@Anonymous wrote:
Thanks Everyone.
I got an Alert on my bureau that Navy Federal had converted my Cash Rewards Card from Credit Card to Flexible Spending Credit Card. Does anybody know what this means? Never heard of this before.
Flexible Spending Card Differences:
With a flexible spending credit card, many account terms are similar, but there is a fundamental difference – the spending limit. A flexible spending credit card offers a flexible spending limit that can vary, usually up to a specified dollar amount depending on your credit score, your history of successful payments with the lender and your income, according to Eva Norlyk Smith, writing for CreditCardGuide, a division of Bankrate. Fees such as annual fees and late fee penalties generally mirror standard credit cards, but with a flexible spending card, you would not incur a penalty for exceeding your credit limit.
https://pocketsense.com/flexible-spending-credit-card-9668.html
https://www.navyfederal.org/resources/articles/taxes/flex-spending.php
