14 Aug

4 Reasons Why Your College Student Needs a Credit Card

News stories and surveys show the average American is burdened by credit card debt. It may seem odd that we encourage college students to open up a credit card but hear us out. We recognize the potential pitfalls that out of control spending can have, but when used responsibly, a credit card is a steppingstone your child needs to become a credit carrying consumer.

Here are four reasons why your college student needs a credit card.

College Students Can Build Credit

With great power, or in this case, purchasing power, comes great responsibility. Making sure your child understands interest and the importance of not spending more than you have, is how they can show you, and credit agencies, that they are responsible. No credit is not nearly as bad as a credit history gone awry, but it’s not much better. It may be harder for them to secure a credit card post-college so building credit at an earlier age can ensure credit continues to be available as they enter their early 20’s.

Credit Cards Bring Increased Purchasing Power

College expenses can add up fast, especially when the price tag of a PC or laptop is concerned. A credit card from RMLEFCU will gibe your student the ability to buy the necessary technology to complete their coursework online or off. Don’t forget the laptop warranty with today’s on-the-go students. Moving laptops from place to place increase the chances of damage and even theft. For theft recovery software, click here.

There’s a Paper Trail

Credit card transactions will always see the light of day with detailed statements. There is no need to keep receipts or wonder where all of their money goes when there’s an electronic record. You and your college-age student can easily spot where the bulk of their money is being spent, so a correction can be made, if necessary. There’s also the accountability factor of a credit card statement. When your student uses cash, the pain of purchase is fleeting and occurs within moments. With a credit card, they are forced to reckon with the purchase for at least a month and be reminded of its’ utility, or lack thereof, when they see the description on their credit card statement. For a detailed explanation of the type of expenses college students should plan for, see our earlier post “How to Create a College Budget

Credit Cards Offer Assurances Cash Cannot

If you lose your credit card or it is stolen, you can call RMLEFCU and we will make sure to put a stop on all purchases. Compare this to what happens if you make all of your purchases using cash. There is no bank-backed guarantee and the chances of recovering your lost or stolen cash are slim to none.

A credit card builds the credit you will eventually need to for loan approvals for a home or car, it allows you to afford big-ticket items that you need but are otherwise unable to buy without the ability to pay it back later, we see you unanticipated car repair and credit cards offer accountability and assurances that keep us in line and protected from financial loss. For your son or daughter just starting out, RMLEFCU recommends our classic VISA credit card with no annual fee and a low APR. See all of our credit card choices here.

10 Jul

5 Essential College Items to Buy with Your RMLEFCU First-Time Visa

RMLEFCU First Time Visa for CollegeRocky Mountain Law Enforcement Federal Credit Union understands the value of opening up your first credit card account as a young adult. You’re establishing your creditworthiness early and setting the tone for the soundtrack that is your life. Whether that soundtrack will be “I Wanna Rock n Roll All Night” or “Pressure” is still to be determined. All you know is that your first semester of college is around the corner and you need a few things for your dorm.

Luckily, RMLEFCU offers a 6.75% APR* first-time Visa credit card to purchase these must have items. Read More

15 Jan

Getting Your Finances Ready for 2015 Part 1: Establishing Credit

get a rmlefcu credit cardIt’s the start of a new year, and everyone is filled with motivation to try and better themselves in someway. We all know it won’t last long, so seize this moment to make a change that matters: establishing and keeping good credit through the use of a credit card.

What exactly is credit, and why is good credit important?

Your credit, which is reflected in your credit score, is your financial history including credit accounts, account history, outstanding loans, paid off loans, and a history of your debt repayment. Lenders will review your credit score when deciding whether or not to give you a loan, or to decide the interest of the loan. How you’ve handled your bills in the past is the best indicator of how you will handle your bills in the future.

Establishing good credit early can be hugely beneficial for goals later in life: buying a car, buying a house, or getting a loan to start your own business. Establishing good credit is important because it allows you to pay less in the future for your loans. With bad credit, every purchase you finance will be considerably more expensive because your interest rates will be higher. Bad credit can also prevent you from being able to finance something in the first place, usually large purchases like a house or an apartment. It can even affect your chances at employment!

How do I establish credit?

We have a simple, three step program for you to start establishing credit.

Read More

02 Jul

Transfer Your Credit Card Balance and Get Out of Debt

Credit Card debt is like chasing your tail. Credit card debt can really feel like you are chasing your tail. Interest builds and builds making it hard to keep up with payments. There are a hundred reasons why someone has managed to accumulate a large balance on a credit card. Whatever the reasons are behind the issue matter less than our plan to help fix your situation. Rocky Mountain Law Enforcement Federal Credit Union wants to help our members by offering a credit card balance transfer** with 0% APR for 6 months and then a low 12.25% APR* after that! There are no fees, zero fraud liability, and credit limits up to $20,000. Our RMLEFCU Visa Platinum Card offers great rewards for merchandise, travel, and even cash back.***

Use this opportunity to get out of debt and/or save some money. Here is some information on balance transfers to help you understand and prepare for transferring your credit card balance to a RMLEFCU Visa.

What is a balance transfer? A balance transfer is when you use a credit card to pay off the balance of another credit card. This moves the debt from one credit card to another. Read More

30 Apr

Keeping Your Money Safe While You Travel.

5 tips for keeping your money safe when you travel.

Keep your money safe while traveling.  RMLEFCUAre you traveling in the near future? Hopefully you have brought your sunscreen, packed your underwear in your carry-on, and put all your toiletries in a see through zip-loc plastic bag. When we travel, we are looking to enjoy our vacation but also protect ourselves from unforeseen circumstances (including body cavity searches from TSA agents.) We usually prepare for the specific trip we are going on by bringing bathing suits, jackets, or hiking boots, but the one thing we must prepare for in almost every trip is money.

I’m not necessarily talking about financing the trip. In this article we assume you have already saved up the money you will need or have taken advantage of our special summer travel promotion loan for $2500 at 5.95% APR* with 12 months to repay (contact us if you are interested in this loan!) We are talking about protecting the money you have for travel and making sure you don’t get stranded! Here are some helpful travel tips to protect your money while on vacation.  Read More