Jump to content

Zanshiro

DCECU - CU for interesting loan options?

Recommended Posts

So, was wandering about the web at work yesterday...and came upon this CU, Dow Chemical Employees Credit Union, which with my shares of Dow/DuPont, I qualify for membership. ...and this loan rebate?? Sounds too good to be true, but looks legit.

 

Would take a 4% loan and make it 1%ish ...if someone had a 16%, would make it thusly 4%ish (interest over time in theory less paydowns, no heavy math at 2am please lol) I didn't find it in searches, so figured I'd pass it on. If it exists on boards already, feel free to delete. Links are to rebate info page and eligibility page.

 

https://www.dcecu.org/more/giveback/

 

https://www.dcecu.org/join/

Share this post


Link to post
Share on other sites

You have to pay a significantly higher loan rate to be eligible for the rebate, and the rebate, called a "potential rebate" in the fine print, isn't guaranteed.

 

QkCfmrE.png

 

R6rzIl5.png

Share this post


Link to post
Share on other sites

On the savings side, their savings APYs (like those at most credit unions) are NOWHERE near what you can get by doing a little bit of shopping, even after the 70% bonus, which also isn't guaranteed.

 

On a regular savings account their 0.25% APY with a 70% bonus (which you may not receive) could be in the 0.43% territory.

 

3qYmJLC.png

 

 

 

 

Contrast this with some of the best APYs out there as tracked by those cheapskates at FragileDeal. The best option on their list with no minimum balance requirement is 2.00%, which would get you more than 450% more interest in a year than this CU's gimmick rate, and that's IF the bonus pans out at the end of the year.

 

7NvDklY.png

Share this post


Link to post
Share on other sites

Right, I did read that, and in research, I think it was the last 4 years running have been 70%+ refunded. So it's a risk/reward, but it was an idea for those rebuilding who aren't near the prime rates, so if you're in that range, I think it could be useful. As in, the 16% turning into 4%ish...where you might get a 12.99% for example elsewhere at your 'best' rate.

 

And no, this was mostly for the loan options...I have the scattered accounts with high-yield waiting for everything to be in the green and keep rolling, but they serve for the 6 months emergency fund. Thanks for the input, XV :)

 

Edit: As a side note, my local CU does something similar, but it was about 30% of loan fees refunded, so on the 1.74%, it was like a grand total of $30, but still, just threw it at CC debts when it credited.

Edited by Zanshiro

Share this post


Link to post
Share on other sites

As my HELoC comes to the point I need to flip it (Don't need, but would rather)....this CU comes back as quite the valid potential. Their HELoC rate is:

Prime Home Equity Line-of-Credit

Effective January 1, 2019
Draw Period Rate APR2
10 years 5.500%3 5.500%3
  • Maximum Percentage Financed: 90%
  •  
  • Maximum Loan Amount: $250,000

And as a first-hand experience, this past year they did give 60% back....would make roughly a 2.2% APR on the HELoC if that's the case...sounds like a good plan.

Share this post


Link to post
Share on other sites
On 1/4/2019 at 1:21 AM, Zanshiro said:

As my HELoC comes to the point I need to flip it (Don't need, but would rather)....this CU comes back as quite the valid potential. Their HELoC rate is:

Prime Home Equity Line-of-Credit

Effective January 1, 2019
Draw Period Rate APR2
10 years 5.500%3 5.500%3
  • Maximum Percentage Financed: 90%
  •  
  • Maximum Loan Amount: $250,000

And as a first-hand experience, this past year they did give 60% back....would make roughly a 2.2% APR on the HELoC if that's the case...sounds like a good plan.

 

Sadness.  Must live in Michigan. -_-

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Today's Birthdays

  • Member Statistics

    • Total Members
      175,570
    • Most Online
      1,528

    Newest Member
    HelpMeRhonda221
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×

Important Information

Guidelines