WARREN, Ohio – 717 Credit Union’s new affinity credit card program aims to have a positive impact by giving directly back to the community.
The Greater Warren-Youngstown Urban League will be the first organization to benefit from the new co-branded card.
Qualifying applicants can receive the card and benefit from a 7.17% interest rate on all purchases and balance transfers made in the first 90 days. The rate will remain on the balances until they are paid off, and after 90 days a card’s rate will be adjusted based on the user.
The card also features no annual fees, no balance transfer fees and no cash advance fees.
And for each purchase made with the card, 7.17 cents will be donated to the Greater Warren-Youngstown Urban League. Each swipe of the card will benefit the Urban League’s initiatives to improve financial literacy, improve housing opportunities and more.
John Demmler, president and CEO of 717 Credit Union, and Tom Conley, president and CEO of the Greater Warren-Youngstown Urban League announced the partnership Tuesday, along with invited guests including Warren Director of Public Safety and Service Eddie Colbert;, Youngstown Mayor Jamael Tito Brown and the Rev. Todd Johnson of the Second Baptist Church.
Demmler said instead of giving a one-time or annual donation, the card allows 717 and those using the card an opportunity to improve their financial situation by benefiting from one of the lowest rates available across the country and a way to continuously help an organization that benefits the local community.
“We’re happy. We’re grateful. We’re very humbled for this partnership with 717 Credit Union, because this is life changing,” Conley said. “This is historic.”
The Greater Warren-Youngstown Urban League is working to renovate River Gate High School, a dropout recovery school, and make certain financial literacy is a part of what the students learn. Additionally, the open homeless shelter operated by the Urban League provides services to 600 individuals per year. Recently, the Urban League took on a homeless youth program. “You would be surprised how many people in high school are homeless right now,” Conley said.
Finally, the Urban League has been helping people on adult probation learn the right way to survive financially.
“The mission of the 717 Credit Union, they really empower people financially, and also investing in the community,” Conley said. “That’s simple and yet so strong … and it aligns with our mission and what we do helping underserved individuals achieve civil rights through the programs that we offer.”
With credit card debt at an all-time high and the average interest rate at 20%, Demmler said the past few years have been tough on families, and more people have been using credit cards just to get by.
“Today is not about introducing one more credit card product to the mix. It’s about providing a solution and a roadmap forward to financial security,” Demmler said.
Demmler said he hopes individuals with high-rate credit cards will take advantage of the card to move those balances and get out of debt faster. And the lack of fees with the card also will help give back to the community.
“Sometimes giving back is about not taking to begin with,” Demmler said. “Banking local matters, and when we bank with purpose we can build a stronger community.”
Demmler said he hopes more than $10,000 will be sent to the Urban League through the card. 717 will be giving the money quarterly to support the Urban League’s initiatives.
Johnson said the credit card and relationship with 717 Credit Union is about creating an opportunity to empower the community. And he is excited for the clergy, churches, organization and community to have an opportunity to work together with 717, which is based locally.
“It provides such a healthy approach to credit that individuals in the Black community normally do not experience. When you look at the proliferation of cash advance businesses that come into our community, the unhealthy credit products that are pushed onto our young people … to see this and to be able to promote this means the world to me,” Johnson said.
The card will be available starting Friday, with applications accepted at 717 Credit Union branches and online.
Pictured at top: John Demmler, left, president and CEO of 717 Credit Union, and Tom Conley, president and CEO of the Greater Warren-Youngstown Urban League, announce the new program Tuesday.