Your Guide to Choosing a Low-Rate Credit Card

Credit cards are one of the most popular payment methods today. Whether managing monthly cash flow, making large purchases, covering unexpected expenses, or earning valuable rewards, credit cards are the go-to payment method for most.   They’ve become so commonplace that people often forget credit cards are loans. And with any loan, the most important factor is the interest rate. However, due to heavily advertised rewards programs, the rate is rarely the deciding factor when choosing a credit card. This oversight leads many to become entangled in high-interest debt that’s difficult to manage and ultimately drops their credit score.  Whether you’re…

April 18, 2024Wallet Wins No Comments
Your Guide to Choosing a Low-Rate Credit Card

Credit cards are one of the most popular payment methods today. Whether managing monthly cash flow, making large purchases, covering unexpected expenses, or earning valuable rewards, credit cards are the go-to payment method for most.   They’ve become so commonplace that people often forget credit cards are loans. And with any loan, the most important factor is the interest rate. However, due to heavily advertised rewards programs, the rate is rarely the deciding factor when choosing a credit card. This oversight leads many to become entangled in high-interest debt that’s difficult to manage and ultimately drops their credit score.  Whether you’re…

Creditworthiness: What It Is & Why It Matters

Navigating the world of finance can sometimes feel like deciphering a complex code, especially when faced with industry jargon. For example, creditworthiness. What exactly does it mean, and why is it such an important measure of your financial health? We’re here to help demystify creditworthiness so you can better understand its significance in securing loans and other financial products.   What Is Creditworthiness?   Creditworthiness refers to an individual’s ability to repay borrowed funds and fulfill financial obligations. It’s essentially a measure of trustworthiness in terms of managing and repaying debts, reflecting how likely you are to repay creditors. Lenders use it…

April 18, 2024Future Planning, Wallet Wins No Comments
Creditworthiness: What It Is & Why It Matters

Navigating the world of finance can sometimes feel like deciphering a complex code, especially when faced with industry jargon. For example, creditworthiness. What exactly does it mean, and why is it such an important measure of your financial health? We’re here to help demystify creditworthiness so you can better understand its significance in securing loans and other financial products.   What Is Creditworthiness?   Creditworthiness refers to an individual’s ability to repay borrowed funds and fulfill financial obligations. It’s essentially a measure of trustworthiness in terms of managing and repaying debts, reflecting how likely you are to repay creditors. Lenders use it…

Defying Deception: Protect Yourself from Financial Scams

In today’s digital world, financial predators could be lurking around every virtual corner. Scammers live to prey on our deepest fears and capitalize on our resulting panic. Whether it’s a fraudulent email claiming your account has been compromised or a phone call insisting you owe unpaid taxes, fraudsters employ the same psychological tactics to induce fear and coerce you into immediate action.   Understanding how these predators and their tactics operate is the key to protecting yourself. In this article, we’ll reveal common aspects of financial scams and how to safeguard your accounts and money.  Fear & Scams Go Hand-in-Hand  Fear…

April 18, 2024Security Center No Comments
Defying Deception: Protect Yourself from Financial Scams

In today’s digital world, financial predators could be lurking around every virtual corner. Scammers live to prey on our deepest fears and capitalize on our resulting panic. Whether it’s a fraudulent email claiming your account has been compromised or a phone call insisting you owe unpaid taxes, fraudsters employ the same psychological tactics to induce fear and coerce you into immediate action.   Understanding how these predators and their tactics operate is the key to protecting yourself. In this article, we’ll reveal common aspects of financial scams and how to safeguard your accounts and money.  Fear & Scams Go Hand-in-Hand  Fear…

The Power of Auto Preapproval

The Power of Auto Preapproval  Ready for a new ride? Whether you want a change or your current car is showing signs of wear and tear, it can be overwhelming to know where to start. You’re not alone. With so many options out there, it’s easy to feel overwhelmed. But here’s a game-changer you might not have considered: an auto loan preapproval. At PEFCU, we call this an Express Pay Draft. It’s like having a golden ticket to a car shopping paradise, giving you the freedom to explore without stressing about your budget. So, if you’re even slightly tempted by…

April 16, 2024Borrowing Basics 2 Comments
The Power of Auto Preapproval

The Power of Auto Preapproval  Ready for a new ride? Whether you want a change or your current car is showing signs of wear and tear, it can be overwhelming to know where to start. You’re not alone. With so many options out there, it’s easy to feel overwhelmed. But here’s a game-changer you might not have considered: an auto loan preapproval. At PEFCU, we call this an Express Pay Draft. It’s like having a golden ticket to a car shopping paradise, giving you the freedom to explore without stressing about your budget. So, if you’re even slightly tempted by…

Making the Most of Financial Windfalls

What would you do with an extra $1,000? What about $10,000? Or $100,000?   You’ve probably spent time daydreaming about what you would do if you suddenly received an unexpected financial windfall. Maybe it’s a significant work bonus, an inheritance, a lawsuit payout, or even a surprisingly large tax refund.   As you begin to envision what you could do with the extra money, it’s easy to get caught up in the excitement. Your heightened emotions can quickly get the best of you, leading to frivolous spending. However, managing financial windfalls like these wisely requires far more than impulsive decision-making. While it…

April 15, 2024Future Planning, Wallet Wins No Comments
Making the Most of Financial Windfalls

What would you do with an extra $1,000? What about $10,000? Or $100,000?   You’ve probably spent time daydreaming about what you would do if you suddenly received an unexpected financial windfall. Maybe it’s a significant work bonus, an inheritance, a lawsuit payout, or even a surprisingly large tax refund.   As you begin to envision what you could do with the extra money, it’s easy to get caught up in the excitement. Your heightened emotions can quickly get the best of you, leading to frivolous spending. However, managing financial windfalls like these wisely requires far more than impulsive decision-making. While it…

Key Benefits of Direct Deposit

Are you using direct deposit yet? If not, there’s virtually no reason not to make the switch. The term simply refers to your employer or other income source depositing your paycheck electronically into your account. This is a very secure process, and one that is being used by millions of people every day.  In fact, many people see direct deposit as one of their top money management tools. Your employer can usually help you set it up within a few minutes, and once in place, you never have to think about depositing another paper check again.  Why Direct Deposit Your…

March 29, 2024Wallet Wins No Comments
Key Benefits of Direct Deposit

Are you using direct deposit yet? If not, there’s virtually no reason not to make the switch. The term simply refers to your employer or other income source depositing your paycheck electronically into your account. This is a very secure process, and one that is being used by millions of people every day.  In fact, many people see direct deposit as one of their top money management tools. Your employer can usually help you set it up within a few minutes, and once in place, you never have to think about depositing another paper check again.  Why Direct Deposit Your…

Why You Need a Preapproval

One of the most powerful tools when it comes to buying a new or pre-owned vehicle is a preapproval. With a preapproval, you’ll have the upper hand when it comes to negotiating with dealerships, you will be protected against unnecessary add-ons, and you will stay within your budget.  What Is a Preapproval?  Nowadays, you can stop by practically any dealership and buy a vehicle without applying at your financial institution first. While this might be more convenient for some people, it could also cost you quite a bit of money.  To get preapproved, all you have to do is apply…

March 29, 2024Wallet Wins 1 Comment
Why You Need a Preapproval

One of the most powerful tools when it comes to buying a new or pre-owned vehicle is a preapproval. With a preapproval, you’ll have the upper hand when it comes to negotiating with dealerships, you will be protected against unnecessary add-ons, and you will stay within your budget.  What Is a Preapproval?  Nowadays, you can stop by practically any dealership and buy a vehicle without applying at your financial institution first. While this might be more convenient for some people, it could also cost you quite a bit of money.  To get preapproved, all you have to do is apply…

Short-Term Savings: Which Accounts Work Best?

We all have financial goals, and different goals require different tools and tactics. Whether it’s taking a well-deserved vacation or securing your golden years, how you save is just as important as how much you put aside.  For example, retirement planning relies heavily on tax-advantaged accounts and long-term investments. But what about short-term goals – those that you hope to achieve within two or three years?  Accounts for Short-Term Goals  There are a variety of accounts to help you save money. Three of the most popular and widely accessible are traditional savings, money market, and share certificate accounts.   Each option…

March 29, 2024Wallet Wins No Comments
Short-Term Savings: Which Accounts Work Best?

We all have financial goals, and different goals require different tools and tactics. Whether it’s taking a well-deserved vacation or securing your golden years, how you save is just as important as how much you put aside.  For example, retirement planning relies heavily on tax-advantaged accounts and long-term investments. But what about short-term goals – those that you hope to achieve within two or three years?  Accounts for Short-Term Goals  There are a variety of accounts to help you save money. Three of the most popular and widely accessible are traditional savings, money market, and share certificate accounts.   Each option…

Your Balance Transfer Checklist: Before & After

Credit card debt has a way of sneaking up on you. Before you know it, the balances can become a financial burden and a challenge to pay off. This is especially true if you’re managing multiple cards with different balances, payment amounts, and due dates.  Finding the right tools to alleviate debt is an essential step on your path to financial freedom. One solution that can help you in your journey is called a balance transfer. Balance transfers enable you to streamline your financial obligations into one solution – providing immediate financial savings and stress relief.   If you’re committed to…

March 28, 2024Borrowing Basics, Wallet Wins No Comments
Your Balance Transfer Checklist: Before & After

Credit card debt has a way of sneaking up on you. Before you know it, the balances can become a financial burden and a challenge to pay off. This is especially true if you’re managing multiple cards with different balances, payment amounts, and due dates.  Finding the right tools to alleviate debt is an essential step on your path to financial freedom. One solution that can help you in your journey is called a balance transfer. Balance transfers enable you to streamline your financial obligations into one solution – providing immediate financial savings and stress relief.   If you’re committed to…

Debt Consolidation: How It Works

If you’re like most, you probably have multiple reoccurring debts that must be paid off. These debts can consist of student loans, personal loans, credit cards, medical bills, and car payments. It can be hard to pay off the debts separately because each debt has a different balance, payment period, and interest rate.  Keeping track of how much you have to pay for each debt and when you have to pay it can be extremely difficult. If you find yourself in a whirlwind of loan and credit card payments, debt consolidation may be the perfect solution for you.   What is…

February 29, 2024Borrowing Basics No Comments
Debt Consolidation: How It Works

If you’re like most, you probably have multiple reoccurring debts that must be paid off. These debts can consist of student loans, personal loans, credit cards, medical bills, and car payments. It can be hard to pay off the debts separately because each debt has a different balance, payment period, and interest rate.  Keeping track of how much you have to pay for each debt and when you have to pay it can be extremely difficult. If you find yourself in a whirlwind of loan and credit card payments, debt consolidation may be the perfect solution for you.   What is…