topic What's so special about NFCU? in Credit Cards

What's so special about NFCU?

Anonymous — Mon, 15 Aug 2016 16:39:16 GMT

Was reading that huge thread about the NFCU/ San Diego thing and don't see the appeal for a NFCU Checking/savings. What is it about them that people like? Low interest rates, high savings account interest, low student loan rates, or just its exclusivity?

Re: What's so special about NFCU?

Creditaddict — Mon, 15 Aug 2016 16:41:52 GMT

@Anonymous wrote:
Was reading that huge thread about the NFCU/ San Diego thing and don't see the appeal for a NFCU Checking/savings. What is it about them that people like? Low interest rates, high savings account interest, low student loan rates, or just its exclusivity?

to me you only get checking/savings for the checking line of credit for $15k with no fees to transfer into checking to cover shortages.

Navy probably has less appeal for someone with an 800 fico that could get overdraft anywhere or doesn't need it.

but the large credit lines are quite nice too.

Re: What's so special about NFCU?

Anonymous — Mon, 15 Aug 2016 16:46:23 GMT

so just big credit lines and PLOCs? Are there at least like unlimited out of network ATM withdrawal fees or next day bill pay like Alliant?

Re: What's so special about NFCU?

Creditaddict — Mon, 15 Aug 2016 16:49:54 GMT

@Anonymous wrote:
so just big credit lines and PLOCs? Are there at least like unlimited out of network ATM withdrawal fees or next day bill pay like Alliant?

No, I personally have always held a local bank account in addition to navy for cash needs... we have no branch near by and I don't like debit cards anyway.

Re: What's so special about NFCU?

baller4life — Mon, 15 Aug 2016 17:55:31 GMT

The appeal is mainly for rebuilders. Navy Federal gives the big limits that they may not be able to get other places. Being the largest CU in the country with $75B in assets, they can afford to be very generous. 😁They were extremely instrumental to my rebuild. And set the bar for my prime banks to follow! I received my first 5 figure limit from NFCU and BOA happily matched it. And the rest is history. 😃 But as far as next day bill pay or instant mobile and ATM deposits like Alliant?. Nope. Which is why I'm a member of Alliant as well!

Re: What's so special about NFCU?

creditguy — Mon, 15 Aug 2016 16:57:53 GMT

The appeal of a checking or savings with NFCU is the gateway to their credit products, no one really gets excited about a checking or savings, it's the credit products that make membership coveted.

Re: What's so special about NFCU?

Anonymous — Mon, 15 Aug 2016 17:31:32 GMT

For me, I joined NFCU when there was a pathway to entry at the end of my rebuilding. I like having a 25k credit card and a 15k CLOC. I use the credit card and save the CLOC for emergencies. I also use their savings account. In addition, I like credit unions. I belong to three and save with the three of them, although I bank with a local bank for the convenience and have a savings account there. NFCU is a huge credit union. I like that, too.

I plan to buy my next car from one of the credit unions I use. My future plans include closing several credit accounts with banks and only keeping the "best" of the cards and give most of my card use to credit unions.

Also, I should add, I like supporting the Navy League. I added them to my yearly charitable contributions and I support military families with a small monthly donation through Penfed.

Just my "best" answer to your question, OP. Hope this helps.

Re: What's so special about NFCU?

DrZoidberg — Mon, 15 Aug 2016 17:43:36 GMT

A lot of their mortgage products are unbeatable.

Re: What's so special about NFCU?

Anonymous — Mon, 15 Aug 2016 18:27:02 GMT

@DrZoidberg wrote:
A lot of their mortgage products are unbeatable.

Would I have to sign up for a CLOC or credit card to get those unbeatable rates or would having a checking/savings qualify me? Thanks!

Re: What's so special about NFCU?

Creditaddict — Mon, 15 Aug 2016 18:28:33 GMT

Being a member with a savings account qualifies you to all Navy Prodicts