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Navy Federal Thread for CLI and Additional Cards

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Established Contributor

Re: 2ND CARD


@tpdtopcop wrote:
Ok quick question got a $500 secured card in Jan 2019. Never used and couldn’t figure out why it never graduated. Started using in Aug of this year and graduated October statement. So when can I apply for second card?

Right now if you want.  Graduating has no influence on anything as far as I know.


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Message 11061 of 11,301
Frequent Contributor

Re: 2ND CARD

Question time.

 

I can deposit up to $4,500 from my cashRewards to my checking account. Would I incur a fee for that? 

I want to open an SSL. From what I understand I can pay back the amount I take out within a few days.

How do I do this?


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Message 11062 of 11,301
Valued Member

Re:Navy Federal Thread for CLI and Additional Cards

To everyone new here please do not change the subject of the response.
And as for depositing money into your account it would be like a cash advance so you would end up paying for it more than trying for a regular personal loan
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Message 11063 of 11,301
Frequent Contributor

Re: Re:Navy Federal Thread for CLI and Additional Cards


@Shtzsik wrote:
To everyone new here please do not change the subject of the response.
And as for depositing money into your account it would be like a cash advance so you would end up paying for it more than trying for a regular personal loan

I'm not new here- and despite the title; this is where the NFCU members live, poop and breathe. If I have a question regarding NFCU why make a new thread when all of the experts are here? I will let OP define what new 'cards' entails because there are many other questions in this huge thread about other lines of credit offered by NFCU.

 

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Message 11064 of 11,301
Frequent Contributor

Re: 2ND CARD


@513credit wrote:

Question time.

 

I can deposit up to $4,500 from my cashRewards to my checking account. Would I incur a fee for that? 

I want to open an SSL. From what I understand I can pay back the amount I take out within a few days.

How do I do this?


You would NOT incur a FEE for doing a cash advance into your checking account. The interest rate would be based on the interest rate for your card.

Message 11065 of 11,301
Frequent Contributor

Re: Re:Navy Federal Thread for CLI and Additional Cards


@Shtzsik wrote:
To everyone new here please do not change the subject of the response.
And as for depositing money into your account it would be like a cash advance so you would end up paying for it more than trying for a regular personal loan

Not neccessarily true. The interest rate would be based on the interest rate of your card. There are Platinum cards from NFCU that have lower interest rates than a personal loan.

Message 11066 of 11,301
Frequent Contributor

Re: 2ND CARD


@steelers1 wrote:

@513credit wrote:

Question time.

 

I can deposit up to $4,500 from my cashRewards to my checking account. Would I incur a fee for that? 

I want to open an SSL. From what I understand I can pay back the amount I take out within a few days.

How do I do this?


You would NOT incur a FEE for doing a cash advance into your checking account. The interest rate would be based on the interest rate for your card.


Okay, that's what I would be doing a transfer from the card to my attached checking. So, theoretaically, if I take it out on a Monday and repay it by Friday; I wouldn't incur any interest because I paid it before my statement cuts? Thanks for your help.


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Message 11067 of 11,301
Community Leader
Mega Contributor

Re: Re:Navy Federal Thread for CLI and Additional Cards

Usually the cash advance rate can be about 2% higher than your apr. Fyi, Navy does NOT disapprove using this feature unlike many banks. Ive tested it out by transfering $50 to my Navy checking then to my checking, paid it back in a few days, paid like $0.06 in interest lol. Couldnt make payment on that as their is minimum payment to Navy so just used Cash Rewards to psy off that interest.

Also please note , anything Navy related should go here unless its Cloc which usually goes to Personal Finance.
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Message 11068 of 11,301
Frequent Contributor

Re: Re:Navy Federal Thread for CLI and Additional Cards


@AverageJoesCredit wrote:
Usually the cash advance rate can be about 2% higher than your apr. Fyi, Navy does NOT disapprove using this feature unlike many banks. Ive tested it out by transfering $50 to my Navy checking then to my checking, paid it back in a few days, paid like $0.06 in interest lol. Couldnt make payment on that as their is minimum payment to Navy so just used Cash Rewards to psy off that interest.

Also please note , anything Navy related should go here unless its Cloc which usually goes to Personal Finance.

2% is something i'm willing to live with, thanks for your personal knowledge on this. 

 

@ your last sentence

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Message 11069 of 11,301
Community Leader
Mega Contributor

Re: Re:Navy Federal Thread for CLI and Additional Cards

No problemSmiley Wink. Any question with the cash advance, Navy Csrs are very friendly and willing to help. I found out minimum you csn take out of your credit card is $50 . My ex needed $10 but oopsie, had to take out more lol. Havent used this feature recently but i love Navy does not frown upon it. Imo other lenders shouldnt advertise that credit card feature then frown if you use it. So long as the person pays it bsck but alas their rulesSmiley Wink
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Message 11070 of 11,301
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