cancel
Showing results for 
Search instead for 
Did you mean: 

Balance transfer from NFCU Advice....

tag
Anonymous
Not applicable

Balance transfer from NFCU Advice....

Hi friends,
My situation is this. I have a Go rewards cc with NFCU with a balance of about 2000, with an interest rate of 18%( I didn't qualify for a reduction). Due to some events occurring within the past few months, I ended up making some charges to his account and want to get it paid down as quickly as possible. We also have a Visa card with our local CU with a limit of 5k with an int rate of 12%. This card has a zero balance currently. Initially, I was thinking that I could transfer my NFCU balance to the CU card just for the lower interest rate. Today, I got an email about a balance transfer offer from Navy for 2.99% for 12 mos. My question is this: If I transfer this balance now, to my CU, then transfer it back to Navy before the deadline in March, would it still qualify as a true balance transfer, therefore taking advantage of the lower int rate?
Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Balance transfer from NFCU Advice....

Do they both have the 3% balance transfer fees? That may be enough to negate the over all savings of doing the 2 BT. I'm not sure on the math if you had planed on paying it off in the 12 months under the 2.99. It would be the 3% for the first BT plus 12% for a few months then another 3% BT and 2.99 for 12 months.
Message 2 of 6
woodyman100
Valued Contributor

Re: Balance transfer from NFCU Advice....

Yes it would. However make sure that the fees that you would pay for each transfer aren't actually higher than the interest you would pay if you left it as is.

harley beat me to itSmiley Very Happy

NFCU-ICCU-EECU-PSECU-DoverFCU-DCUFCU-Union Square FCU-Signature FCU-AODFCU-RedstoneFCU-USAllianceFCU-Amarillo National Bank-BHG MC-CapitalOne-CapitalOne Biz-Regions-Goldman Sachs (Apple/GM)-Evolve-Fifth Third-Gemini-Huntington-Imprint-USBank-Pinnacle-Cardless-John Deere-Discover-BofA-BofA Biz-Celtic Bank (M1)-Chase-Chase Biz-Amex-Amex Biz-Wells Fargo-Commerce-FNBO-Citi-Citi Biz-Synchrony-Synchrony Biz-Target TD-Third Coast Bank-USAA-Amegy-Amegy Biz-Dell-Citizens Biz-Comenity-Comenity Biz-Bread (Comenity)-DSNB-Webbank-Bill
Message 3 of 6
Anonymous
Not applicable

Re: Balance transfer from NFCU Advice....

There are NO transfer fees on the NFCU 2.99% B/T offer.  

Message 4 of 6
Anonymous
Not applicable

Re: Balance transfer from NFCU Advice....

My CU doesn't have transfer fees..... I simply transfer the funds like cash to my checking and pay the bill. Then I'd pay interest on the balance.
Message 5 of 6
Creditaddict
Legendary Contributor

Re: Balance transfer from NFCU Advice....

It's a FANTASTIC PLAN!

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.