Basic Benefits of a Credit Union

Have you ever found yourself comparing a local credit union to a local bank? If so, you have come to realize that there are benefits of doing business with both.

Even so, some people continue to ignore the advantages of a credit union because they are unfamiliar with what this type of financial institution can do for them.

Below are three of the most basic benefits of a credit union. These may not be enough for you to join, but they should definitely open your eyes to what you’ve been missing:

1. Membership

With a credit union, you are more than a customer. Instead, you’re considered a member. While this typically means a small upfront fee, membership will work in your favor many times over in the years to come.

2. Access to Credit Cards

It’s not the case with every credit union, but many offer credit cards just like the banks you are so familiar with.

This alone may not be reason enough to join a credit union, but consider the following: interest rates are typically lower. So, if you want to get your hands on a low rate credit card, you’re best off shopping through a local credit union.

3. Low Rates, Many Options

In addition to credit cards, credit unions offer low rates on a variety of other financial products. These include but are not limited to car loans, mortgages, personal loans, and home equity loans. If you’re going to borrow money, you might as well do so at the lowest possible rate.

These are just a few of the basic benefits associated with joining a credit union. If these excite you, contact a local institution with a good reputation to learn more.

Have you done business with a credit union in the past? Are you a current member? What do you like best about your relationship?