I received a pre-approval in the mail for an extreamly low APR Visa credit card. I only had a savings share with them prior and no other relationship with this credit union. They gave me a 0% intro APR and after that it is 9.9% with a 23 day grace period . The reward points are fairly standard , however there are no foreign transaction fees. I called them twice since I had other questions and they answered very quickly and were extremely pleasant and professional . I work for a different institution and have my share of experience leading a team to great service. I've had nothing but great experiences with BECU!
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I've been a member since the days when they had a single office on East Marginal Way. They used to have superior rates but over time, they've become more like a bank than a credit union. About 2 years ago, they changed the interest rate calculation on their Visa credit cards. Back when the Federal Reserve interest rates were about 3%, my Visa interest rates was 6.9%. BECU has changed the calculation to be a base rate plus the Prime rate. Now, with the Federal Reserve interest rates at 0.75%, my BECU Visa is already up to 7.15%. I know, I know, this is still a good interest rate but keep reading because I'll make my point at the end of this review. If you look at their Certificat of Deposit rates and compare them to Alaska Credit Union or Navy Federal Credit Union, BECU has much lower CD rates. For example, for a 24 month CD, BECU = 0.60%, Alaska CU = 1.29%, Navy Federal CU = 1..45%. I believe why BECU has become non-competitive with their rates is that they are spending a lot of money on advertising, sponsorships and brick/mortar satellite offices. I have seen advertisement from them on TV during major sporting events and during prime time TV shows,, apparently in a ttempt to generate more members. But, as a result, their current customers suffer from poor rates due to BECU's excessive spending. Personally, I'm in the process of switching over to Navy Federal membership (since I'm a veteran). For the tie being, I will probably keep my BECU accounts but the bulk of my money will move to Navy Federal. My suggestion for the reader is to not blindly sign up with BECU but instead do some comparison shopping and I think you'll find that you can do much better than BECU.