Finovate Blog

During the past few years we’ve reported on Black Friday and Cyber Monday promotions at financial institutions (last year). ING Direct is the only large bank that has consistently used the post-Thanksgiving holiday in its marketing (see below) and we are glad to see it continue under Capital One ownership.

This year we found another new entrant for our database of holiday offers, 42,000 member Oklahoma Employees Credit Union. It has a prominent black tag on its homepage announcing a "Black Friday Money $ale" (see first screenshot). 

And from the looks of it, the CU has created a pretty hot offer, leading with car loans as low as 1.49% with no payment due for 90 days (well after holiday spending subsides). But that’s just one of the seven holiday offers (second screenshot). The CU is also offering:

From Black Friday to Cyber Monday (Nov 23 to 26)

• 1.49% APR* on New or Used Auto Loans 
• 1.00% APR^ Off Unsecured Loans
• Surcharge Free Gift Cards***

Black Friday to the End of the Year (Nov 23 to Dec 31)

• 90 days no pay**
• $149 Mortgage Loan Origination Fee^^
• $49 Credit*^ with New MasterCard
• 0.49%tt Business Loan Origination Fee

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Oklahoma Employees Credit Union homepage with Black Friday specials (Wed, 21 Nov 2012)

Black Friday landing page (link)

ING Direct homepage with Black Friday offers (21 Nov 2012)

ING Direct Black Friday teaser page (link)
Note: The bank does not reveal the actual offers until midnight Thursday

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Fine print on Oklahoma Employees Credit Union offers:

*Annual Percentage Rate. 640+ credit score. Max term 60 months; estimated payment $17.31 per $1,000 borrowed. Min amount $10,000. Existing OECU loan min advance $2,500. Requires automatic payments and eStatements. 
** Borrower may defer initial auto loan payment up to 90 days. Interest will accrue from date of advance. 
^ Annual Percentage Rate. Reduction from regular earned rate as determined by credit score. 
*** Up to 5 cards
^^ Max 12 years up to $250,000 and 75% loan-to-value as determined by appraisal or AVM. 
*^ Initial transaction must be made by 1/10/13. Credit to be issued by 2/10/13. 
tt Owner occupied commercial real estate. Max loan $500,000. Additional closing costs may apply. Normal lending policies apply.