topic Re: Got my fat envelope from Navy FCU --any advice about their different credit products? in Credit Cards

Got my fat envelope from Navy FCU --any advice about their different credit products?

haulingthescoreup — Thu, 24 Sep 2009 22:42:36 GMT

To my astonishment, I am now a member of Navy FCU. This 54-year-old lifelong Army brat, whose father died in 1980 and would certainly have never considered joining anything with the word "Navy" in it, qualified via my mother's status as an annuitant --she gets a military pension as the widow of a career Army physician. All thanks go to plasticman, who read between the lines on the site and was persistent enough to figure that this works and described it on this thread.

So now, I'm looking at what beyond the $5 initial share account deposit would be interesting from Navy. I've plowed through a bunch of Navy threads, again courtesy of plasticman, and I'm more confused than ever. Here's the rundown from the Navy CC webpage:

cashRewards

* Up to 1.5% cash back on every purchase*
* No annual fee
* No caps on the amount of rewards
* Rewards never expire
* Variable Annual Percentage Rate

nRewards®

* Gift cards and merchandise
* No annual fee
* Redeemable rewards value up to 1% of purchases
* Rates as low as 8.9%
* Rewards redeemable online in Account Access

nRewards® Secured

* Helps build/rebuild your credit
* Credit line of $500 to $50,000
* Amount you designate in your savings determines credit line, which is then held by Navy Federal
* No annual fee
* Gift cards and merchandise
* Redeemable rewards value up to 1% of purchases
* Rates as low as 15.9%
* Rewards redeemable online in Account Access

goRewards®

* Any airline. Anytime.
* Cash, gift cards and merchandise
* $18 annual fee
* Start redeeming with just 3,500 points
* Rewards up to 1.7%
* Rates as low as 9.4%
* Rewards redeemable online in Account Access

Flagship Rewards

* Any airline, anytime
* $49 annual fee
* Cash, gift cards and an elite grouping of gifts
* Redeemable rewards value up to 2% of purchases
* Rates as low as 9.9%
* Travel points redeemable online in Account Access

Platinum

* 24-hour complimentary concierge service for the finest experiences in dining, entertainment and shopping
* No annual fee
* Rates as low as 7.9%

And then, of course, there's the LOC, which functions as revolving credit, plus their auto loans and so forth.

My question is, who has which card, what initial CL did they give you (if you don't mind posting), why did you app that particular one, what makes it good, what doesn't it do that you wish it could, and so forth? Oh, OK, another question: has anyone discovered any sort of odd synergy in combining credit products that lets you work some magic?

I'm in no hurry for new credit. This is just the beginning of my usual multi-month long pondering.

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

smallfry — Thu, 24 Sep 2009 22:50:08 GMT

So this is credit gardening eh? LOL. Congrats Hauling. My bet is you go for the cashback card. The MC does offer a slightly lower rate and some concierge service other than that really no difference from the vanilla nRewards Visa. Tell me you're not going for the trifecta. Enjoy NFCU they are the best. And their website updates your charges in real time.

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

haulingthescoreup — Thu, 24 Sep 2009 22:55:59 GMT

Ha! No, no new credit any time soon. I'd just rather do the research now, while there's no hurry. I'm guessing the cashRewards, too, unless I switch jobs and wind up as a traveling consultant, which could always happen, and then the travel cards would come into play. Right now I'm trying to figure the difference between goRewards and Flagship Rewards.

I feel like I already have the trifecta --USAA, PenFed, and now Navy! I'm not eligible for PSECU, and I just don't have an itch for Alliant.

I'm just happy to have established membership. If anything, I'll probably start picking up a CD or something, just to keep the pot bubbling.

eta: I meant to add: as has been posted elsewhere, there was neither a hard nor a soft for membership. EQ remains squeaky clean!

And if I do wind up getting a card, that's what all the gardening was for --to make me eligible for the nice ones.

Message Edited by haulingthescoreup on 09-24-2009 03:55 PM

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

TangMeister — Thu, 24 Sep 2009 23:09:17 GMT

Big congrats, HTSU. Welcome to da Family!

I bank with Navy as well as utilize their credit products. They are quite good, though I still believe PenFed has a leg up on them with their Cash Rewards Visa and all the uber pre-approvals they offer me. Just grab what suits your wants/needs from the credit offerings when you're ready. I'll only say they're quite generous on credit limits, and it's not difficult to hit $50k on their card limits within a year or so with good credit.

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

haulingthescoreup — Thu, 24 Sep 2009 23:12:01 GMT

Thanks, TangMeister! Interesting thing about those $50K cards --it's an excellent way to hide some balances from the FICO util calculator.

Got a BT question: it looks like all the cards have $0 BT fee. When Navy periodically offers its "good" BT rates, do they apply to all cards? If just one, is there a particular card that generally gets the good rate, like the Platinum?

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

smallfry — Thu, 24 Sep 2009 23:19:27 GMT

@haulingthescoreup wrote:
Thanks, TangMeister! Interesting thing about those $50K cards --it's an excellent way to hide some balances from the FICO util calculator.

Got a BT question: it looks like all the cards have $0 BT fee. When Navy periodically offers its "good" BT rates, do they apply to all cards? If just one, is there a particular card that generally gets the good rate, like the Platinum?

Can't help you there Hauling. Nothing to BT.

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

TangMeister — Fri, 25 Sep 2009 00:36:14 GMT

@haulingthescoreup wrote:
Thanks, TangMeister! Interesting thing about those $50K cards --it's an excellent way to hide some balances from the FICO util calculator.

Got a BT question: it looks like all the cards have $0 BT fee. When Navy periodically offers its "good" BT rates, do they apply to all cards? If just one, is there a particular card that generally gets the good rate, like the Platinum?

Exactly...those high limit cards have their perks.

Periodic balance transfer offerings are not card specific from what I've experienced and seen...they are usually either open to all card holders, or targeted to a sub-section of their card holders, according to meeting certain credit criteria.

It's also VERY easy to do a cc product change with NFCU, so don't worry about choosing the wrong credit card when you apply and being stuck with it. If you start with, then don't really like the nRewards Visa, you can easily switch to their Cash Rewards, goRewards or Flagship Rewards Visa (with its fee but different rewards structure) or over to their standard non-rewards card, or vice versa...easily (also MasterCard versions of some of these). History stays intact and generally there's no new credit hard pull or subsequent new account generated in the process Extremely flexible to work with.

Edit: I hope this posting makes sense. My brain's a bit fuzzy from the heat down here in So Cal.

Message Edited by TangMeister on 09-24-2009 05:36 PM

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Anonymous — Fri, 25 Sep 2009 01:07:09 GMT

Hi Hauling,

Navy as you have seen is most responsive whether by mail or phone.

First, I would like to mention with the savings account you need only to deposit $5 to open it and you have several months to do so. However, after one year NFCU will start deducting $3 per year as a maintenance fee if the savings deposit is under $50. Therefore, if you just deposit a minimum of $50 dollars you will never have a need to touch the account again and it will also accrue interest.

Second, I was approved for a 25k Platinum CC and a 15k NavChek LOC without a single dollar yet deposited into my savings account. If you apply for the NavChek LOC, NFCU will ask you an amount you wish to apply for between $500 and $15000. Be brave if you do apply, because NFCU will counter if the CL you request is higher than they are comfortable with.

Third, I like the NAVChek LOC for many reasons, the primary reason I like this TL is that it reports to all three CBs as a revolving TL. This is important to me because now I have a revolving TL I never need to use nor worry about a possible AA as a result of this inaction. The functionality of this LOC in that respect is a relief, if one as many revolving CLs, as it never needs to be exercised.

Fourth, I chose the NFCU Platinum Visa with the 7.9% APR. The reason I choose this card was because it is my go to card if I ever need or want to carry a balance. I have spoken directly with several CSRs recently whom have all told me NFCU will not take any AA due to the size of a CC balance. Their primary concern is the CC bill is paid on time. If, however, one's EQ score changes significantly they have in the past raised raised an APR. I had these discussions when I called NFCU about other matters, so I started discussing the current state of affairs with the big banks and the non-stop AA action lately by these banks towards many cardholders.

Fifth, The cash rewards card is very new and was not offered when I first joined. I will be applying for this card sometime next year. I plan to do this because I am convinced, provided I am good, NFCU will not take any AA against any of their CCs I hold unless it is an APR increase directly related to their cost associated with any prime rate increase.

Sixth, the no fee balance transfer function is applied to all cards when offered as well as any special BT offers through any particular year. This is another reason to want your highest CL CC with the Platinum card.

Message Edited by plasticman on 09-24-2009 06:07 PM

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Anonymous — Fri, 25 Sep 2009 01:42:13 GMT

Remember- you have to seperately apply for online account access.

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Anonymous — Fri, 25 Sep 2009 02:19:34 GMT

@Anonymous wrote:
Remember- you have to separately apply for online account access.

My experience is that NFCU will only send the initial login password via mail. Once it is used the first time you can then change this password to one you would prefer.

There are three required elements to the online access as follows;

1. Your NFCU access number

2. Your user ID ( This is always the last four digits to your S.S.N. )

3. Your password

When I initially applied, I specifically requested this access and the temporary password was in my mail box within a few days. Hauling, if you have not asked for this access, as USMC has pointed out, it is clear you need to call again to get your temporary online password sent to you. I do not know if it would be sent otherwise. However, USMC58555 does state you need to do so and makes a good point to ensure that it is, by notifying NFCU you wish to have this access, if you have not already done so.

Message Edited by plasticman on 09-24-2009 07:19 PM

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

haulingthescoreup — Fri, 25 Sep 2009 03:30:06 GMT

Perfect, guys, thanks for all the info! Very clear, very concise, and very useful.

I'll throw $50 in the share account to match my * goes to check balance * $50.49 PenFed share account balance.

My problem with the cashRewards card is that I'd have to charge >$10K to get the higher whopping 1.5% cash back. It's true that 1% cash back beats 1% dorky merchandise rewards with other banks, but PenFed still has this beat.

TangMeister, great to know that product changes (wow, I have not read that phrase in over a year!) are easy. If I start with the Plat and get a traveling job, that would let me switch over pretty easily, it appears.

And I will definitely go for the online access; thanks for the advice (usmc) and the how-to (plasticman) on that. I didn't ask to start that up, because I wasn't convinced that I'd get in. I don't know if I was stuck on stupid or if the CSR was just a bit too vague, but I didn't grasp that when she said I now had a share account that this meant that I had magically been approved. So much for sending me to the membership committee, as she told me I would be.

And thanks for the tip about the user ID! You'd think that after 7+ years with the VA I could spit out my last four without thinking, but I still have to chant the whole SSN under my breath to get there.

Does anyone have the Flagship Rewards and/or goRewards? I'm still trying to figure out the everyday differences between the two.

I'm still amazed at getting my fat envelope (membership packet) 36 hours after making the call!!

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Anonymous — Fri, 25 Sep 2009 05:06:39 GMT

I called in and applied for the Navcheck LOC. I asked for the minimum amount because I was hesitant because of my credit score. I didn't get an instant response. She said they would email me in a couple of days to let me know. Hopefully that's not too bad of a sign. Myfico says my EQ score is 772, as of last night, but I have a CO that hasn't been paid in dispute. My TU score is 672 and all the TL's are exactly the same as EQ, but the CO is not in dispute status on TU. The CO from around January 2007. I've been trying to GW to OC to PFD. No luck yet. I noticed a few threads stating it took a couple of days for them to process the LOC, so we'll see what happens.

I would like to apply for a CC, but I'm afraid of a decline. My highest CC limit is a MC from Household bank I've had for 7 years or so and it's only $1100.00. The balance is $29.00, which they charged me this month for my annual fee. I also have a Visa with Credit One and the limit is $1000.00 and the balance is $10.00. Shell limit is $950.00 with no balance. Saks limit $100.00 with no balance. And I have a Spiegel limit of $500.00 with no balance. My utilization is really low on my CC accounts and I've never been late on any CC payments.

I'm not sure if I should apply for a CC ? Any suggestions from people who have applied and have similar credit scores and some dings in the CR ?

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

heatherbee — Fri, 25 Sep 2009 08:23:39 GMT

Hey asianamazon, my scores are lower than yours (EQ 651, TU 642) and they approved me for two of their cards. I got the nRewards visa for $6000, and goRewards mastercard for $4000. The first card took almost a week to get a approved, and the second card was approved the same day. I thought I was for sure going to get declined! I have two CO from over two years ago, and a collections from 4 years ago. No lates since CO got paid. So I think you have a very good chance of getting approved.

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Anonymous — Fri, 25 Sep 2009 09:32:24 GMT

I see that I am in the minority here but, I did not find that NFCU offered any thing above or beyond my current banking institution. Though I did join I only stayed with them for a month.

When I opened my account, I did not need to wait for passwords in an email. They set it up right then and there when I opened my account. My online banking was also set up the same day I opened my account, right there in the office.

Message Edited by guiness56 on 09-25-2009 02:32 AM

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

jaxstraw — Fri, 25 Sep 2009 09:37:04 GMT

Congrats HTSU !

When the Cash Rewards CC came out last year I was intrigued and called a CSR to inquire. After a long talk and a little math it appears that if you use the Flagship Rewards often enough you earn more back.

I'd have to go back and work the numbers because I believe the Flagship is based on amount of spending but it did work out that way.

Out of alll of them I actually like and use the Navchek more than anything else.

Being self employed it allows me to float cash for a few weeks in between invoices.

One other thing about Navy CC, they in no way frown or consider AA for cash advances. It is an amazing fallback in case of emergency just because you're a member.

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Anonymous — Fri, 25 Sep 2009 15:13:40 GMT

@Anonymous wrote:
I see that I am in the minority here but, I did not find that NFCU offered any thing above or beyond my current banking institution. Though I did join I only stayed with them for a month.

When I opened my account, I did not need to wait for passwords in an email. They set it up right then and there when I opened my account. My online banking was also set up the same day I opened my account, right there in the office.

Message Edited by guiness56 on 09-25-2009 02:32 AM

Hi guiness56,

NFCU will not e-mail the online password. NFCU will insist it be mailed if you apply by phone. I have no first hand experience if you apply online but, I presume, the same policy may apply.

You may have been able to obtain your online password immediately because you, as stated, applied while present at an NFCU office.

edited for clarity

Message Edited by plasticman on 09-25-2009 08:13 AM

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Anonymous — Fri, 25 Sep 2009 13:56:16 GMT

Thanks Heatherbee ! Do you mind me asking if you applied online or over the phone ? Did you apply for both at the same time ? Thanks !!

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Anonymous — Fri, 25 Sep 2009 14:04:24 GMT

@Anonymous wrote:
I see that I am in the minority here but, I did not find that NFCU offered any thing above or beyond my current banking institution. Though I did join I only stayed with them for a month.

Message Edited by guiness56 on 09-25-2009 02:32 AM

Not to sound mean but what were you expecting?

CUs and banks offer enough of the same services that comparing them is like comparing electric companies. (not even cable companies as they have too many variences in quality, service, and products offered)

In general NFCUs fees are much lower then average banks, their commitment to an individual's customer service is much better, interest rates charged trend to be lower, service is better then many, website blows the heck out some banks (Dollar Bank)....and they make direct deposits available a day before they should- which is nice...

Other then that they trend to be very genraous in lines of credit and very willing to work with their customers in getting lines of credit.

if lower fees, you get direct deposit, and you like having large CLs on your credit cards are important they are one of the best options out there. Otherwise, yeah there is very little to distinguish them.

Many threads you read about NFCU have people getting creidt there after being told to pound sand elsewhere.

There are other differences and perks...but not getting into that (yes GEICO car insurance discount, etc)

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Anonymous — Fri, 25 Sep 2009 16:04:32 GMT

When I first applied for my NFCU CashReward Visa, it had a "lowest" rate of 9.65 which was a little higher than the plain jane Visa/MC at 7.9. However, I have seen 2 different mailings from them to my kids and family members in which they solicit the CashReward and state that it is "as low as 7.9%"

CashReward is variable while non-rewards are fixed. But if no balances are carried, then I personally like the CashReward. After $10k annual spending you get 1.5% on all purchases (1% up to $10k).

So IMO, go CashReward based upon what i know of your balance habits. If you need to carry a balance...I know you'll hit PenFed or like deal.

Re: Got my fat envelope from Navy FCU --any advice about their different credit products?

Anonymous — Fri, 25 Sep 2009 16:12:08 GMT

@Anonymous wrote:
@Anonymous wrote:
I see that I am in the minority here but, I did not find that NFCU offered any thing above or beyond my current banking institution. Though I did join I only stayed with them for a month.

Message Edited by guiness56 on 09-25-2009 02:32 AM
Not to sound mean but what were you expecting?

CUs and banks offer enough of the same services that comparing them is like comparing electric companies. (not even cable companies as they have too many variences in quality, service, and products offered)

In general NFCUs fees are much lower then average banks, their commitment to an individual's customer service is much better, interest rates charged trend to be lower, service is better then many, website blows the heck out some banks (Dollar Bank)....and they make direct deposits available a day before they should- which is nice...

Other then that they trend to be very genraous in lines of credit and very willing to work with their customers in getting lines of credit.

if lower fees, you get direct deposit, and you like having large CLs on your credit cards are important they are one of the best options out there. Otherwise, yeah there is very little to distinguish them.

Many threads you read about NFCU have people getting creidt there after being told to pound sand elsewhere.

There are other differences and perks...but not getting into that (yes GEICO car insurance discount, etc)

I have found NFCU to be superior as follows:

1. Higher initial CL's

2. Competitive rates (actually lower than most banks and many CU's with as low as 7.9 plain and 9.65 reward)

3. NO FEES for BT, cash, convenience checks