Velocity’s “No-nonsense” Visa Credit Cards are Back and Better Than Ever!

In a continual effort to provide our members with the most essential and useful tools to meet their financial needs, Velocity Credit Union is excited to announce that our “No-nonsense” credit cards are back and better than ever! Choose from our Visa Platinum, Platinum Rewards, or savings-secured card—all of which are honored wherever Visa is accepted worldwide.

The Annual Percentage Rate for Velocity Credit Cards

Velocity has better terms than you’ll find from other credit card issuers. Our Platinum Visa credit card has an introductory APR of 2.99% for six months––how’s that for an intro rate? After the six-month period is over, enjoy our fixed interest rates as low as 7.99% for our Platinum credit cards.

Our Platinum Visa rewards card also has an introductory six-month APR of 2.99%. Although the rate increases to 9.49% or higher after the introductory period is over, it’s considerably lower than the current industry standard of 13.02%. You can also take advantage of our Platinum Visa Rewards card, which boasts a stellar rewards program with no annual fee!

Receiving a First or Second Chance with Velocity Credit Union

Rest assured—we understand it can be difficult to qualify for a credit card due to a rocky credit history or as a first-time borrower. That’s why Velocity also offers a savings-secured card that will help you get back on your financial feet.

Apply for a Platinum, Platinum Rewards or savings-secured card today! Visit anyone one of our convenient branches in the Austin area, call 512.469.7000 or apply online at velocitycu.com/visa.

Bank Online Safely

Managing money is an important daily task for many people and with the advent of online banking, it has become significantly more convenient. In a country dominated by smart phones, computers and tablets, the ability to check your account balance, transfer money and pay bills is now, quite literally, at your fingertips.

Is Online Banking Secure?

One of the biggest concerns regarding online banking is security: Is it safe? Overall, the answer is yes. However, whether you’re banking at a local branch or accessing your account through the internet, consumers should always monitor their activity carefully. To ensure the safety of your money and personal information, U.S. News offers the following tips for safe online banking:

• “Don’t talk to cyber-strangers, and don’t click on hyperlinks within emails from strangers.” This is an easy way for hackers to access your information.
• “Treat your smartphone like the computer it is.” Be careful about what you download and make sure to sign-out of online banking sites and applications.
• “Treat social networks like dark street corners.” Be careful about the information you share online and avoid suspicious links on social networking sites.
• “Use the Net to your own advantage.” Log in to your online account frequently to make sure nothing seems incorrect or suspicious.
• “Get free help.” Velocity, like many credit unions, offers tips to effectively utilize online banking.
• “Think of a new word.” Try to make your passwords and security questions less predictable.
• “Never, ever give your Social Security number to anyone online.”
• “Shred or safely store financial mail.”
• “Fight back quickly.” If you think something is amiss with your account or you suspect you have been hacked, contact your bank immediately.
• “Trust your gut.” If you have a bad feeling that something is wrong, you’re probably right. Monitor you account carefully and take action quickly.

Banks and credit unions create many safeguards to protect you, but it’s also important for customers to take online banking seriously and monitor things carefully.

The Many Benefits of Online Banking

Although it’s still beneficial to visit an Austin credit union branch for some of your banking needs, there are many advantages to utilizing online banking. Along with convenience, the other benefits of online banking include automatic bill pay, real-time access to account information, easy money transfers and higher interest rates. With Velocity Credit Union’s free and convenient eStatement access, you can have your statements sent to you electronically, erasing the hassle of filing paper statements and giving you the ability to access your statement history online at any time. Another useful tool is the free alert service, which allows you to stay on top of all your account activity, including balance alerts, notifications of checks that have cleared and debit transactions. Contact us at Velocity today to learn more about online banking, eServices and our mobile banking site. Our new smartphone App and remote deposit will be launched in the coming months! Banking is an integral part of everyday life, so why not make it as easy as possible?

Why Credit Unions Can Offer Lower Rates

If you’ve ever compared a credit union’s rates on loans in Austin to those of a commercial bank, you already realize the difference can be substantial. Here’s a look at why your local credit union in Austin can almost always outdo a national bank when it comes to interest rates.

First, it’s important to understand the fundamental difference between a credit union and a commercial bank. A commercial bank is owned by shareholders and investors, all of whom are looking for the highest possible profit. Conversely, a credit union is owned by its members. When you open an account with a credit union, you are investing in the company and this takes away the credit union’s incentive to generate big profits. The beneficiary of such profits would be the customers, so it only makes sense to deliver that benefit on the front end in the form of lower interest rates, cheaper loans, and reduced fees.

Size is another reason credit unions can cut interest rates drastically. According to the 2007 National Credit Union Administration Report, 75% of credit unions have an asset portfolio under $100M. It takes a considerable investment for a bank to expand nationally and beyond. A credit union is unlikely to face these expansion costs and it is therefore unnecessary to pass along the drawbacks of development to the customer.

Additionally, credit unions have a better track record than commercial banks. Due to the decreased risk a credit union is willing to take on in the name of profits, they experience a much lower failure rate than traditional banks. With a smaller customer base, your average credit union will offer fewer loans. Because that profit motive isn’t there, credit unions don’t have the incentive to offer risky loans to those who may be inclined to default.

The final reason credit unions can offer much lower rates than commercial banks is in their staffing. While tellers, managers and other employees are all paid just as they would be in any other company, the board of directors is usually staffed with volunteers. This alone saves the company a significant amount of money, which is passed along to the members. For more information about local credit unions, contact or visit us at Velocity Credit Union today.

Money Management is Not Only for Adults

Learning to manage money resembles learning to ride a bike. Both are usually easily learned when you are younger and both require practice. Money management, however, is very rarely taught to children. Once children and teens become adults, strong skills in money management are usually far more important than riding a bicycle. Parents who help their children become good money managers early on can give them a head start on the road to financial stability as adults.

Small children love to pretend. If you can create games that allow them to pretend that they are shopping or going to the bank, you are introducing them to money management in a fun way. Although they may not fully understand everything managing money entails, children learn by example and will be able to grasp basic concepts that will assist them later in life.

Some parents assign chores and pay a set allowance. Even young children can perform small tasks to earn money. For older children, parents might post a chart that lists tasks and amounts that can be earned for each. Children can decide how much to earn and what tasks to do. Such methods provide an opportunity for children to start building work ethic and help them realize that money has to be earned.

Any time a child has money, he or she has the opportunity to gain money management skills. A piggy bank for savings is a good start. Understanding that needs come before wants is crucial to responsible money management and this can be learned at a young age. If the child has saved enough money, parents might consider helping their child open a savings account. Learning how to save money is a responsibility that is best learned early in life.

Young adults need to learn about borrowing and how to live within their means. It’s important for young adults to become aware that disreputable companies lend money at outrageous rates, often preying on those who are less experienced. Teens who have learned to read the fine print and who have gained strong skills in money management will not fall for such schemes as adults.

Credit unions are not-for-profit organizations that do not operate on a principle of greed. Most credit unions offer a wide array of services to their members, including savings accounts, loans and checking accounts for teenagers. Invaluable skills are gained when teenagers can make their own deposits, budget and plan, write checks, use debit cards, keep track of transactions and learn to balance their checkbooks each month.

Credit Unions in Austin, Texas

Whether you’re looking for a loan in Austin or you want a savings or checking account for yourself or your child, look no further than Velocity Credit Union. If you live or work in or near Austin, you are eligible to become a member. One of Velocity Credit Union’s services is the VelociTeen checking account. With no monthly fees and no required minimum balance, it’s specifically designed for teenagers!

The Time to Get 6.49% Loans is Ticking Away

When the bills for your holiday spending arrive in your mailbox, you may discover that you spent more this season than you can afford to pay off in January. Of course, there are several options available for paying those bills. Charging items on a credit card is convenient, but you typically pay high interest fees on your entire card balance unless you can pay your account in full by the due date. Payday loans are easy to get, but you must normally repay the total balance of payday loans in Austin on your next payday, and interest rates on those loans are exceedingly high.

Velocity Credit Union in Austin has a solution that can save money for you and allow additional time to complete paying for your holiday expenses. For a limited time, Velocity is offering special, low-interest holiday loans with fixed annual percentage rates (APRs) beginning at just 6.49% with your Member Rewards discount. You can borrow from $500 to $5,000 and take up to 36 months to repay the holiday loans.

Because credit unions are not for profit and member-owned, they can offer their members the best rates on loans, savings accounts, checking accounts, and other financial products. Velocity Credit Union’s community charter allows all area residents to join the credit union. Velocity can also offer membership to people who do not live in the vicinity if they are associated with one of more than 200 particular groups or associations.

Becoming a member of Velocity Credit Union in Austin is as easy as opening a savings account.If you take advantage of multiple products and services, you can be eligible for the previously mentioned Member Rewards discounts on certain loans in Austin. In addition, Velocity provides a full range of other financial services like debit cards, ATM cards, online banking, mobile banking, bill paying, gift cards, business accounts, and financial counseling.

Time is quickly running out on the special holiday loan offer. You must apply for the Velocity Holiday Loans before the end of January in order to receive the special 6.49% APR interest rate. Visit any Velocity Credit Union in Austin to apply for a holiday loan, or save time by applying online or by phone.