BALTIMORE–Credit unions across the country are joining other retailers in jumping on the Black Friday sales promotions with special offers of their own, in addition to cautioning members to be wary of scams and to watch their spending this holiday season.
Here’s some of what credit unions are doing:
LM FCU in Baltimore warned members to watch out for “special deals: that aren’t so special.
“The holiday season has a way of making us feel both joyful and pressured at the same time. Between Black Friday sales, Cyber Monday deals, and those can’t-miss ‘doorbusters,’ it’s easy to get swept up in the thrill of saving,” the credit union told members. “Every bright banner and countdown clock is designed to make you feel like you’re winning. But sometimes, the ‘deal of the century’ ends up costing far more than it seems.
Understand the ‘Psychology’
“Retailers know how to turn excitement into spending, often leading shoppers to go beyond their budgets,” LMCU continued. “The key to keeping your finances merry and bright is understanding the psychology behind holiday shopping – and using a few smart strategies to stay in control.”
LMCU’s website post went on to list additional advice, including to be wary of the “psychology of holiday spending,” which involves marketing that “doesn’t just sell products – it sells emotion.”
A number of holiday spending tips were also offered, including noting that many of its loan products are the “smarter way to borrow.”
The Smarter Way to Borrow
When the holidays stretch your budget, it can be tempting to rely on credit cards or promotional financing. But there’s a better, more predictable way to handle seasonal expenses.
$300 Bonus Offered
In Oklahoma City, Communication CU has a special offer.
Members who open a first PayMe Checking or Connect Card account between Nov. 26 and Dec. 1 can earn $300 when they set up a qualifying direct deposit, enroll in eStatements, and make 25 qualifying debit card purchases within 90 days, among other requirements.
‘Sparkle a Little Brighter’
In Burbank, Calif., the $340-million Ume Credit Union told members, “It’s the season of lights, laughter, and (hopefully) fewer tangled cords. But even Clark would agree — the best kind of glow-up is the one that rewards U back. The UMe Visa Credit Card makes every bit of Black Friday shopping sparkle a little brighter:”
The credit union said its card offers:
- One point for every $1 spent on all holiday purchases
- Redeem points for cash back, popular brands, travel, and more
- Low, fixed rate that keeps “things merry and bright.”
- No fees for applications, balance transfers, or annual membership
Weekly Prizes Offered
In Utah, Utah Community CU said it will mark Black Friday with prizes “where everyone wins, and prizes with selected winners. Both options will require your entries to win.”
“Each week, special Black Friday deals will be unlocked for your exclusive chance to win additional deals such as cutting your auto loan rate in half, RV loan discounts, and Savings Certificate interest boosts,” the credit unions said.
Hoosier Winner?
In Indiana, FORUM Credit Union said its Black Friday promotion is for any member who saves, spends, or shares at least $150 from Nov. 28 through Dec. 2 on FORUM Mastercard Debit Card and/or Credit Cardwill be entered to win $500!
