North Penn Federal Credit Union News

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Winter 2001 Newsletter

Choose The Card That's Got It All!

VISA Credit Card from your Credit Union

Have you considered what a VISA Credit Card from the Credit Union offers you compared to what your existing credit cards offer?

Besides saving you money with our 25-day grace period to pay off your new purchases without interest, the low rate on our card will also put more money in your pocket! Take a look at your next credit card statement to verify the annual percentage rate and monthly periodic rate charged for purchases and cash advances on your accounts. Some credit cards charge you 18%-21% or more for purchases made with their card. If you carry a $2,000 balance on just one of these cards, you could be paying over $390 in interest each year.

Let the Credit Union save you money by applying for our VISA today! You pay the same low rate on purchases and cash advances. This can mean significant savings for balances you may have on existing cards. Depending on the number of cards you carry and your balances, the savings you can receive by transferring your existing card balances can add up quickly.

We also offer a 25-day grace period on new purchases so you pay no interest from the date of the purchase
until the date you make payment in full as long as it is by the due date on your statement. Beware of low
rate credit cards that do not have this grace period!

To apply for a Credit Union VISA or to transfer your other credit card balances to a Credit Union card,
call us today!

Give the Gift of Credit Union Membership

The holiday season is a time of giving and sharing. As a member of a credit union, you can put the finishing touches on your holiday shopping by giving your family a gift that is priceless, credit union membership!

Your Credit Union helps youngsters learn the value of saving, and will be there when they, as a young adult, need that first loan. Credit Union members pay less for loans and earn good dividends on savings. Why not share the hard-fought-for benefits of this membership with your family? Many entire families enjoy Credit Union membership. Some members even sign up their newborns to make sure that their children will always have the benefits of belonging to a credit union.

Too busy to visit? Well, when you are out picking up your turkey and all the trimmings, stop by your Credit Union to get membership cards for those people in your family who are not Credit Union members.

A small amount is all you need to open an account and the benefits of belonging last a lifetime. Still too busy? Give us a call and we will send all the information and materials you need for the gift that won't be exchanged after the holidays.

Why an IRA?

Social Security benefits are not intended to provide all of ones financial resources upon retirement.

That's where an IRA comes in. By setting up a traditional Individual Retirement Account at the Credit Union you'll be accomplishing three important things. First, you'll be taking a giant step toward retirement security by consistently setting money aside. Second, you'll be taking advantage of yearly tax deductions. (These deductions vary and are dependent on factors such as income, marital status, etc. Check with us for complete details). And third, you'll be deferring taxes in the interest your IRA accumulates until you begin withdrawing the money. This can be especially advantageous because income at retirement usually drops and so should taxes.

Since 1998, IRA options and regulations have been enhanced to offer even greater flexibility when planning your retirement savings. A Roth IRA, for instance, allows a tax-free, non-deductible way to save for retirement. After five years, withdrawal of principal and earnings are tax-free for holders 59 1/2 or older.

In addition to this new type of IRA, the laws expanded other opportunities for IRAs that may have significant benefits for you, too. Income limits, waived penalties, lifted pension barriers and conditional withdrawals are among other changes that were made.

For any given year, you have until April 15 (tax deadline) of the following year to complete your contribution. Your Credit Union is ready to help you make the most of your retirement savings. Call or visit us today!

Are your credit cards still smoking from holiday use and abuse? Now's the perfect time to pay those bills off. The Credit Union offers a Debt Consolidation Loan that can lower your monthly payments and make your life easier.

Consolidate credit card balances, loans or other bills into one loan and get control over your finances.

Use the convenience of payroll deduction to repay your loan and save money on stamps, too. Or arrange for the automatic transfer of your payment from your share savings account. It simply can't get any easier. Call us today for more information about a Debt Consolidation loan from the Credit Union

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