JCCUL, First Global partner on credit card service
Published:Wednesday | January 18, 2012 | 12:00 AM
Jamaica's umbrella credit union group has partnered with First Global Bank (FGB) on a Visa-branded credit card service for credit union members.
Jamaica Cooperative Credit Union League (JCCUL) comprise 43 members but credit unions wishing to make the service available to members will be required to sign up with First Global Bank.
JCCUL said the JDF Cooperative Credit Union will be the first to offer the card, which becomes available to its members starting today, January 18.
Five other credit unions are in negotiation to access the service for members, but JCCUL did not disclose their names.
INCREASE IN SERVICES
"This credit card increases the array of financial services that members can currently access at credit unions," stated a release from the JCCUL late Tuesday evening.
"The inclusion of a credit card in the array of services comes at the behest of members who asked for a credit card product at an interest rate consistent with the custom of lower interest rates at credit unions," it said.
The interest rate charged on the local currency credit card will be 33 per cent.
The credit limit will be administered in a similar fashion to the regular commercial banks and set based on the member's ability to pay.