- Centurion Member
- Posts: 204
- Joined: Tue Oct 30, 2012 10:25 am
- Location: TX
My parents signed me up for a federal credit union savings account about 30 years ago. I still have it. In the past, I mostly used it for socking away money when we were saving to buy a house, but nowadays, it gets a whopping 0.20% APY on savings, so it's been sitting idle for the last few years while we do better things with our investment $$.
When I decided I wanted to build some credit history independent of my spouse, I gave my credit union a call. Was there something they offered for their members to build credit?
They offered me the choice of three different loans, but never gave the impression that being a credit union member-- even a 30+ year credit union member-- would necessarily make it easier to get a card at all. They didn't even discuss any of the basics about the cards to see if I could somehow squeak in-- they were just focused on credit-building loans that I could pay back slooooowly. Since I knew I already had paid back student loans, mortgages, etc, I wasn't interested in building "more credit" with a pretend loan I didn't need.
That being said, the three cards they offer aren't particularly competitive... "up to" 1% cash back, or reward points, or a 7.7% APR vs a 9.7% APR. I'm more likely to keep using them for savings, and for checking, if I lived closer to the geographic area they serve... an easy way to get an account with no service fees, no transaction fees, $5 minimum balance to open a savings account, ten cents cash back on all debit card purchases, no minimum balance requirements for checking, etc.
(For what it's worth, it was RBFCU out of San Antonio.)