Collins Community Credit Union (CCCU)

The Collins Community Credit Union is a well established credit union serving Linn, Johnson, Benton, Buchanan, Cedar, Delaware, Iowa, Jones, Keokuk, Louisa, Muscatine, and Washington counties.

They have nine offices in Cedar Rapids, Marion and North Liberty. Using their services is only available to individuals living or working in these areas, or businesses located in these areas. All credit unions are not-for-profit organizations that return their earnings to members in the form of lower rates and fees, and higher interest on savings. Collins Community Credit Union offers loans mortgages and auto loans. They also have a special health care savings account with a high-deductible health plan which is tax efficient. They have credit cards through Visa and Mastercard with no annual fees charged, and currently the interest rate is at 13.9% APR. However, any application for a credit card is subject to the normal credit reference checks and persons with poor credit history may be refused.

There are certain conditions that must be met to qualify for the Collins Community Credit Union rewards on the Advantage Checking account. You need to use your debit card at least 15 times a month, drawing cash from the ATM does not count, and you need to have at least one monthly direct deposit into your advantage account. For this, you receive a bonus 3% APY on balances up to $25,000. APY, stands for Annual Percentage Yield and is the actual amount of interest an account will earn, over the course of a year. With Advantage Checking, interest is compounded monthly and paid monthly on your daily ledger balance. If you do not qualify for rewards, your account interest is only 0.10% APY.

This is a good checking account for someone on a low to medium wage, who can put their salary into the account, will use a debit card rather than cash to pay for their living expenses and has access to a computer. If you use this service online you also qualify for CCCU’s Mobile Money which is a service whereby through text messages, you can receive alerts, pay bills, transfer money and check your account balance. The account does have overdraft protection, but any line of credit agreed would be subject to a credit check. If you have been declared bankrupt or have poor credit, Collins Community Credit Union may not accept you for this account.

Collins Community Credit Union is a limited provider in that there is a geographical restriction on who may apply to be a member. They have a good range of services and reasonable rates with some helpful offers. If you meet the residency qualification this is a good option for a working person with reasonable credit rating who wants to earn interest from their checking account and benefit from reasonable loan, credit and mortgage rates.


Source: Credit Cards For People With Bad Credit Rating

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