Wallet Check
Affinity FCU offers many intro promotions on their credit cards such as the premium visa with a 2.99% intro on purchases and balances transfer, this is one of the other ones. (Name One)
-CR- 25k bonus points for 25k spent in 1 yr
-CR- $200 reward for 3k spent in 90 days
-PR- 10k bonus points for 10k spent in first Yr
-Prem-2.99% intro for purchase & balance transfer for 12mo
-Prem- $50 credit for 7.5k spent in 12mo
Chase, BOA, and Wells Fargo may be large institutions, but their yields on these products are still even below the national average and well below what Affinity FCU can offer.
Savings Accounts (Cnet)
Chase 0.01% / BOA 0.01% / Wells Fargo 0.15%
National Average 0.23%
These are the types of HELOC, Affinity FCU offers.
Traditional and Interest Only
This is the current WSJ prime rate.
8%
Bonus - the prime rate from 1 yr ago
We may give this score an A, but this is the actually average credit score in the US. (nearest tenth)
Average FICO Score in the U.S. was 714 in 2022 (Experian)
The Cash Rewards visa offer 1% cash back on most purchases and, even more for purchases in these catagories. (Name One)
-2%- Gas Station, Groceries, Streaming services, Restaurants, Ride Share services
-5%- Amazon
The [APY] interest rate up to this [amount] for the SmartStart savings account.
4.00% / 10K
Bonus - APY on balances above [amount]
These are the associated fees with our HELOC product
None*
The Garden State has many limits mainly their low speed limits, but this is the maximum interest rate an institution can charge to individuals. (Bonus - Businesses) (Bonus Bonus - Federal Maximum)
30%
Bonus - 50%
Bonus Bonus - None
Americans owe 222 Billion in this type, with an average balance of $8,000
Personal Loan Debt
The national average interest rate for personal loans they will be paying would be anywhere between
13.50 %-19.90% so this product could be a better pick for them. (Product and Rate)
Loan Special - 11.5%
Earn this [percent] cash back up to this [amount] of purchases per month with Affinity's Cashback Debit Checking account.
1% up to $1,000 in purchases (for a max of $120 per year)
This the draw and repayment period of the HELOC
10yr / 20yr
In the nation Prime Credit delinquency falls below this percent.
Less than 1% (.07% Transunion 2022)
Bonus - Near Prime Delinquincy
Used car buying has been strange lately, but there may be hope, since September of last year Auto prices have dropped this amount on average.
5% (4.7%)
Bonus - Car that dropped the most in value
Members can use this network of ATMs free of charge with over 30k locations.
CO-OP
Bonus - name one major a part of this network
This is the highest Interest rate (APY) someone can earn with an Affinity CD.
4.55%
Bonus - product and deposit amount
Some institutions offer HELOC loan to value up to 90% but Affinity limits it to this amount.
75%
You may not want to pay them, but it turns out most people do since the national delinquency rate is less than 2%.
[Private] Student Loans (MeasureOne Private Student Loan Report)
Affinity's rates may go as low as 6.49% but the national average sits around 8.49% for these loans.
(Private) Student Loans
18% may be the maximum interest rate at Credit Unions, but this is the national average credit card interest rate.
What is 24.24% (Forbes)
This is the Early withdraw penalty for CDs
-90 days of interest for terms 1yr or less
-182 days of interest for terms over 1yr
Mortgages and Home Equities make up this large percentage of all consumer debt. (nearest tenth)
70% (72.5% Transuion/LendingTree)
This national loan related rate have dropped 15% (Mo/Mo) to a 6 month low.
Mortgage Delinquency rate - Currently 2.92% Black Knight March 2023
Bonus - Why?
Bill and Earl may have founded this company in 1956, but their fixture in lending didn't come until 1989.
FICO (Fair Issac Corporation)