July 21, 2017

If you are a proud parent or grandparent of a recent graduate, there are many ways you can help them start their financial future on the right foot. Smart Start product lines are one of the banking services provided by LUSO Federal Credit Union that can help students manage their money and make wise choices. Whether you are planning to set aside money for a secured Visa, or an auto loan, there are features that can work for you. Here are three of the best Smart Start products available to you by LUSO.

Secured VISA

A secured credit card is slightly different than a regular credit card. It works by including a backup cash deposit that is made when the account is opened. The deposit is usually the same as your credit limit so if you deposit $500, you will have a limit of $500. A secured Visa account reduces the risk to the account owner. If, for some reason, you cannot pay your bill on time, the issuer can use the money from your deposit. These cards are great for people with bad credit, no credit, or people looking to improve their credit. On the other hand, if you always pay your bill on time, you will eventually get that deposit back. Using the card in a responsible manner can improve your credit enough to qualify you for an unsecured credit card, which does not require a deposit. For graduating students, grandparents and parents can set up a secured Visa to help them build their credit.

Smart Start Auto Loan

Smart Start auto loans can help people with all income types, backgrounds, and credit scores. This system can help people get the auto loan they need for any vehicle type of their choice, and can help them build their credit while they drive. Help is provided each step of the way to make the auto purchase simple, fast, and safe. This is a great option for students or recent graduates who are looking to purchase their first car. Credit unions like LUSO can offer Smart Start auto loans at discounted rates.

Rewards Checking Accounts

Smart start checking accounts can help people who struggle with monthly service fees and maintaining their minimum balance. Instead, account owners can earn rewards by meeting the simple and easy monthly qualifications, and they can benefit from refunds for most, if not all, ATM fees they incur. Even if users do not meet the monthly qualifications, they can still benefit from a discounted rate. LUSO provides rewards checking and/or college checking accounts that include ATM fee rebates up to $25 a month on one of the accounts.

Get Smart Start Products at LUSO Federal Credit Union

If you are a parent or grandparent looking to set up banking for your child or grandchild who has recently graduated, LUSO Federal Credit Union can help you. Our Smart Start product line provides double the rewards for the first three months on our Visa, financing up to 90% and student discounts for vehicle loans, and a free debit card with rewards and free basic checks for life. Our professionals can also help you make the most of your mortgage, manage your finances, get out of credit card debt, start saving for future goals, and set you up with the loans you need. Our services and rates are available in Wilbraham, and Ludlow, Massachusetts. Please contact our Ludlow or Wilbraham branch at 1 (844) 587-6328.

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