@Anonymous wrote:
Looking to get a new card and want to try a credit union and not sure which one.
I have a 800+ score and cards with all the major banks already.
Do I have to open a checking or saving account in order to apply for a credit card?
Thanks for reading and any comments would be greatly appreciated
The savings account, often called the "share account" because, as said elsewhere, it represents your "share" of the credit union's assets (think of the credit union as being, in some ways, a joint enterprise of a large number of individuals pooling their money for their mutual financial benefit) is the basic account of any credit union, and mandatory in order to participate as a member of said CU. Generally, the amount required to open a share account is quite small - only $5 for many CU's - but as with any savings account, it earns money through dividends so it's to your advantage to keep depositing funds regularly. Checking accounts are optional and the requirements vary by CU.
Every CU will have different membership requirements, often based on geographical or professional factors, but many CU's are more liberal in their stipulations for membership than you might think; for instance, Navy Federal Credit Union, in which membership is technically limited to Department of Defense personnel and their families, is very well-known for welcoming "civilian" members who join it via the Navy League, specifically the San Diego chapter (there's extensive discussion of how to do it here and elsewhere), and other credit unions welcome new members who make donations to some charitable organization related to the credit union's professional affiliation. (In this and other cases, you do need to provide proof of your membership or donation when you apply to join the CU.) Some CU's will require a brief waiting period after joining before you can apply for a credit card; Navy Federal, for example, has a one-week waiting period.
Do check the guide linked previously; with your score, you should have no trouble finding a good CU and getting approved for at least one of their credit cards. And it's not just CC's, either; CU's are excellent places to apply for other types of loans - auto, mortgage, personal, debt consolidation, etc.
