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Why Now Is A Great Time To Consider A Credit Union Credit Card

Why Now Is A Great Time To Consider A Credit Union Credit Card Getty

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The not-for-profit nature of credit unions means your small, local credit union may not be filling your mailbox or Google feed with ads, but that doesn’t mean you should overlook them. Throughout their 115-year history in the U.S. credit unions have existed to serve their members. This includes offering better rates and terms to their members.

During this season of higher inflation and rising credit card debt, switching to a credit union as your card provider may be an excellent choice for your household finances.

Credit Union Credit Cards vs. Bank Credit Cards

Banks and credit unions are both financial institutions that issue credit cards. The primary difference is that anyone can apply for a bank credit card, while credit union credit cards are only available to credit union members. In most cases credit unions require that you deposit at least $5 as a member share in order to join, and that you meet other credit union membership requirements.

Although many credit unions do offer some card rewards, they do have a reputation for offering lower rewards than bank cards. The trade-off is that they often offer lower APR as well.

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