Got my fat envelope from Navy FCU --any advice about their different credit products?

[haulingthescoreup]

To my astonishment, I am now a member of Navy FCU. This 54-year-old lifelong Army brat, whose father died in 1980 and would certainly have never considered joining anything with the word "Navy" in it, qualified via my mother's status as an annuitant --she gets a military pension as the widow of a career Army physician. All thanks go to plasticman, who read between the lines on the site and was persistent enough to figure that this works and described it on this thread.

So now, I'm looking at what beyond the $5 initial share account deposit would be interesting from Navy. I've plowed through a bunch of Navy threads, again courtesy of plasticman, and I'm more confused than ever. Here's the rundown from the Navy CC webpage:

cashRewards

* Up to 1.5% cash back on every purchase*
* No annual fee
* No caps on the amount of rewards
* Rewards never expire
* Variable Annual Percentage Rate


nRewards®

* Gift cards and merchandise
* No annual fee
* Redeemable rewards value up to 1% of purchases
* Rates as low as 8.9%
* Rewards redeemable online in Account Access


nRewards® Secured

* Helps build/rebuild your credit
* Credit line of $500 to $50,000
* Amount you designate in your savings determines credit line, which is then held by Navy Federal
* No annual fee
* Gift cards and merchandise
* Redeemable rewards value up to 1% of purchases
* Rates as low as 15.9%
* Rewards redeemable online in Account Access


goRewards®

* Any airline. Anytime.
* Cash, gift cards and merchandise
* $18 annual fee
* Start redeeming with just 3,500 points
* Rewards up to 1.7%
* Rates as low as 9.4%
* Rewards redeemable online in Account Access


Flagship Rewards

* Any airline, anytime
* $49 annual fee
* Cash, gift cards and an elite grouping of gifts
* Redeemable rewards value up to 2% of purchases
* Rates as low as 9.9%
* Travel points redeemable online in Account Access


Platinum

* 24-hour complimentary concierge service for the finest experiences in dining, entertainment and shopping
* No annual fee
* Rates as low as 7.9%

And then, of course, there's the LOC, which functions as revolving credit, plus their auto loans and so forth.

My question is, who has which card, what initial CL did they give you (if you don't mind posting), why did you app that particular one, what makes it good, what doesn't it do that you wish it could, and so forth? Oh, OK, another question: has anyone discovered any sort of odd synergy in combining credit products that lets you work some magic?

I'm in no hurry for new credit. This is just the beginning of my usual multi-month long pondering.

[smallfry]

So this is credit gardening eh? LOL. Congrats Hauling. My bet is you go for the cashback card. The MC does offer a slightly lower rate and some concierge service other than that really no difference from the vanilla nRewards Visa. Tell me you're not going for the trifecta. Enjoy NFCU they are the best. And their website updates your charges in real time.

[haulingthescoreup]

Ha! No, no new credit any time soon. I'd just rather do the research now, while there's no hurry. I'm guessing the cashRewards, too, unless I switch jobs and wind up as a traveling consultant, which could always happen, and then the travel cards would come into play. Right now I'm trying to figure the difference between goRewards and Flagship Rewards.

I feel like I already have the trifecta --USAA, PenFed, and now Navy! I'm not eligible for PSECU, and I just don't have an itch for Alliant.

I'm just happy to have established membership. If anything, I'll probably start picking up a CD or something, just to keep the pot bubbling.



eta: I meant to add: as has been posted elsewhere, there was neither a hard nor a soft for membership. EQ remains squeaky clean!

And if I do wind up getting a card, that's what all the gardening was for --to make me eligible for the nice ones.

Message Edited by haulingthescoreup on 09-24-2009 03:55 PM

[TangMeister]

Big congrats, HTSU.  Welcome to da Family! 

I bank with Navy as well as utilize their credit products.  They are quite good, though I still believe PenFed has a leg up on them with their Cash Rewards Visa and all the uber pre-approvals they offer me.  Just grab what suits your wants/needs from the credit offerings when you're ready.  I'll only say they're quite generous on credit limits, and it's not difficult to hit $50k on their card limits within a year or so with good credit. 

[haulingthescoreup]

Thanks, TangMeister! Interesting thing about those $50K cards --it's an excellent way to hide some balances from the FICO util calculator.

Got a BT question: it looks like all the cards have $0 BT fee. When Navy periodically offers its "good" BT rates, do they apply to all cards? If just one, is there a particular card that generally gets the good rate, like the Platinum?

[smallfry]

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@haulingthescoreup wrote:
Thanks, TangMeister! Interesting thing about those $50K cards --it's an excellent way to hide some balances from the FICO util calculator.

Got a BT question: it looks like all the cards have $0 BT fee. When Navy periodically offers its "good" BT rates, do they apply to all cards? If just one, is there a particular card that generally gets the good rate, like the Platinum?

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Can't help you there Hauling. Nothing to BT.

[TangMeister]

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@haulingthescoreup wrote:
Thanks, TangMeister! Interesting thing about those $50K cards --it's an excellent way to hide some balances from the FICO util calculator.

Got a BT question: it looks like all the cards have $0 BT fee. When Navy periodically offers its "good" BT rates, do they apply to all cards? If just one, is there a particular card that generally gets the good rate, like the Platinum?

---

Exactly...those high limit cards have their perks. 

Periodic balance transfer offerings are not card specific from what I've experienced and seen...they are usually either open to all card holders, or targeted to a sub-section of their card holders, according to meeting certain credit criteria.  

It's also VERY easy to do a cc product change with NFCU, so don't worry about choosing the wrong credit card when you apply and being stuck with it.  If you start with, then don't really like the nRewards Visa, you can easily switch to their Cash Rewards, goRewards or Flagship Rewards Visa (with its fee but different rewards structure) or over to their standard non-rewards card, or vice versa...easily (also MasterCard versions of some of these).  History stays intact and generally there's no new credit hard pull or subsequent new account generated in the process  Extremely flexible to work with. 

Edit:  I hope this posting makes sense.  My brain's a bit fuzzy from the heat down here in So Cal.  

Message Edited by TangMeister on 09-24-2009 05:36 PM

[plasticman]

Hi Hauling,

Navy as you have seen is most responsive whether by mail or phone.

First, I would like to mention with the savings account you need only to deposit $5  to open it and you have several months to do so. However, after one year NFCU will start deducting $3 per year as a maintenance fee if the savings deposit is under $50. Therefore, if you just deposit a minimum of $50 dollars you will never have a need to touch the account again and it will also accrue interest.

Second, I was approved for a 25k Platinum CC and a 15k NavChek LOC without a single dollar yet deposited into my savings account. If you apply for the NavChek LOC, NFCU will ask you an amount you wish to apply for between $500 and $15000. Be brave if you do apply, because NFCU will counter if the CL you request is higher than they are comfortable with.

Third, I like the NAVChek LOC for many reasons, the primary reason I like this TL is that it reports to all three CBs as a revolving TL. This is important to me because now I have a revolving TL I never need to use nor worry about a possible AA as a result of this inaction. The functionality of this LOC in that respect is a relief, if one as many revolving CLs, as it never needs to be exercised.

Fourth, I chose the NFCU Platinum Visa with the 7.9% APR. The reason I choose this card was because it is my go to card if I ever need or want to carry a balance. I have spoken directly with several CSRs recently whom have all told me NFCU will not take any AA due to the size of a CC balance. Their primary concern is the CC bill is paid on time. If, however, one's EQ score changes significantly they have in the past raised raised an APR. I had these discussions when I called NFCU about other matters, so I started discussing the current state of affairs with the big banks and the non-stop AA action lately by these banks towards many cardholders.

Fifth, The cash rewards card is very new and was not offered when I first joined. I will be applying for this card sometime next year. I plan to do this because I am convinced, provided I am good, NFCU will not take any AA against any of their CCs I hold unless it is an APR increase directly related to their cost associated with any prime rate increase.

Sixth, the no fee balance transfer function is applied to all cards when offered as well as any special BT offers through any particular year. This is another reason to want your highest CL CC with the Platinum card. 

Message Edited by plasticman on 09-24-2009 06:07 PM

[Anonymous]

Remember- you have to seperately apply for online account access.

[plasticman]

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@Anonymous wrote:
Remember- you have to separately apply for online account access.

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My experience is that NFCU will only send the initial login password via mail. Once it is used the first time you can then change this password to one you would prefer.

There are three required elements to the online access as follows;

1. Your NFCU access number

2. Your user ID ( This is always the last four digits to your S.S.N. )

3. Your password

When I initially applied, I specifically requested this access and the temporary password was in my mail box within a few days. Hauling, if you have not asked for this access, as USMC has pointed out, it is clear you need to call again to get your temporary online password sent to you. I do not know if it would be sent otherwise. However, USMC58555 does state you need to do so and makes a good point to ensure that it is, by notifying NFCU you wish to have this access, if you have not already done so.

Message Edited by plasticman on 09-24-2009 07:19 PM