ATTN: Navy Fed Members! NAVChek APR is Going Up....

[Anonymous]

Hello Everyone,

Just a quick note to inform all NFCU Members that I got a notice in the mail today

from Navy Federal. They are raising the Annual Percentage Rate (APR) on the

NAVChek line of credit from 12.25% to 14.9% effective October 6, 2008.

The increase will effect both new and existing balances for anyone with a NAVChek

account.

I called Navy Fed's customer service to get some details. The CSR I spoke with

explained that this is an across-the-board increase, so it's not directed at individual

Members and has nothing to do with payment activity, outstanding balances, etc.

It's more a reflection of the financial times in which we find ourselves, so the board

members decided to boost the rate.

However, for those of you forum members who are looking to apply for NAVChek, it's

been my experience that the higher the interest rate the easier it is to qualify. And the

lower the rate, the more stingy they are. But like I said, times are tight right now so

we'll have to see how this plays out.

Please pass along this information to others you feel will find it beneficial.

Enjoy the weekend!

CanDo

"The right attitude is everything"

[fishbjc]

Thanks for the info!  Dh was just approved for 12.5%.

[Anonymous]

Darn!

but thanks

[Anonymous]

I believe this goes into effect on October 2nd. Also, insufficient fund fees (NSF) are going up from $20 to $25.

[Anonymous]

Thanks for all of the replies.

I took a moment to re-read my notice from Navy Fed regarding the

APR increase. It does say that Navy Fed is authorized to increase

rates, provided that Members be given 15 days notice of the rate hike.

So in my case, the increase goes into effect October 6th. But it's safe to say

that rates on NAVChek are going up sometime in October depending

on when Members are notified.

Navy Fed is still the best in the business in my view. But as I posted earlier,

they felt that this was something that needed to be done given all the turmoil

in the markets these days.

Keep those comments coming!

CanDo

"The right attitude is everything"

[Anonymous]

I am not trying to be wise guy but just to avoid confusion (since this is the credit card forum) this does not affect any of their credit cards only the navchek line of credit.

[Anonymous]

Thanks for the contribution, geronimo.

I see that you're relatively new to the forum, so in the name of greater

clarity I'll take your comments one step further:

The credit card section of the forum is where members discuss the

status of credit cards, signature loans and lines of credit offered by banks,

credit unions, etc. So the term "Credit Cards" is more of an umbrella category

for unsecured credit...not just credit cards per se.

And you're right - the APR increase only applies to NAVChek.

Thanks again for chipping in. And welcome to the forum!

CanDo

"The right attitude is everything"