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I suggested to my daughter that she join NFCU. She is 21, educated and employed making around $35k with no debt, paid cash for car, no SL', very frugal and responsible.
She joined NFCU and opened Savings & Checking with $50 initially. Today she applied online for NFCU Platinum Visa and was INSTANT approved for $8000 CL at 7.9% fixed.
She is an AU on a couple of my cards (only 3 year age on these and actually uses/has the cards and pays her charges).
She applied for and got a CapOne Plat Rewards MC with $1k CL about 3 months ago, and started using this as her primary card (rather than the AU's), but will now use NFCU as her primary.
Her EQ FICO is about 752, but very thin and not very old (AU's only 3 years and her personal CC is only 3 months).
For me, NFCU cashreward is just as good as PenFed. I roll quite a large dollar amount through, and NFCU gave me $25k as opposed to PenFed $10k.
While PenFed offers great gas and grocery rewards, the "everything else" rewards are no better, in fact not as good (for me). The amount I spend on gas is a few hundred. Groceries maybe a grand. But "everything else" is thousands.
NFCU pays 1.5% on "everything else" after $10k (of total annual purchases), which I surpassed quickly (got 1% on first $10k).
So, right now I get 1.5% on EVERY purchase. I have made about $350 in cash rewards so far and NFCU pays rewards in REAL TIME and allows you to do INSTANT cash transfers to any deposit account or toward your CC balance. I deposit the rewards into savings.
I have to say, overall based upon the rewards, CL and just superb CS, I rate NFCU as top dog CU for my CC!
Do you know how I might go about switching to the cash card.. or should I simply pretend it is a new account. I don't want to irritate them with applications or look greedy or anything..
NFCU has a "SWITCH" option.
http://www.navyfederal.org/credit_cards/creditcards.html
Notice that next to all CC's (except the cashrewards) there is an "APPLY" and a "SWITCH" button. Switch allows you to request a PC for CC. I believe you can switch a non-cashreward to a cashreward, but not the other way around.
If you don't want a formal application, you might just call them and ask to speak to somebody in the Credit Card department and ask them about it. They can provide all the info, and then even put the request in over the phone if you are satisfied with the info they provide.
Be sure to ask if it will result in a hard inquiry.
Re: hard inquiry.. I hope not.. they just did one 2 days ago for this CLI..
On hold now.. stand by.
Ok..
Cant switch from fixed APR card to variable..
And she said the CLI was supposed to be a soft pull and a new card would be a hard pull.
However... per equifax monitoring.
Inquiries that may impact your credit rating
NAVY FEDERAL CU 07/21/09
I had no other navy fed account activity going on.. requested CLI.. and thats what happened.
I've got like 6 EQ inq's already I'm not sure I want to push it further by requesting a cash card.. decisions decisions..
txjohn, what makes your daughters approval even more impressive was that it was "instant". From what I have read and my own experience this not a common occurrence with NFCU. (I had to wait a week for approval)
Congrats! I am sure she is well deserving.
Incidentally, I have been lurking in this forum for about six months and have read many of your posts which have been very helpful to me. Always well thought out and informative. Thanks!
@plasticman wrote:txjohn, what makes your daughters approval even more impressive was that it was "instant". From what I have read and my own experience this not a common occurrence with NFCU. (I had to wait a week for approval)
Congrats! I am sure she is well deserving.
Incidentally, I have been lurking in this forum for about six months and have read many of your posts which have been very helpful to me. Always well thought out and informative. Thanks!
Same for me....I got great CL's, but always took a week to go through the review and had to fax paystubs or they called employer for verification.
I had heard a few people say they had received instant approvals....but this was my first direct knowledge of it.