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Posts: 102
Registered: ‎08-05-2012
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NUFCU Credit Card - App or no app?

This is University of Nebraska Federal Credit Union. I am an alum of UNL and currently have a personal loan through them that will be paid off next October.

 

I was speaking to my loan officer today, and she told me about their credit card they have. There are no rewards on the card so when she said that I wasn't intrigued, but she told me other info about it...

 

6.65% on purchases, balance transfers, and cash advances

No annual fee

No fee for doing a balance transfer or cash advance

 

So it got me thinking if I should apply or not. I pay my balances in full so interest isn't a big deal, but in case I ever have to finance something large, 6.65% would BY FAR be my lowest APR.

 

The terms on the card are very appealing to me although there are no rewards. I probably would not use it for my every day card but it would be nice to have.

 

What do you say...should I app or not?!

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Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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Re: NUFCU Credit Card - App or no app?

It could serve well as an emergency use card.  I dont tend to carry a balance but if you had to then the low APR would be more important than the rewards.



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Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
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Re: NUFCU Credit Card - App or no app?


Duncanrr wrote:

It could serve well as an emergency use card.  I dont tend to carry a balance but if you had to then the low APR would be more important than the rewards.


+1 since i have a navy federal account I was able to get a house at a great price (cash only deal) I was short 15k and under 6% interest rates and no penalty for convience  checks so it worked out perfectly so go for it it helps a lot in emergencies.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
New Contributor
Posts: 58
Registered: ‎01-10-2009
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Re: NUFCU Credit Card - App or no app?


mum4519 wrote:

This is University of Nebraska Federal Credit Union. I am an alum of UNL and currently have a personal loan through them that will be paid off next October.

 

I was speaking to my loan officer today, and she told me about their credit card they have. There are no rewards on the card so when she said that I wasn't intrigued, but she told me other info about it...

 

6.65% on purchases, balance transfers, and cash advances

No annual fee

No fee for doing a balance transfer or cash advance

 

So it got me thinking if I should apply or not. I pay my balances in full so interest isn't a big deal, but in case I ever have to finance something large, 6.65% would BY FAR be my lowest APR.

 

The terms on the card are very appealing to me although there are no rewards. I probably would not use it for my every day card but it would be nice to have.

 

What do you say...should I app or not?!


Among the best values on the market today. It offers everything you could ask of a "Credit Card"; very low APR for purchases And cash advances without any transaction fees. Hope the purchase and cash advance dollar amounts are equal.

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: NUFCU Credit Card - App or no app?

Agree...  this would be a good card to have....  CUs are also less likely to CLD your account for non-activity


Starting Score: 08/29/2011 TU 671 EQ 674
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Contributor
Posts: 102
Registered: ‎08-05-2012
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Re: NUFCU Credit Card - App or no app?

Yea...she said that they would never close it for non-activity. The interest rate just blows away everything I have so that is my main interest in it.

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Contributor
Posts: 102
Registered: ‎08-05-2012
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Re: NUFCU Credit Card - App or no app?

I have a difficult question that I can not figure out for all of you:

 

I decided to apply for this CC at my credit union and got approved for $3,000. 

At the same credit union I have a loan at 10.8% with a payoff of $2,380.

If you saw my before post, the cash advance interest rate is 6.65%, same as purchases as well as balance transfers, with absolutely no fee for doing so.

Would it be beneficial for me to take a cash advance of $2,380 off of the card in order to pay off this loan?

 

I know cash advances accrue interest daily but I am having the hardest time trying to figure out the amortization schedule on what is more beneficial as to where I would pay less interest? Continuing the loan for $2,380 @ 10.8% with monthly payments being $211 and maturing on 10/21/2013...or taking a cash advance (with no cash advance fee) of $2,380 @ 6.65% and continuing to pay monthly payments of $211.

 

Any help would be greatly appreciated. Thanks!

 

PS - I talked to my loan officer at the credit union and she said that is a very good question but she could not amortize it as well so did not have an answer for me.

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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: NUFCU Credit Card - App or no app?


mum4519 wrote:

I have a difficult question that I can not figure out for all of you:

 

I decided to apply for this CC at my credit union and got approved for $3,000. 

At the same credit union I have a loan at 10.8% with a payoff of $2,380.

If you saw my before post, the cash advance interest rate is 6.65%, same as purchases as well as balance transfers, with absolutely no fee for doing so.

Would it be beneficial for me to take a cash advance of $2,380 off of the card in order to pay off this loan?

 

I know cash advances accrue interest daily but I am having the hardest time trying to figure out the amortization schedule on what is more beneficial as to where I would pay less interest? Continuing the loan for $2,380 @ 10.8% with monthly payments being $211 and maturing on 10/21/2013...or taking a cash advance (with no cash advance fee) of $2,380 @ 6.65% and continuing to pay monthly payments of $211.

 

Any help would be greatly appreciated. Thanks!

 

PS - I talked to my loan officer at the credit union and she said that is a very good question but she could not amortize it as well so did not have an answer for me.


I would do the cash advance today and pay off the loan...   then, instead of paying $211... increase your payments to make the term shorter!


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Contributor
Posts: 102
Registered: ‎08-05-2012
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Re: NUFCU Credit Card - App or no app?

Increasing my payment is not a problem. 

 

I'm just curious as if I were to keep my payment the same, at $211, would I be saving money on interest over the next 10-11 months by doing the cash advance?

 

Thanks again everyone, you have all been very informative!

 

Oh, on a side note, she said my Experican FICO was a 687...where last October it was a 582! Thanks all!

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Valued Contributor
Posts: 3,001
Registered: ‎02-09-2012
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Re: NUFCU Credit Card - App or no app?

Man, that's a great APR to have, if you needed to carry a bal

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