topic Re: Navy More Rewards vs Platinum in Credit Cards

Navy More Rewards vs Platinum

BmoreBull — Thu, 22 Oct 2020 12:40:49 GMT

Hello all, hope everyone is in good health and spirits. Well, I tripped over my own spade and fell completely out of the garden. I apped for the Secu ploc and visa signature and got both. A little disappointed in myself, as I didn't even make it a full six months in the garden. Since I'm out, I figured I may as well grab one more card before I go back in.

The card that I really want is the Navy Amex More Rewards. But I was thinking that I could get the Platinum and use that for the bt offer of 0% for 12 months. I could make a large charge on my Secu card and then immediately bt to the platinum and have the year of 0% interest to pay that off. But after that, I don't think I would get much use out of the platinum. It has no rewards and after the bt offer it would just sit unused. I know that I could pc it to the More Rewards later. But then I won't get the sub for the MR. The bt would help me best financially right now, but I want a card that I'm going to use long term and not just end up putting in the sd. Thoughts? Suggestions? Thanks in advance.

Re: Navy More Rewards vs Platinum

Anonymous — Thu, 22 Oct 2020 12:53:09 GMT

How large is a large purchase?

How would the interest on that compare against a missed sign up bonus?

Re: Navy More Rewards vs Platinum

ccquest — Thu, 22 Oct 2020 13:14:38 GMT

I'd say it depends on whether the More Rewards structure matches your spend or not. If it doesn't, there no sense in getting that for your "long term" planning, other than your second Navy card usually ends up with a much larger limit.

The only thing that ever grabs my attention with CU Platinum cards is the low advertised rate. Depending on the limit and rate you get, it is essentially a PLOC with lower cash advance amount/rate and better interest rate. So unless you're doing it for cash, the Platinum might come out ahead.

Re: Navy More Rewards vs Platinum

BmoreBull — Thu, 22 Oct 2020 13:18:12 GMT

@Anonymous wrote:
How large is a large purchase?
How would the interest on that compare against a missed sign up bonus?

It would be a purchase of about 9k. So at an interest rate of 11.49, it would probably outweigh any sign up bonus.

Re: Navy More Rewards vs Platinum

AllZero — Thu, 22 Oct 2020 15:23:06 GMT

Things to consider if you currently hold no Navy cards:

First card my not yield a sizable credit limit to BT.

As mentioned up thread, second card usually has a higher starting limit.

Navy offers 1.99% APR BT promotion on their cards beginning of the year. 0% APR for targeted members.

91/3 policy so strategize card application accordingly to obtain 2nd and 3rd card if desired.

Re: Navy More Rewards vs Platinum

BmoreBull — Thu, 22 Oct 2020 16:28:57 GMT

@AllZero wrote:
Things to consider if you currently hold no Navy cards:

First card my not yield a sizable credit limit to BT.

As mentioned up thread, second card usually has a higher starting limit.

Navy offers 1.99% APR BT promotion on their cards beginning of the year. 0% APR for targeted members.

91/3 policy so strategize card application accordingly to obtain 2nd and 3rd card if desired.

Thank you. I'm going to pull the trigger some time today. So I'll make a decision.

Re: Navy More Rewards vs Platinum

ldkcivilservant — Thu, 22 Oct 2020 16:46:13 GMT

If you end up with the Platinum at the lowest 5.99% (currently) then it would be a keeper card for me. I know mine is.

Sure, it might not get daily use, but I want that arrow in my quiver if I need to carry a balance. $40k sitting there at a rate lower than most people can get personal loans (or even auto loans in some cases) is nothing at all to be sniffed at.

Re: Navy More Rewards vs Platinum

BmoreBull — Thu, 22 Oct 2020 18:10:43 GMT

I decided on the More Rewards Card, I will start a new post in the approvals forum. Thanks everyone for all of the input.

Re: Navy More Rewards vs Platinum

AllZero — Thu, 22 Oct 2020 18:35:05 GMT

Congratulations on your approval!

Re: Navy More Rewards vs Platinum

cahoot2005 — Thu, 22 Oct 2020 22:44:34 GMT

I completely agree with this. Which made me think of a couple of questions, in case anyone has any input.

I currently have a NFCU Platinum at 8.99%. My credit has gone way up over the last year paying off some things, up right at 800. Does NFCU ever do rate reductions if you ask? Can you have more than one Platinum with them?

Re: Navy More Rewards vs Platinum

AllZero — Thu, 22 Oct 2020 22:57:50 GMT

@cahoot2005 wrote:
I completely agree with this. Which made me think of a couple of questions, in case anyone has any input.

I currently have a NFCU Platinum at 8.99%. My credit has gone way up over the last year paying off some things, up right at 800. Does NFCU ever do rate reductions if you ask? Can you have more than one Platinum with them?

@cahoot2005. You are eligible for APR reduction upon the anniversary of account open. Send a SM and request it.

Yes, I think one can have more than Platinum.

Re: Navy More Rewards vs Platinum

UncleB — Fri, 23 Oct 2020 00:30:12 GMT

This thread is now closed to new messages.

The new approval thread can be found here: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Unexpected-mini-app-spree/m-p/6168249

--UB