Moving to: m/AskMbin!

178 readers

1 users here now

### We are moving! **Join us in our new journey as we take a new direction towards the future for this community at mbin, find our new community here and read this post to know more about why we are moving. Thank you and we hope to see you there!**

founded 1 year ago

difference between bank and credit Union? (kbin.social)

submitted 10 months ago by milkytoast@kbin.social to c/AskKbin@kbin.social

7 comments fedilink hide all child comments

what I've found is just that bank is for profit, union isn't, and union can give better interest

thanks :)

you are viewing a single comment's thread
view the rest of the comments

[–] milkytoast@kbin.social 1 points 10 months ago (1 children)

i think i understand interest. u spend 1k in the month, only pay back 500, now they add a percentage each month that you have to pay back on top of the 500 u owe yes?

[–] wolfshadowheart@slrpnk.net 1 points 10 months ago

Basically, yes. Some companies also have "leeway months", so to continue your example say you don't pay it off entirely for the first 3 months, but just a portion. My credit card has (1) year to the date of purchase before interest accrues, so as long as it's paid off within the year I can take as long as I like to pay it off.

Still, always pay off in full when you can.