.