Ask Sid: Retired, Can I Join a Credit Union? Membership Open; Requirements? - AARP Bulletin

Can I Join a Credit Union If I' m Retired

Q. I want to join a credit union to get a lower-rate credit card, but I'm retired. What are my options? A. Traditionally, credit unions were open only to people working for certain employers or belonging to groups such as labor unions. But many credit unions have since adopted a less restrictive "field of membership" — meaning you can often join based on where you live; your place of worship, civic group or past school affiliations; or by having an eligible family member. A good first step to find a CU: Contact your state's or call the Credit Union National Association at 1-800-358-5710. Also worth checking is the , a government agency that oversees federally insured CUs, and , a collaboration of state leagues and the NCUA. Along with lower-cost loans and higher returns on CDs, credit unions typically issue "no-frills" credit cards with interest rates up to 4 percentage points below those offered by banks, and usually without annual fees. Of course, credit unions can be a pain to get to — they're not on every corner. But in sum, many people prefer them to banks. Sid Kirchheimer writes about health and consumer issues. Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures

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