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Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008
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NFCU: Change in Terms

I almost forgot about this. New from NFCU:

 


 

IMPORTANT NOTICE OF CHANGE IN TERMS
Please Read and Retain For Your Records


Effective May 1, 2009, your Credit Card Agreement and Disclosure is amended to include the following changes:
Default APR: 17.9% for accounts in default. If your payment is late twice within any twelve-month period, your account will be considered in default. The Default APR will be applied to any and all transactions and outstanding balances in your account, including any Promotional APR and other balances. The Default Rate will be applied effective the current billing cycle in which your account is considered in default. You may request reinstatement of a reduced rate if you make on-time required monthly payments for six consecutive months. The rate you qualify for will be based on your credit history at the time of your request, and will be applied to any and all transactions and outstanding balances. All other terms and conditions on your Credit Card Agreement continue to apply.

 

AMENDMENTS TO YOUR AGREEMENT
This notice includes a summary of changes related to the interest rates that may apply to your account.

Summary of Changes:

 

  • Current Default APR: None
  • Default APR effective May 1, 2009: 17.9% will apply to any and all transactions and balances if your account is past due two times in any twelve-month period.

And here, I thought that I was the queen of the "fine print". I never even noticed that there was no applicable default APR in my disclosure. I guess as default APRs go, NFCUs still got the best rates! LOL! Not that I'll ever take it out for a spin or anyting. 

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Friendly, Supportive & Respectful


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Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
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Re: NFCU: Change in Terms

Don't default. Their default rate is better than some issuer's APR's. 
Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008
0

Re: NFCU: Change in Terms

My sentiments, exactly, Smallfry. I will never pay late, and I'll always PIF-- I personally like my completely irrelevant (no balances carried) fixed rate of 8.9%.  

 

But, mercy! The default rate is better than my store cards and only slightly higher than my SDd Juni B&N card. Even contemplating a disaster scenario (default), NFCU seems to want to preserve the financial health of its members as much as possible. Now that's responsible lending.

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
0

Re: NFCU: Change in Terms

I am glad I decided to join NFCU and Penfed last year. While I would hate to lose my lines with Chase Citi and BofA I could live w/o them.
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