MOUNTAIN HOME, Idaho—Loan specials, especially for autos, are leading the way among the Black Friday deals being dangled in front of CU members this year.
A review by CUToday.info of Black Friday deals being offered by credit unions, some of which begin sooner than Nov. 22 and run even through next week, show CUs are once again taking part in the holiday shopping frenzy, with not only super-low loan rates but also CD specials, checking bonuses and car sales.
Pioneer FCU here isn’t waiting for Black Friday, staging its annual Black Wednesday Loan Sale today.
“We're celebrating SEVEN YEARS of low rates! Our annual Black Wednesday Loan Sale is the most exciting day of the year, and you reap the benefits!” declares the credit union in its marketing promotion.
PFCU is opening its doors today at 5 a.m., with the first 30 people at each branch running the offers receiving the lowest rates of the day. Those rates begin at 1.85% APR for autos, 2.25% for RVs, 2.55% for motorcycles and 6.12% on personal loans.
For those who can’t get up early, the credit union will offer loans all day with a one-percentage-point discount off a member’s qualifying rate.
Six Days of Deals
In Provo, Utah, Utah Community Credit Union is kicking off six days of loan specials that begin on Black Friday. Each day the credit union is offering a number of different deals, ranging from 1.99% auto loans to having three months of auto loan payments covered by the CU to 3% cash back balance transfers to a 0.99% fixed home equity loan for six months.
To take advantage, members must first prequalify based on their credit standing and then enter a random drawing for the prizes that will be awarded each day—Black Friday, and then Nov. 26-30.
Utah Community is calling the promotion “Black Friday Guaranteed Deals,” describing the offers as a Black Friday event that “actually improves your finances.”
Car Sale in Michigan
In Lathrup Village, Mich., Enterprise Car Sales is working with Michigan First CU to offer members a special Black Friday car sale through the company. Enterprise will add $1,000 to Michigan First members’ trade-in values, while the CU cuts 1% off its best car loan rates and defers payments until January 2019.
“Enterprise actually approached us a number of years ago about doing a Black Friday car sale,” said CEO Michael Poulos. “Since we like to do good things for members and get a good loan at the same time, it seemed like a good thing to do. We don’t do a ton of business at these sales, but we do some.”
Doubling Down
From Thanksgiving day through Cyber Monday, CAP COM FCU in Albany, N.Y. is doubling members’ Visa Platinum credit card rewards points on all purchases.
“Whether you’re shopping for holiday gifts—or indulging in some well-deserved retail therapy—this special deal has your name on it,” CAP COM said in its messaging.
No Worries
In Clinton Township, Mich., FreeStar Financial CU is making sure members have the the spending power they need on Black Friday.
“Get your cash before you go shopping this season with our Pre-Black Friday Loan Special. With rates as low as 8.74% APR, you don't have to worry about racking up those high-interest credit cards,” the CU has been advertising.
Members had to apply for loans between Nov. 12-16 to ensure funds were deposited into their accounts before Black Friday.
Avoid the ‘Burden’
Members Advantage Community CU, too, wants members to spend on Black Friday without facing high credit card interest rates when the bills come due.
The Barre, Vt,-based MACCU this month has been offering $1,000 loans for as low as 2.99% and $2,000 loans for as low as 3.99%.
“While the holidays are a wonderful time to spend with family and friends, we know they can also be a bit of a financial burden,” the CU states on its website.
Vermont FCU’s Black Friday Event will keep on giving through early 2019. From Nov. 19 to Nov. 24, anyone who applies for a personal loan will have payments waived until February. In addition, members who take advantage of the Black Friday Event could nab a loan rate as low as 6%.
Cash Offer
Members who walk into Communication FCU, Oklahoma City, Okla., and open a new checking account on Black Friday and take out a new loan for at least $5,000 pick up $250. The CU is also offering 3% APY on all new 26- and 39-month share certificates.
Certificate Boost
In Maumee, Ohio, Sun FCU is boosting its CD rates during its Black Friday Certificate Sale Nov.19-30. On those dates members receive a 0.25% bonus on a 12-month CD or 0.50% on a 48-month certificate.
No Deal, Just Advice
Finally, Access Community CU in Amarillo, Texas, isn’t offering any deals on Black Friday, just some sound advice for members before they head into Friday’s madness.
“Most of us have succumbed to the temptation of Black Friday shopping at some point in our life…and we have crawled out of bed to fight the early morning crowds to get that unbelievable bargain price,” the CU said on its website. “With that thought in mind let’s discuss some tips to making wise decisions on that infamous shopping day”:
- Do your research—just because it’s offered at a reduced price…is it a good value, the quality product you think it is.
- Browse the deals before you go—compare prices for what you want to buy.
- Bring the ads with you…just to make sure you are getting the advertised item. Also some stores have the lowest price guarantee and you’ll need to prove the pricing.
- Be sure to know the return policy of the store and get a gift receipt so Christmas isn’t spoiled by getting stuck with the wrong size.