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DCECU - CU for interesting loan options?


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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/

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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.

 

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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.

 

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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
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  • 6 months later...

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.

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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. -_-

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  • 1 year later...

Had someone I was working with on their credit get a loan here as a starting point when they were around 600.  They ended up with a 13.99% loan.  However, end of year they've now gotten their credit score up and are refinancing with a local CU, but that year, paid in $3250 in interest and got back a refund of $1625.  (based on a $25k loan) -- Making their 'net' APR a 7.085% instead.  So yes, for those starting and working to rebuild their credit, the rebate seems to be a solid idea, as their rates are competitive enough where this year's 50% back still took someone who wouldn't get a single digit rate and turned it into a lump-sum payback that resulted in essentially single digit rates, and rapidly increased their paydown, using that after their refi to reduce the principal even further.  All in all, yes ,it works for those with good-to-fair credit, but isn't as attractive an option for those with top tier, and bottom tier wouldn't likely qualify.

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