By amondalek
September 19, 2016

WHY IT WINS

When you have a FICO score that falls below 720 and you’re carrying a balance, your options can be limited. You could have a difficult time getting approved for any of MONEY’s Best Credit Cards picks—including the other winners in this category. And major issuers will probably stick you with high interest rates, making it hard for you to climb out of debt. Instead, join a local credit union—find one at mapping.ncua.gov—where you’ll be more likely to find low borrowing costs.

Why? Credit unions are member owned, so instead of delivering a profit to shareholders, they can pass extra savings along to you. (They also tend to know their customers better.) Look for a rate that’s lower than the industry average of 20.1% for fair-to-middling credit scores.

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