Navy Federal Cash Advance

[Jnbmom]

Yes I should have mentioned that navy doesn't fit the typical mold like most lenders in regards to cash advances . I can't recall another bank off hand that only charges about 2% above your normal APR for this feature.

I however always go by my own personal rule not to do cash advances on credit cards because there is no gem like navy in regards to this, but the question is in regards to navy so I could see the exception to my own rule 😉

But in regards to paying the minimum on it or any balance for that matter, that is never a good move .

[Anonymous]

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@Anonymous wrote:

Good day all, I just got approved for a Navy Federal cash reward for $15,000.  The interest rate is high at 16% as I'm rebuiliding my credit.  I'm wondering if I were to take a cash advance of about $2,000 what would my monthly

minimum payments be?

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Just as a general rule if a cash advance is something you need, do not go for the rewards card. The plain vanilla platium card with no rewards will have half the interest rate. I don't know if Navy will allow you to product change ane get a lower rate but it does not hurt to call and ask.

[althes]

Yeah Navy is the only one I would do a cash advance with at the moment.

They actually get the majority of my spend at the moment.

When my gorewards BT is paid off, it will be the card that will get 95% of my spend.

I have no issue giving Navy some interest.

[Traveler101]

Congrats!

[Meanmchine]

Congrats !

[Anonymous]

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@AverageJoesCredit wrote:

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@Jnbmom wrote:

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@PicoFico wrote:

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@Anonymous wrote:

Congrats on your approval @Anonymous!

Based on the given APR and the amount and current NFCU policy you would be looking at about $40 a month for your minimum give or take.

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And for perspective, how long might it take someone to pay that off, given minimum payments are all that could be afforded? Just thought that might be valuable for newcomers 

and finally,

Congrats on the approval!!!!

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It is usually not advised to take out a cash advance on credit cards. If one can only afford minimum payments to pay it back that is a disaster waiting to happen 🥺

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There is no stigma using a Cash Advance with Navy Federal. It does not bother them in the least and in no way implies financial distress unlike other lenders who advertise this feature yet frown upon its use. 

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Can confirm. Took a cash advance on my Platinum and they doubled my cashRewards 3 months later even though I was told I was at my max the same month I took the CA. its a great way for them to make a couple bucks off someone that normally wouldn't be profitable at all. 

[Anonymous]

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@Jccflat wrote:

The weird thing is most banks  offer cash advance but they don't wanna dear see you doing cash advance Navy has no problem with that whatsoever

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Or like Discover has cashover that will allow you to get $120 a day from a grocery store but you use a real CA and they freak out in addition to hitting you with crazy interest. 🙄 

[Anonymous]

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@Jnbmom wrote:

Yes I should have mentioned that navy doesn't fit the typical mold like most lenders in regards to cash advances . I can't recall another bank off hand that only charges about 2% above your normal APR for this feature.

I however always go by my own personal rule not to do cash advances on credit cards because there is no gem like navy in regards to this, but the question is in regards to navy so I could see the exception to my own rule 😉

But in regards to paying the minimum on it or any balance for that matter, that is never a good move .

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It's unique to CUs for sure. Like PenFed allows you to take your entire limit as CA and at the same APR as purchases even while still charging no fee for it. 

[19eighty5]

Congratulations!