Rivermark Lowers Member Credit Card Rates
Contact: David Noble, Vice President of Marketing
BEAVERTON, OR – Rivermark Community Credit Union automatically lowered the interest rate on over 9,700 of its credit card account holders as part of its credit card consolidation initiative. The news could not come at a better time, as many members will be using their card for Holiday shopping. "The average rate reduction was over 3.2% and applies to all new purchases," said Scott Burgess, Rivermark's President/CEO.
According to Bankrate.com, the average credit card interest rate is 15.82% for bank-issued cards, compared to an average of 8.30% for Rivermark members whose card rates were lowered.
Rivermark members with a balance of $7,000 would save over $1,937 in loan interest if they made the minimum loan payment until the balance is paid in full. "We're delighted that our members can enjoy these lower APRs and eliminate their credit card debt even faster," said Burgess.
In the not-so-distant past, many banks changed the account agreements of cardholders from fixed to variable rates right before the Credit Card Act of 2009 was signed into law; a move that banks took advantage of because it was a loophole the Act did not address.
If credit card accounts are based on variable APRs (as the vast majority now are), consumers will pay much more as the prime rate goes up. At Rivermark, these new lower rates are not variable. When rates start to rise; Rivermark members will continue to enjoy a low rate.
Consumers with variable rate cards will have two options: 1) Keep their balance at the higher rate and try to pay it off as soon as possible or 2) Transfer their balance to a lower rate card with a responsible lender, such as Rivermark.
Consumers can still find some introductory 0% offers out there, but big banks are charging 3% to 5% balance transfer fees. A 5% fee on a $7,000 balance is $350 and frequently that fee must be paid up front. Rivermark's Platinum Visa has no balance transfer fees, no annual fee, a low rate and decidedly less fine print.
"People, not profits, are our number one priority," said Burgess. Rivermark believes its members deserve the peace of mind of being able to count on products that offer long-term value without any gimmicks.
Rivermark Community Credit Union serves over 85,000 members at its seven area branches and online. Headquartered in Beaverton, Oregon, Rivermark has been offering superior financial services with a member focus since 1951. For more information about Rivermark visit their website at rivermarkcu.org.