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Enbright CU Mobile App FAQ

What is the Enbright CU Mobile App?

Enbright CU Mobile App is a next-generation digital solution that integrates directly with the Mobiliti mobile banking application to deliver connected digital-first payment experiences to members.

Enbright CU Mobile App offers a multitude of debit and credit card management
functions that create control, convenience and transparency across the card lifecycle.

What are the key features?
  • Card controls and alerts
  • Push provisioning to digital wallets (Apple Pay®, Google Pay ™
  • Self service features
  • Spend insights and enriched transaction details
How does Enbright CU Mobile App benefit me as a member?
  • Manage cards on the go with advanced controls and self-service options.
  • Understand spending clearly with quick spending insights, recurring/card on file
    merchant identification and transactions enriched with clear merchant names, logos, interactive maps, and contact information.
  • Engage in real-time with transaction alerts.
  • View a digital card on a mobile device and easily push it to Apple Pay ® and Google Pay ™
I'm current using Enbright Card Control. Do I need to do anything before the update?

To ensure a seamless transition, cardholders will not be able to access the card management features currently in the app starting the evening of April 20th, until the app is updated. This should only take a few hours but may take up to 24 hours.

If they haven’t already, they should download our mobile banking app, set up an account, and enable push notifications to get ready for the new features.

How can I view my card information within the Enbright CU mobile app?

When accessing the app on or after April 20th the app may need a few minutes to
update.

Next, simply tap My Cards within the app to see all the new features, enable alerts and manage your existing controls.

Here’s how paying off $10K in credit card debt with a personal loan could save you thousands

Credit card consolidation loans let you repay debt at a low, fixed-rate

Credit card spending can be an expensive way to cover the cost of unexpected expenses, like car repairs and surprise medical bills, due to high interest rates. Consumers are likely to pay some of the highest interest rates on revolving credit card debt that’s carried over from month to month.

Of concern, Americans are becoming increasingly reliant on credit card debt in 2021 as revolving credit balances skyrocketed to pre-pandemic levels. But thankfully, it may be possible to pay off credit card debt faster using a personal loan — all while saving thousands of dollars in interest charges over time.

Keep reading to learn more about the benefits of consolidating credit card debt into a personal loan, and visit Credible to compare debt consolidation loan rates for free without impacting your cre

Credit card consolidation can save some borrowers $4K

Making the minimum payment on your credit cards can be an expensive way to repay high-interest debt. The average credit card interest rate is at 16.44%, according to the Federal Reserve, which is much higher than rates for other financial products like auto loans and mortgages.

Consolidating credit card debt into a personal loan is one way to pay off debt faster and save money while doing so. That’s because average personal loan rates are currently at record lows, Fed data shows — just 9.09% for the two-year loan term.

A credit card user who makes the minimum payment on $10,000 worth of credit card debt at a 16.44% rate will pay $5,000 in interest charges. It will take nearly 14 years of $400 monthly payments to get out of debt using this method.

This borrower has the potential to save thousands of dollars and pay off their debt 12 years faster by consolidating into a personal loan. Repaying $10,000 worth of credit card debt with a two-year personal loan at a 9.09% rate will save them more than $4,000 over time while adding just $50 to their monthly payment.

To determine your potential savings, use a credit card minimum payment calculator. Then, use Credible’s personal loan payment calculator to determine your new monthly payments and overall interest charges.

How to pay off credit cards with a personal loan
It’s relatively simple to consolidate credit card debt into a personal loan. The application process can be done completely online, so you can start saving money without leaving the comfort of your home. Here’s what you’ll need to do:

  • Determine how much you need to borrow. You can consolidate the balances of one or more credit cards into a personal loan, so add up the total debt across all the accounts you want to repay.
  • Check your credit score. Borrowers with very good to excellent credit scores, defined by the FICO model as 740 or above, will receive the lowest rates possible on a personal loan.
  • Compare personal loan rates. Most lenders let you get prequalified to see your estimated terms with a soft credit check, which won’t affect your credit score.
  • Formally apply for the loan. This will require a hard credit inquiry, which will show up on your credit report with a minimal impact to your score.
  • Pay off your credit cards. Personal loan funding is fast, typically available on the next business day after loan approval. Use your loan funds to pay off your credit card balances to zero.

If you decide to consolidate credit card debt with a personal loan, it’s important to spend wisely to avoid racking up more credit card debt while you repay your current debt.

You can browse current personal loan interest rates in the table below, and visit Credible to compare rates across multiple lenders at once without impacting your credit score. Shopping around guarantees that you’ll find the lowest rate possible for your financial situation.

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

SOURCE: Giovanetti, E. (2022, January 28). Here’s how paying off $10K in credit card debt with a personal loan could save you thousands. Sponsored by Credible – Which Is Majority Owned by Our Parent, Fox Corporation, and Is Solely Responsible for Its Services. https://www.foxbusiness.com/personal-finance/pay-off-10k-in-credit-card-debt-savings

Generation X, I see you: 5 pieces of financial advice for a forgotten generation

If you were a latchkey kid, I dedicate this to you.

Congratulations, Generation X. It appears you’ve figured out all your money conundrums. If you were born somewhere between the mid-1960s and 1980, you must now have plenty of savings, no debt and a robust retirement plan.

No?

Of course not. But it seems as though the financial advice community is mainly focused on helping Millennials and Generation Z, those who were born after 1980. And then there’s the older generation of Baby Boomers, born between 1946 and 1964, who receive a notable amount of attention from websites and books as they navigate retirement and the maze of Medicare.
Wedged in between, Gen X (of which I consider myself a proud member) has been somewhat overlooked. If you’re a person of color within this demographic, you may feel flat-out ignored. I know this because I’m part of the problem. My work doesn’t always emphasize the financial needs of Americans in their 40s and 50s. When I have highlighted this cohort on my podcast or in articles, I notice an uptick in engagement and a few more “thank-yous.”

On the one hand, Gen X has managed to keep its head above financial water more so than older and younger generations. Between 2007 and 2010, after the real estate bubble burst, Gen X’s median net worth dropped by 38%, and baby boomer households saw their wealth decline 26%, according to Pew Research.

In its aftermath, some Gen Xers fortunate enough to hold on to assets and continue working were able to recoup losses — and more — well ahead of retirement.

We paid less for college, too. In 1995, the average annual cost to attend a four-year institution would come out to a little more than $10,000, compared to $28,000 today. And chances are, we didn’t enter a deep recession upon graduating.

Still, the journey has been anything but linear for members of Generation X. Though we may not need as much advice on how to consolidate our student loans, life events and responsibilities — getting married or divorced, raising kids or not, taking care of aging parents and more — leave many in this demographic struggling at critical junctures.

We could use some tailored financial advice and outside-the-box strategies.

“We are really at the moment in our careers and our lives where everything is happening, whether that is in our jobs, in our relationships … I don’t want to be a downer but… it’s a lot,” says publisher Margit Detweiler. Detweiler is the founder of TueNight.com, a storytelling platform for, as she describes it, “grown ass Gen X women.”

Financial advice for my Gen X peers could span several books, so I thought I’d start with these five steps and promise to dedicate more coverage in the future.

1. Career:

Not too late to ramp it up
If you’ve been climbing in your career for a decade or two and wondering what’s next, be inspired by the many examples of individuals who made big leaps in their careers or pivoted to entrepreneurship in their 40s and 50s.

While Gen X is currently experiencing its prime earning years, the best may be yet to come. Julia Child, for example, wrote her first cookbook, Mastering the Art of French Cooking, at age 49, following years in the advertising profession. Viola Davis spent decades working as a performer before her career soared in her early 40s, when she starred in the film Doubt and was nominated for an Academy Award for her role.

2. Retirement:

Turbocharge savings
Don’t kill the messenger, but some investment firms suggest having roughly three times your annual salary saved in a retirement account by 40. By age 50, that recommended factor jumps to five. This may feel like an outrageous sum to achieve, but it’s fair to say that the onus of saving for retirement is squarely on the individual these days. With the extinction of pensions (for the most part) and uncertainty hanging around the fate of Social Security, it’s never been more critical to save for our future.

If you have access to a workplace retirement account like a 401(k) and have reached age 50, know that you can play some catch-up by contributing an extra $6,500 this year. IRA savers ages 50 and older can invest an additional $1,000.

Finally, this may be a good time to rethink your retirement age. If you had to work part-time or full-time throughout your 60s and into your 70s, what would be your ideal role? Some early strategic planning is never a bad thing.

3. Debt:

Don’t worry about paying off your mortgage
The idea of retiring without a mortgage sounds relieving, but in actuality, it may mean making extra payments every year to get there. Is it worth it? If you have many financial goals competing for your attention right now — from saving for retirement to putting a child through college or supporting an aging parent — then don’t worry right now about paying down your mortgage (which likely carries a low-interest rate). Focus on the financial moves that will produce a higher rate of return such as investing or ones that are more immediate in nature.

4. Family finances:

Crack the money talk with your parents. It may be awkward to talk about money with our parents, but it can be beneficial for both parties.

When she joined me on my podcast, Cameron Huddleston, author of Mom and Dad, We Need to Talk, opened up about her mother’s battle with Alzheimer’s and how she wished she’d discussed money with her mom before the diagnosis. “When I saw that she was having trouble with her memory, suddenly, it was no longer a what-if type of conversation. It was, ‘Oh, my gosh. This is happening. What are we going to do?’ This is why people need to have these conversations sooner rather than later … so that they can be talking about hypothetical situations. Not: ‘We’re in the thick of it now. It’s an emergency. Emotions are running high. How do we deal with this?'”

A wise way to start the conversation, says Huddleston, is to use a personal story of someone you know who went through hard times because they didn’t talk about money with a parent. At this stage in life, “you’re bound to know someone who has already started dealing with issues,” she says.

The most important details to review, Huddleston suggests, are whether they have a will or a living trust, and whether your parents have named a power of attorney, someone who can step in to make financial decisions if they are unable to do so.

5. Kids’ college:

You’re not a bad parent if you don’t pay for it. Really, you’re not. If your child is college-bound and you haven’t saved for this expense, do what you can. But also remember that there’s a great deal student can do on their own to alleviate the cost burden. Sacrificing your own retirement or pulling from emergency savings, while tempting, may come back to haunt you — and your grown-up child — if you have a hard time replenishing those funds down the road.

A critical part of college planning is discussing all the affordable pathways with your child — and there are many, such as merit scholarships and grants, work-study programs, attending a local community college first, working part-time to afford the college credits, or considering a career where student loan forgiveness is a potential option. And remember, college may not be the ideal path for everyone. Vocational school, coding bootcamps, and apprenticeships are all valid alternatives these days.

If your child is still a ways away from college, consider the following: Open a 529 college savings account where your money can compound, and, depending on your state, you can receive a tax break.

Torabi, F. (n.d.). Generation X, I see you: 5 pieces of financial advice for a forgotten generation. CNET. Retrieved February 4, 2022, from https://www.cnet.com/personal-finance/generation-x-i-see-you-5-pieces-of-financial-advice-for-a-forgotten-generation/

Explore Retirement Options

Enbright Credit Union offers more than you think! 

Financial Literacy: Fun Games For Kids!

Hit the Road – A Financial Adventure Game

For grades 5-9, a throwback to The Oregon Trail® type gameplay, NCUA’s “Hit the Road” is a fun and interactive platform for teaching young people money management skills. While on a virtual road trip across the country, you must save and spend your money wisely to complete challenges along the way.

Hit the Road | MyCreditUnion.gov. (n.d.). Www.mycreditunion.gov. Retrieved January 13, 2022, from https://www.mycreditunion.gov/financial-resources/hit-road-financial-adventure

World of Cents

Match coins to earn money, then decide how to spend it building a magical world!

World of Cents is a fun and engaging, kid-friendly game for ages 5 and up designed to help teach the value of money through the concepts of earning, saving, and spending money while incorporating basic math concepts.

World of Cents | MyCreditUnion.gov. (n.d.). Www.mycreditunion.gov. Retrieved January 13, 2022, from https://www.mycreditunion.gov/financial-resources/world-cents

Test Your Money Memory

 Test Your Money Memory is a match game that pairs United States coins and currency with the appropriate president. 

Test Your Money Memory | MyCreditUnion.gov. (n.d.). Www.mycreditunion.gov. Retrieved January 13, 2022, from https://www.mycreditunion.gov/financial-resources/test-your-money-memory

Salvation Army Toy Field

Every child deserves to experience the joy of Christmas morning!

With your generous support, they can!

Each year, Enbright Credit Union sponsors a toy drive for Salvation Army’s Toy Field. The Salvation Army’s Toy Field helps children within your local communities experience the hope and joy of the holidays, giving them something to open on Christmas morning!

How Can You Help Enbright Credit Union Support Salvation Army’s Toy Field?

– Drop off your generous toy or monetary donation for a boy or girl at any of our three Enbright Credit Union Branch Locations.

– Whether you are in the lobby or drive-thru (We will send a team member out to pick up the toy if you are in the drive-thru), notify an Enbright Team Member that you would like to contribute to Salvation Army’s Toy Field. 

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