Credit unions have long held the high ground on protecting young members from predatory lending practices. And members need to establish their credit rating so they will be ready when it’s time for an auto or home loan. Protecting members while preparing them for future credit responsibilities can be a tricky balancing act.
At Destinations Credit Union in Baltimore, they’ve established a credit card program designed to do exactly that.
Destinations’ “Credit Builder MasterCard™” was developed for young members without a credit history. The program combines a low credit limit, no annual fee, and a competitive rate to help members establish credit while avoiding excess debt. And to sweeten the deal, Destinations includes a rewards program that allows users to use accumulated points for gifts and travel while they establish credit. It’s a new program, and one worth sharing.
Members begin the application process online and once established they can view their Credit Builder activity and balances via Destinations’ website.
A Q&A with Destinations CU’s Marketing Director Carol Szaroleta appears on the issue of “Turn-Key” that you can download above.
Use our free online tools to see how a “Credit Builder” Program can help your members and your credit union. Download the “Credit Builder” Calculator by clicking the image below and see how the program can benefit your members and your credit union.