Bright Horizons Newsletter

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Fourth Quarter 2021

BRIGHT HORIZONS 2 A Message From Our President & CEO

Security at Your Fingertips

Financial Tips for the Holiday Season

Trusts: How They Work & Why They’re Important

Investing is More Accessible Than You Think

Be Wary of Store Credit Cards for

HOLIDAY SHOPPING Tempted by store credit cards? Make sure you understand the terms before you apply!

The holidays are just around the corner and if you’re starting to look for ways to save on those holiday gifts, you may have considered getting a store credit card from your favorite retailer. Around the holidays, store credit cards are designed to entice you with a one-time discount for opening the card or features like “exclusive savings.” When your cart is full it can be easy to view these short-term benefits as a good deal. Before you impulsively open a credit card at your favorite store, read the fine print and consider the following information: • Interest rates on store credit cards are typically high. The average credit card rate in the second quarter of 2021 was 16.3% 1 with retail credit cards landing upwards of 20%.2 Stores do this because they offer cards to everyone (even higher-risk applicants), and they also want to make money on any attractive sign-up offers. • You’ll end up spending more. Retailers want to keep you shopping and often have sales, deals, and discounts to

encourage you to buy more than you intended. Or, there may be minimum spending requirements for you to start earning rewards.

• You may hurt your credit score. Every time you apply for a new credit card, your credit score takes a slight hit because it’s considered a hard inquiry. While a credit score will recover from one inquiry, applying for multiple new cards in a relatively short time can cause your score to drop dramatically. A GECU credit card is the better choice for your holiday shopping! Earn rewards for everyday purchases, get industryleading rates, no annual fee3, and our introductory offer: on balance transfers and purchases made in the first 60 days for 12 months. 4

INTRO

APR

After the introductory period, your rate will adjust to 7.24% - 17.74%, depending on creditworthiness and the card you choose.

Get your card before the shopping season begins! Apply online at: gecreditunion.org/credit-cards.

1Federal Reserve (2021, August 6). Consumer Credit - G.19. Retrieved from https://www.federalreserve.gov/releases/g19/current/default.htm 2McCann, A. (2021, July 13). What Is the Average Credit Card Interest Rate? Retrieved from https://wallethub.com/edu/cc/average-credit-card-interest-rate/50841. 3Card Fees: Regular APR applies. 4Introductory Offer: Offer valid for qualified borrowers only. Upon approved credit. Offer subject to change at any time. Purchases and balance transfers made in the first 60 days will have 0.00% introductory APR for 12 months. Existing GECU credit card/loan balances are not eligible for the introductory rate. After the introductory period, the APR will be 7.24%-17.74% depending on the card you choose and your creditworthiness.


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