Navy Federal Thread for CLI and Additional Cards

[AverageJoesCredit]

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@rbentley wrote:

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@AverageJoesCredit wrote:
Ive asked Navy directly and was informed Cash advances are not frowned upon .like Saeren says you just pay a slightly higher apr but this is great since most banks frown upon it. I hate that feature . Banks love to flaunt that feature or stat, ie your cash limit but you cant actually use it lol. With Navy you can . You wont see the interest right away but on your next statement cut. So paying it back sooner is best but in my experience, $50 minimum to transfer to checking, it wasnt end of world. I paid $0.06 for 2 different times i used it to help out someone who needed cash.

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Great info!  I have always avoided cash advances like the plague beleiving they were frowned on and might lead to a CLD.  The interest rates always seemed extremely high, but I had not closely looked at NFCU.  I can see it having a practical value now.  I do beleive however that cash advances incur interest from day 1 with no grace period like charges get, right?

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correct, but as ive seen, not too bad. If you are the type that never wants to pay a cent of interest, dont recommend it butif not. Give it a test run, to see how it works for you. I believe i can do this on my Langley card but havent tried it yet.

[AverageJoesCredit]

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@rbentley wrote:

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@Anonymous wrote:

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@kilroy8 wrote:

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@rbentley wrote:

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@AverageJoesCredit wrote:
Ive asked Navy directly and was informed Cash advances are not frowned upon .like Saeren says you just pay a slightly higher apr but this is great since most banks frown upon it. I hate that feature . Banks love to flaunt that feature or stat, ie your cash limit but you cant actually use it lol. With Navy you can . You wont see the interest right away but on your next statement cut. So paying it back sooner is best but in my experience, $50 minimum to transfer to checking, it wasnt end of world. I paid $0.06 for 2 different times i used it to help out someone who needed cash.

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Great info!  I have always avoided cash advances like the plague beleiving they were frowned on and might lead to a CLD.  The interest rates always seemed extremely high, but I had not closely looked at NFCU.  I can see it having a practical value now.  I do beleive however that cash advances incur interest from day 1 with no grace period like charges get, right?

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That's correct. NFCU interest on a cash advance is going to be no higher than 18%. That is much lower than your typical bank card rate. Basically 1.5% per month. I would likely never get a cash advance, but if I did, NFCU would be a good place to get one.

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It’s 13.65% for me to take it from my cashRewards vs 15.9% for my CLOC. 

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Not to go to far off topic, but what do you use a cash advance for that you couldn't just put on your cc?  I totally get AJC's example of needing cash to lend to another person.  The only other areas that immediately come to mind fall in the "prohibited" category such as gambling, marijuana dispensaries etc.

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yea, remember in my case i had to use Zelle to send it to my ex in the States but for a couple us , who dont make slot, one might need to pay a bill early or for some other personal reason where we could get some cash in our personal checking and not have to wait til payday. Sure interest to be paid but just try to do too often and i honestly dont mind giving Navy a couple extra cents or dollars for allowing me to do so guilt free and for all theyve done for me and my profile

[kugel]

I just spoke to navy federal credit union I was told using a cc convenient check is the apr of the purchase APR witch mine is 10.24% and it can be used up to the cash adavancd limit
The interesting part is that it pays me more to use this then the CLOC that is 15.24% apr wen When I use it sometimes for cash for a few days and pay it off right away

I assume that even though it’s a purchase apr it It has interest from the minute you cash a check?

[Anonymous]

If its purchase APR then they are likely saying that their convenience checks are calculated as BTs... not totally unheard of, even Capital One does BTs with convenience checks from time to time. 

If its calculated as a BT, you won't pay interest until your grace period expires.

But if they're saying that it is only good to your cash advance limit, I would call and ask someone else to make sure its not a cash advance.

[kugel]

So I’m confused
First she said that u can’t use these checks on the on the balance transfer offer that is now going
Also when you do a regular balance transfer not on a balance transfer offer time if it’s like a regular purchase a PR is it also with grace period ?

[Anonymous]

As far as I'm aware BTs have your normal grace period. 

[kugel]

Ok interesting I didn’t know it’s like a cc purchase on the apr thing

[Anonymous]

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@kugel wrote:
Ok interesting I didn’t know it’s like a cc purchase on the apr thing

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Okay so I took a look on my statement and Navy Federal begins charging interest on posting date for anything except purchases. 

I was curious how it works if you put charges on a card that has a BT on it (minimum goes to lowest APR first, anything above minimum goes to the highest APR balance, no grace period for the new purchases) but I saw the info on the BT on there too so I thought I would share it. 

[kugel]

OK so that makes sense is that they charge interest from day one for BT because only for credit card purchases to you don’t
What I do wonder why your convenience checks they go with the APR of purchases and not a PR as a cash advance if it’s like a cash advance

[Anonymous]

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@kugel wrote:
OK so that makes sense is that they charge interest from day one for BT because only for credit card purchases to you don’t
What I do wonder why your convenience checks they go with the APR of purchases and not a PR as a cash advance if it’s like a cash advance

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Because it’s looked at like a BT, not a cash advance would be the most likely answer. Many card issuers treat convenience checks as BTs.